My fiance and I are intent on buying residence in Shenley Church End. My Solicitor has never been on on the lender conveyancing list. Is it possible for me to use my Shenley Church End conveyancing solicitor even though they are excluded from the lender panel?
You have a number of alternatives available to you here
- Carry on with your chosen Shenley Church End property lawyer but your bank will need to appoint a solicitor on their approved list. The net result is additional cost and probable interruption.
- Get a new conveyancing practitioner to conduct the conveyancing, making sure they are on the bank conveyancing panel.
- Convince your conveyancing practitioner to do everything within their powers to join the lender’s conveyancing panel
We are approaching an exchange on a flat in Shenley Church End and my mum and dad have transferred the 10% deposit to my conveyancer. I am now told that as the deposit has not come from me my property lawyer needs to disclose this to my bank. I am advised that, in also acting for the bank he must advise them that the balance of the purchase price is coming from anyone other than me. I advised the lender about my parents' contribution when I applied for the mortgage, so is it really necessary for this now to hold matters up?
Your conveyancer is obliged to check with lender to ensure that they understand that the balance of the purchase price is not from your own resources. The solicitor can only report this to your lender if you permit them to, failing which, your lawyer must cease to continue acting.
We see that you have a post code search directory listing firms on the Lloyds conveyancing panel. Do companies pay you a commission if I appoint them for our conveyancing in Shenley Church End?
We are a listing service only for law firms wishing to communicate if they are on the Lloyds conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Shenley Church End.
I have been on the look out for a flat up to £305k and found one round the corner in Shenley Church End I like with amenity areas and transport links nearby, however it's only got 51 remaining years left on the lease. There is not much else in Shenley Church End suitable, so just wondered if I would be making a grave error buying a lease with such few years left?
If you require a mortgage that many years may be problematic. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for at least 2 years you could ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer regarding this.
Can you offer any advice when it comes to choosing a Shenley Church End conveyancing practice to deal with our lease extension?
When appointing a conveyancer for your lease extension (regardless if they are a Shenley Church End conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of work. We advise that you make enquires with several firms including non Shenley Church End conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. The following questions could be useful:
If the firm is not ALEP accredited then what is the reason? How many lease extensions have they carried out in Shenley Church End in the last 12 months?
I am the registered owner of a studio flat in Shenley Church End, conveyancing was carried out September 1996. Can you give me give me an indication of the likely cost of a lease extension? Equivalent properties in Shenley Church End with over 90 years remaining are worth £211,000. The ground rent is £45 charged once a year. The lease ends on 21st October 2088
With 67 years left to run the likely cost is going to be between £10,500 and £12,000 as well as costs.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to provide a more accurate figure without more comprehensive investigations. You should not use the figures in tribunal or court proceedings. There may be additional issues 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 placing reliance on this information before getting professional advice.