We are buying a 2 bedroom apartment in Woodingdean with a mortgage. We have a Woodingdean solicitor, however the lender advise she’s not on their "panel". We have to appoint one of the bank panel firms or retain our Woodingdean conveyancing practitioner and pay for one of their panel ones to represent them. We consider that this is unjust; are we not able to demand that the lender use our Woodingdean conveyancing practitioner ?
No, not really. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your Woodingdean conveyancing lawyer to apply to be on the conveyancing panel.
Our god-son is purchasing a newly built flat in Woodingdean with a home loan from RBS. His solicitor has said that there is a delay in receiving the ‘Disclosure of Incentive Form’. Who needs to receive the form?
The document is intended to provide information to the main parties involved in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the RBS conveyancing panel as a standard part of the process, and to the surveyor when requested. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the RBS conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
It is a dozen years since I bought my home in Woodingdean. Conveyancing solicitors have just been instructed on the sale but I can't find the title deeds. Will this jeopardise the sale?
Don’t worry too much. First there is a chance that the deeds will be with the mortgage company or they may stored with the solicitor who handled the purchase. Secondly in most cases the property will be registered at the land registry and you will be able to establish that you own the property by your conveyancing solicitors obtaining up to date copy of the land registers. Nearly all conveyancing in Woodingdean relates to registered property but in the unlikely event that your home is not registered it adds to the complexity but is not insurmountable.
Are there any apps to assist me to identify a Woodingdean solicitor on the Chelsea Building Society conveyancing panel? I drive a motor bike and am happy to travel upto 10kilometers to meet the solicitor.
You can use the tool on this page. Please choose the bank and your location and you will see a number of Woodingdean conveyancing lawyers located nearest you. We have detailed some Woodingdean conveyancing firms at the bottom of this page and you can ring them to check whether they are on the Chelsea Building Society panel
I am attracted to a two maisonettes in Woodingdean both have about 50 years left on the lease term. Do I need to be concerned?
There are no two ways about it. A leasehold apartment in Woodingdean is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it reduces the salability of the premises. For most purchasers and mortgage companies, leases with under 75 years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Woodingdean conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I bought a 2 bed flat in Woodingdean, conveyancing formalities finalised 6 years ago. Can you please calculate a probable premium for a statutory lease extension? Similar properties in Woodingdean with over 90 years remaining are worth £206,000. The average or mid-range amount of ground rent is £45 invoiced annually. The lease terminates on 21st October 2084
With only 65 years remaining on your lease we estimate the premium for your lease extension to range between £13,300 and £15,400 as well as legals.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to provide the actual costs in the absence of comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first seeking the advice of a professional.