It has come to my attention via my financial adviser that my St Werburghs solicitor is not on the lender Conveyancing panel. What can I do to check?
You need to call your St Werburghs conveyancer. It is reasonable to expect your lawyer to inform you of the situation. Where they are not on the panel they could put your in touch with solicitors on the approved list of lawyers for your bank.
What happens if my lawyer’s firm is expelled from the Leeds Building Society Solicitor panel ahead of completing my conveyancing in St Werburghs?
The first thing to point out is that, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
Just had an offer accepted on a new build flat in St Werburghs. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Here are examples of a few leasehold new build enquiries that you may expect your new-build leasehold conveyancing in St Werburghs
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. Please supply a car parking plan. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Please supply evidence that the form of Lease proposed has been approved by the Land Registry.
We're novice buyers - agreed a price, but the estate agent has warned us that the owners will only go ahead if we appoint the agent's chosen lawyers as they need an ‘expedited deal’. Our preferred option is to instruct a family conveyancer used to conveyancing in St Werburghs
We suspect that the owner is unaware of this request. If they want ‘a quick sale', turning down a serious purchaser is counter productive. Contact the vendors directly and make sure they comprehend that (a)you are keen to buy (b)you are ready to progress, with mortgage lined up © you are chain free (d) you wish to move quickly (e)however you are going to instruct your own,trusted St Werburghs conveyancing lawyers - not the ones that will earn their estate agent a kickback or hit his conveyancing figures pre-set by corporate headquarters.
Do you have any top tips for leasehold conveyancing in St Werburghs from the point of view of speeding up the sale process?
- Much of the delay in leasehold conveyancing in St Werburghs can be bypassed if you appoint lawyers the minute you market your property and ask them to put together the leasehold documentation which will be required by the purchasers’ lawyers. Some St Werburghs leases require Licence to Assign from the landlord. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers obtain bank and professional references. The bank reference should make it clear that the buyer is able to meet 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 service charge figures so that they can pass this information on to the buyers or their solicitors. Many freeholders or Management Companies in St Werburghs charge for supplying management packs for a leasehold property. You or your lawyers should discover the fee that they propose to charge. The management pack sought on or before finding a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most common reason for delay in leasehold conveyancing in St Werburghs. You believe that you know the number of years remaining on your lease but it would be wise to double-check by asking your lawyers. A buyer’s conveyancer will be unlikely to recommend their client to to exchange contracts if the remaining number of years is less than 75 years. It is therefore essential at an early stage that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale.
I purchased a ground floor flat in St Werburghs, conveyancing having been completed half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Similar flats in St Werburghs with an extended lease are worth £180,000. The ground rent is £65 per annum. The lease runs out on 21st October 2080
With just 58 years unexpired we estimate the premium for your lease extension to range between £22,800 and £26,400 plus professional fees.
The figure above a general guide to costs for renewing a lease, but we are not able to provide the actual costs without more comprehensive investigations. You should not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not move forward based on this information before seeking the advice of a professional.