I am not in a position to travel far from Shepton Mallet. What is the rationale as to why all Shepton Mallet lawyers are not on all lender panels?
Pre- 2008 most mortgage companies displayed an approach to risk which differs from the current day. The financial regulator in 2010 conducted a thematic review into fraud which in summary warned lenders: know the solicitors on your panel. Consequently, lenders have subsequently looked to extract more data from law firms regarding their processes and the individuals employed by them and set certain criteria such as completing a minimum number of transactions. Hundreds of law practices have found themselves removed from lender panels even though they had 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Many firms were never going to satisfy the minimum volume of transactions the lenders required.
My grandfather passed away 10 months ago and as sole heir and executor I was left the property in Shepton Mallet. The house had a small mortgage left on it of around £4500. I want to transfer the title deeds into my name whilst I re-mortgage to Co-operative, pay off the mortgage. Is this allowed?
Given you plan to refinance then Co-operative will require that you use a conveyancer on the Co-operative conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Co-operative conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Co-operative mortgage is registered as a charge at the Land Registry.
I am close to exchanging contracts on the sale of our house in Shepton Mallet and according to the buyers it appears that there is a risk of it being constructed on contaminated land. Any high street Shepton Mallet lawyer would know that there is no such problem. It does beg the question why the buyers used a nationwide conveyancing firm rather than a conveyancing solicitor in Shepton Mallet. Having lived in Shepton Mallet for 4 years we know of no issue. Is it a good idea to contact our local Authority to get clarification need.
It would appear that you have a conveyancing solicitor currently acting for you. What do they say? You need to enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same ailment)
I opted to have a survey carried out on a house in Shepton Mallet in advance of retaining lawyers. I have been advised that there is a flying freehold aspect to the house. The surveyor has said that some banks may not give a loan on a flying freehold home.
It varies from the lender to lender. Santander has different requirements from Nationwide. If you call us we can check via the relevant lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Shepton Mallet. Conveyancing may be slightly more expensive based on your lender's requirements.
Can you provide any top tips for leasehold conveyancing in Shepton Mallet with the aim of saving time on the sale process?
- A significant proportion of the delay in leasehold conveyancing in Shepton Mallet can be bypassed if you appoint lawyers as soon as you market your property and ask them to put together the leasehold documentation which will be required by the purchasers’ solicitors. If you have carried out any alterations to the premises would they have required Landlord’s permission? Have you, for example installed wooden flooring? Shepton Mallet leases often stipulate that internal structural alterations or addition of wooden flooring require a licence issued by the Landlord approving such changes. If you fail to have the approvals to hand do not communicate with the landlord without contacting your lawyer first. If there is a history of any disputes with your landlord or managing agents it is very important that these are resolved prior to the flat being put on the market. The buyers and their solicitors will be concerned about purchasing a flat where there is an ongoing dispute. You may need to swallow your pride and discharge any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the buyers, but it is better to present the dispute as historic as opposed to ongoing. Some Shepton Mallet leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should notify your estate agents to make sure that the purchasers obtain financial (bank) and professional references. The bank reference should make it clear that the buyer is financially capable of paying the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their solicitors.
I bought a studio flat in Shepton Mallet, conveyancing was carried out half a dozen 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 Shepton Mallet with a long lease are worth £180,000. The average or mid-range amount of ground rent is £65 invoiced annually. The lease expires on 21st October 2078
With just 59 years unexpired we estimate the premium for your lease extension to be between £20,900 and £24,200 as well as legals.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be other 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 getting professional advice.