I am in the process of selling my flat in Ottery St Mary and the EA has just e-mailed to say that the purchasers are changing their conveyancer. The reason given is that the bank will only deal with property lawyers on their approved list. On what basis would a big named mortgage company only work with specific lawyers rather the firm that they want to appoint for their conveyancing in Ottery St Mary ?
Lenders have always had panels of law firms they are content to work with, but in the past few years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for many years.
Banks point to the increase in fraud as the reason for the reduction – criteria have been tightened as a smaller panel is easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels. Plenty of firms do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your buyers are unlikely to have any impact on this.
My wife and I have lately bought a property in Ottery St Mary. We have noticed several problems with the house which we believe were overlooked in the conveyancing searches. Do we have any recourse? Can you clarify the nature of searches that should have been conducted as part of conveyancing in Ottery St Mary?
The query is not clear as what problems have arisen and if they are specific to conveyancing in Ottery St Mary. Conveyancing searches and investigations undertaken during the legal transfer of property are supposed to help avoid problems. As part of the legal transfer of property, a seller fills in a questionnaire referred to as a Seller’s Property Information Form. answers proves to be inaccurate, you could possibly take legal action against the seller for any losses that you have suffered. The survey should have identified any problems with the structure of the property. Assuming a detailed survey was carried out and the issues were not identified, you may have a claim against the surveyor. However, if you did not have a full survey, you may be responsible for fixing any defects that have now been noted. We would always encourage buyers to take every possible step to ensure they are completely aware of the condition of a property before purchase regardless of whether they are buying in Ottery St Mary.
We're in Ottery St Mary, First timers purchasing with a mortgage (lender is HSBC , and our lawyer is on the HSBC conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the HSBC conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
Are there restrictive covenants that are commonly picked up during conveyancing in Ottery St Mary?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Ottery St Mary. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I wish to rent out my leasehold flat in Ottery St Mary. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?
A lease dictates the relationship between the landlord and you the flat owner; specifically, it will indicate if subletting is not allowed, or permitted but only subject to certain conditions. The rule is that if the lease contains no expres ban or restriction, subletting is allowed. Most leases in Ottery St Mary do not prevent strict prohibition on subletting – such a provision would undoubtedly devalue the property. In most cases there is simply a requirement that the owner notifies the freeholder, possibly sending a copy of the tenancy agreement.
I own a ground floor flat in Ottery St Mary, conveyancing formalities finalised half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Comparable properties in Ottery St Mary with a long lease are worth £190,000. The ground rent is £45 charged once a year. The lease terminates on 21st October 2081
With only 62 years left to run we estimate the premium for your lease extension to be between £17,100 and £19,800 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before getting professional advice.