I am progressing with the sale of my house in Ryhall and the EA has just called to advise that the purchasers are appointing a new solicitor. The excuse is that the bank will only work with property lawyers on their approved list. Why would a leading lender only work with certain solicitors rather the firm that they want to select to handle their conveyancing in Ryhall ?
UK lenders have always had panels of law firms that can represent them, but in recent years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 15 years.
Lenders 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 claims that it is hearing daily from firms that have been removed from panels. Some are unaware that 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.
Can the conveyancing solicitors listed on your site handle attended exchange conveyancing in Ryhall?
We do have a number of conveyancing experts who can conduct one day exchanges. You should e-mail us to secure a fee calculation and details as to availability.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Ryhall?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Ryhall. 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…’
The estate agent has sent us the confirmation of our purchase of a new build apartment in Ryhall. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Here is a sample of a few leasehold new build questions that you may expect your new-build leasehold conveyancing in Ryhall
There must be mutual enforceability of lessee’s covenants. Please supply a car parking plan. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Forfeiture - bankruptcy or liquidation must not apply under this provision.
What are the frequently found deficiencies that you encounter in leases for Ryhall properties?
Leasehold conveyancing in Ryhall is not unique. Most leases are individual and legal mistakes in the legal wording can sometimes mean that certain clauses are missing. The following missing provisions could result in a defective lease:
Insurance obligations A provision for the recovery of money spent for the benefit of another party.
You may encounter difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Accord Mortgages Ltd, Bank of Scotland, and Bank of Ireland all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, forcing the purchaser to withdraw.
I purchased a studio flat in Ryhall, conveyancing was carried out 4 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable properties in Ryhall with an extended lease are worth £222,000. The ground rent is £50 levied per year. The lease expires on 21st October 2090
You have 71 years left to run we estimate the premium for your lease extension to span between £9,500 and £11,000 as well as professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure without more comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action based on this information before getting professional advice.