I am in the process of selling my maisonette in Woodley and the estate agent has just called to say that the buyers are swapping law firm. The excuse is that the mortgage company will only work with property lawyers on their approved list. On what basis would a leading mortgage company only work with specific law firms rather the firm that they want to choose for their conveyancing in Woodley ?
Mortgage companies have always had panels of law firms that can represent them, but in recent years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.
Lending institutions point to the increase in fraud by way of justification for the pruning – criteria have been tightened as a smaller panel is easier to monitor. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your buyers are unlikely to have any impact on this.
We are buying our first house. The conveyancer has texted usto check if we would like to take out supplemental conveyancing searches. As novices we have no idea as to what's necessary for conveyancing in Woodley
The extent of Woodley conveyancing searches depends primarily on the premises, the location, the likelihood of any of these risks, your familiarity of the region and risks, your overall approach to risk. What is important is that you adequately comprehend what information the searches could provide. Then you can make a decision if you consider that you need that search. If unsure, ask your property lawyer to guide you.
Will commercial conveyancing searches reveal impending roadworks that may impact a commercial site in Woodley?
Many commercial conveyancing solicitors in Woodley will order a SiteSolutions Highways report as it reduces the time that conveyancers spend in researching accurate data on highways that impact buildings and development assets in Woodley. The search result sets out definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Woodley.
For every commercial conveyancing transaction in Woodley it is crucial to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been addressed adequately can result in delays to Woodley commercial conveyancing transactions as well as pose a risk to future plans for the site. These searches are not ordered for domestic conveyancing in Woodley.
I am looking for a leasehold apartment up to £235,500 and found one round the corner in Woodley I like with a park and railway links in the vicinity, however it only has 61 years unexpired on the lease. There is not much else in Woodley for this price, so just wondered if I would be making a mistake acquiring a lease with such few years left?
Should you require a mortgage the remaining unexpired lease term will be problematic. Reduce the price by the amount the lease extension will cost if not already taken into account. If the current proprietor has owned the premises for at least twenty four months you can ask them to start the process of the extension and pass it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should consult your conveyancing solicitor concerning this matter.
Do you have any advice for leasehold conveyancing in Woodley from the perspective of speeding up the sale process?
- Much of the frustration in leasehold conveyancing in Woodley can be avoided where you appoint lawyers the minute your agents start advertising the property and request that they start to collate the leasehold documentation which will be required by the buyers’ representatives. If you have carried out any alterations to the premises would they have required Landlord’s consent? Have you, for example installed wooden flooring? Most leases in Woodley state that internal structural alterations or laying down wooden flooring require a licence issued by the Landlord consenting to such alterations. If you dont have the approvals to hand you should not communicate with the landlord without checking with your conveyancer first. If you have had any disputes with your landlord or managing agents it is essential that these are settled prior to the flat being put on the market. The purchasers and their solicitors will be nervous about purchasing a property where there is an ongoing dispute. You may have to bite the bullet and discharge any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the buyers, but it is clearly preferable to reveal the dispute as historic rather than ongoing. You may think that you are aware of the number of years remaining on your lease but it would be advisable double-check via your lawyers. A purchaser's lawyer will be unlikely to recommend their client to where the remaining number of years is below 75 years. In the circumstances it is important at an early stage that you consider whether the lease term requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale.
I own a split level flat in Woodley, conveyancing was carried out 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? Comparable properties in Woodley with over 90 years remaining are worth £179,000. The ground rent is £65 yearly. The lease terminates on 21st October 2078
With 57 years remaining on your lease we estimate the premium for your lease extension to be between £26,600 and £30,800 as well as professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before getting professional advice.