My husband and I are purchasing a 1 bedroom apartment in Old Stratford with a mortgage. We would like to retain our Old Stratford lawyer, but the lender advise she’s not on their "panel". It seems we have little choice but to instruct one of the mortgage company panel firms or retain our Old Stratford lawyer as well as pay for one of their panel firms to represent them. This feels very unfair; is there anything we can do?
No, not really. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your Old Stratford conveyancing solicitor to apply to be on the conveyancing panel.
My wife and I swapping mortgage lender for our penthouse in Old Stratford with Leeds Building Society. We have a son 19 who lives at home. Our solicitor requested us to identify anyone over the age of 17 other than ourselves who lives in the flat. Our lawyer has now e-mailed a document for our son to sign, waiving any legal rights in the event that the apartment is repossessed. I have two questions (1) Is this document specific to the Leeds Building Society conveyancing panel as he did not need to sign this form when we bought 4 years ago (2) In signing this form is our son in any way compromising his right to inherit the property?
First, rest assured that your Leeds Building Society conveyancing panel solicitor is doing the right thing as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Leeds Building Society. This is solely used to protect Leeds Building Society if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave. It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Leeds Building Society had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
Yesterday I discovered that there is a flying freehold issue on a house I have offered on two weeks back in what was supposed to be a straight forward, chain free conveyancing. Old Stratford is the location of the property. What do you suggest?
Flying freeholds in Old Stratford are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Old Stratford you would need to get your solicitor to go through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Old Stratford may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
Am I best advised to appoint a Old Stratford conveyancing lawyer in close proximity to the house I am buying? I have an old university friend who can execute the legal formalities however his firm is located a couple of hundredmiles away.
The benefit of a high street Old Stratford conveyancing firm is that you can pop in to sign documents, present your ID and apply pressure on them if necessary. They will also have local intelligence which is a plus. That being said it's more important to get someone that will do a good and efficient job. If if people you trust used your friend and in the main were content that should trump using an unknown Old Stratford conveyancing lawyer solely due to them being local.
If all goes to plan we aim to complete the sale of our £275,000 flat in Old Stratford next week. The managing agents has quoted £360 for Certificate of Compliance, building insurance schedule and 3 years service charge statements. Is it legal for a freeholder to charge exorbitant fees for a leasehold conveyance in Old Stratford?
For the majority of leasehold sales in Old Stratford conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
Addressing pre-contract questions
Where consent is required before sale in Old Stratford
Supplying insurance information
Deeds of covenant upon sale
Registering of the assignment of the change of lessee after a sale
I inherited a 1st floor flat in Old Stratford, conveyancing was carried out half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Equivalent properties in Old Stratford with a long lease are worth £202,000. The average or mid-range amount of ground rent is £60 yearly. The lease comes to an end on 21st October 2076
With only 57 years unexpired the likely cost is going to range between £28,500 and £33,000 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to provide the actual costs without more detailed investigations. You should not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not move forward based on this information without first getting professional advice.