I am in the process of selling my home in Rhosneigr and the EA has just text me to warn that the purchasers are switching law firm. I am told that this is due to the fact that the bank will only deal with solicitors on their conveyancing panel. Why would a major lender only engage with specific solicitors rather the firm that they want to select for their conveyancing in Rhosneigr ?
Banks have always had panels of law firms that can act for them, but in the past few years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Lending institutions point to the increase in fraud by way of justification for the pruning – criteria have been tightened as a smaller panel is easier to monitor. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices 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. The purchasers are unlikely to have any sway in the decision.
IfI were to buy a simple residential housein Rhosneigr for cash and dispense with a survey and no local authority searches how much could I expect to have to pay for conveyancing in Rhosneigr?
The sole reduction in fees you would make on is the Rhosneigr conveyancing searches. The conveyancer still got to do everything else - money laundering, correspond with the sellers property lawyer, stamp duty submission, register the ownership etc. A marginal saving might be made by not having to register a charge however it won't be meaningful.
Just bought a terraced house in Rhosneigr , how long will it take for the Land Registry to register my ownership? My Rhosneigr conveyancing solicitor has been very slow, so I want to check the registration is concluded.
There is nothing unique about conveyancing in Rhosneigr registration formalities. As opposed to being determined by geographic area, timeframes can differ according to the party submitting the application, whether it is in order and if the Land registry must send notices to any interested parties. At present in the region of 80% of submission are fully dealt with in less than three weeks but some can be subject to longer hold-ups. Historically registration occurs after the new owner is living at the premises so an expedited registration is not usually top priority but where it is urgent that the the registration takes place urgently then you or your solicitor must communicate with the Registry to express the reasoning for an expedited registration.
Due to the advice of my in-laws I had a survey completed on a property in Rhosneigr before instructing lawyers. I have been told that there is a flying freehold overhang to the house. The surveyor has said that some banks will refuse to issue a mortgage on a flying freehold home.
It varies from the lender to lender. Bank of Scotland has different instructions for example to Birmingham Midshires. If you e-mail us we can check with the relevant lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Rhosneigr. Conveyancing will be smoother if you use a solicitor in Rhosneigr especially if they are accustomed to such properties in Rhosneigr.
I am employed by a reputable estate agency in Rhosneigr where we see a number of flat sales derailed as a result of short leases. I have received inconsistent advice from local Rhosneigr conveyancing firms. Could you confirm whether the seller of a flat can start the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the disposal of the property.
An alternative approach is to agree the lease extension with the freeholder 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 invested in buying a basement flat in Rhosneigr, conveyancing formalities finalised half a dozen years ago. Can you work out an approximate cost of a lease extension? Comparable properties in Rhosneigr with an extended lease are worth £181,000. The average or mid-range amount of ground rent is £55 invoiced every year. The lease finishes on 21st October 2069
With 50 years unexpired the likely cost is going to span between £31,400 and £36,200 plus professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure without more detailed investigations. Do not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information before seeking the advice of a professional.