Is the fact that my conveyancer in Petworth is not identified on my mortgage company's solicitor panel that there is a problem with the quality of his conveyancing?
It would not be wise to jump to that conclusion. There are plenty of reasonable explanations. Just recently a report by the solicitors regulator indicated 76% of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) lack of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Should you be concerned you should simply call the Petworth conveyancing firm and enquire why they are no longer on the approved list for your bank.
This question may be naive but I am unseasoned as a first time buyer of a two bedroom flat in Petworth. Do I pick up the keys to the house on the completion date from my solicitor? If so, I will use a local conveyancing solicitor in Petworth?
On the day of completion you will not be required to attend the conveyancers office in Petworth. Conveyancing lawyers for you will arrange to send the completion advance to the seller's conveyancers, and shortly after the monies have arrived, you will be invited to pick up the keys from the selling Agents and move into your new home. Usually this happens between 1 and 3pm.
When it comes to lenders such as Lloyds, do Petworth solicitors face a yearly amount to be on the list of approved solicitors?
We are unaware of any lender fees to be on their list of approved firms, although some do charge an administration fee to deal with the processing of the conveyancing panel submission.
Can I be sure that the Petworth conveyancing solicitor on the Clydesdale panel is any good?
When it comes to conveyancing in Petworth seeking recommendations is a good start. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one which is cheap as chips. We would always advise that you speak with the lawyer handling your transaction.
My colleague suggested that if I am purchasing in Petworth I should ask my conveyancer to execute a Neighbourhood, Planning and Local Amenity Search. What does it cover?
A search of this type is sometimes included in the estimate for your Petworth conveyancing searches. It is a large report of more than thirty pages, listing and setting out significant information about Petworth around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Petworth Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, Petworth Education with plans and statistics, Local Amenities and other useful data concerning Petworth.
I've recently found out that there is a flying freehold issue on a house I have offered on two weeks back in what should have been a quick, chain free conveyancing. Petworth is the location of the property. Can you shed any light on this issue?
Flying freeholds in Petworth are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Petworth you must be sure that your lawyer goes through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Petworth may decide 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.
I work for a busy estate agent office in Petworth where we have witnessed a number of leasehold sales derailed as a result of leases having less than 80 years remaining. I have received conflicting advice from local Petworth conveyancing firms. Can you clarify whether the seller of a flat can commence the lease extension process for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the sale.
An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I inherited a basement flat in Petworth, conveyancing was carried out September 2008. Can you give me give me an indication of the likely cost of a lease extension? Similar flats in Petworth with an extended lease are worth £191,000. The ground rent is £55 invoiced annually. The lease terminates on 21st October 2077
You have 53 years left to run we estimate the premium for your lease extension to span between £27,600 and £31,800 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you move forward based on this information without first seeking the advice of a professional.