Am I correct in assuming that the fact that my solicitor in Swinton is not identified on my mortgage company's solicitor panel that there is a problem with the standard of her conveyancing?
That is more than likely a wrong assumption to make. There are plenty of reasonable explanations. A recent report by the solicitors regulator indicated 76% of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) low volume of transactions (2) the solicitor is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. If you are concerned you should simply call the Swinton conveyancing practice and enquire why they are no longer on the approved list for your lender.
I own a freehold property in Swinton but still invoiced for rent, why is this and what is this?
It’s unusual for properties in Swinton and has limited impact for conveyancing in Swinton but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for hundreds of years, but the Rent Charge Act 1977 barred the establishment of fresh rentcharges post 1977.
Previous rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 will be dispensed with completely.
I am being told by my solicitor that restrictive coveneant insurance is required on my purchase. What is the typical level of cover needed for conveyancing in Swinton?
The right level of restrictive coveneant indemnity insurance depends on who your lender is. It would differ for example between Birmingham Midshires and Barnsley Building Society. Conveyancing solicitors as opposed to members of the public take out such policies.
Is there a list of Leeds Building Society panel conveyancers in Swinton on the Council of Mortgage Lender’s Website?
No. There is no such tool on the CML or Building Society Association sites. A small selection of banks make their panel listings visible over the internet. Where you are in need of a Swinton solicitor on the Leeds Building Society please make the most of our facility.
I am selling my apartment. I had a double glazing fitted in November 2007, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s lender, TSB are being a right pain. The Swinton solicitor who is on the TSB conveyancing panel is recommending indemnity insurance as a solution but TSB are requiring a building regulation certificate. Why do TSB have a conveyancing panel if they don't accept advice from them?
It is probably the case that TSB have referred the matter to their valuer. The reason why TSB may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
Over the last few months I have been searching for a flat up to £235,500 and found one close by in Swinton I like with a park and station nearby, however it's only got 52 remaining years left on the lease. There is not much else in Swinton suitable, so just wondered if I would be making a mistake buying a lease with such few years left?
If you need a mortgage the shortness of the lease will be a potential deal breaker. Reduce the offer by the expected lease extension will cost if not already taken into account. If the current owner has owned the premises for at least 2 years you could ask them to start the process of the extension and then assign 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 solicitor concerning this.
I am a negotiator for a long established estate agency in Swinton where we see a few flat sales put at risk as a result of short leases. I have received contradictory information from local Swinton conveyancing solicitors. Can you shed some light as to whether the owner of a flat can initiate the lease extension formalities for the buyer?
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 can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the sale.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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 bought a 1 bedroom flat in Swinton, conveyancing was carried out half a dozen years ago. Can you work out an approximate cost of a lease extension? Equivalent properties in Swinton with over 90 years remaining are worth £206,000. The ground rent is £45 yearly. The lease terminates on 21st October 2087
You have 66 years left to run the likely cost is going to span between £11,400 and £13,200 plus costs.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not move forward based on this information without first seeking the advice of a professional.