I was advised recently by my financial adviser that my Broadclyst lawyer is not on the lender Conveyancing panel. What can I do to be sure if this is correct?
The best course of action for you to take is to call your Broadclyst conveyancer. It is reasonable to expect your lawyer to notify you what has happened. If they are not on the panel they may recommend you to a Broadclyst conveyancing firm that is on the conveyancing panel for your mortgage company.
My Solicitor in Broadclyst is not listed on the HSBC Bank Solicitor Panel. Is it possible for me to use my prefered solicitor even though they are not on the HSBC Bank panel?
The limited options available to you here include:
- Carry on with your preferred Broadclyst lawyers but HSBC Bank will need to use a conveyancer on their panel. This will inevitably rack up the total conveyancing fees and cause delays.
- Choose an alternative practitioner to to deal with the conveyancing, remembering to check they are Convince your solicitor to do everything within their powers to join the HSBC Bank conveyancing panel
Yesterday I discovered that there is a flying freehold issue on a house I put an offer in two weeks back in what should have been a simple, no chain conveyancing. Broadclyst is the location of the property. What do you suggest?
Flying freeholds in Broadclyst are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Broadclyst you must be sure that your lawyer goes through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Broadclyst may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
I am employed by a reputable estate agency in Broadclyst where we see a few leasehold sales derailed as a result of leases having less than 80 years remaining. I have been given contradictory information from local Broadclyst conveyancing firms. Can you confirm whether the vendor of a flat can initiate the lease extension process for the buyer?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible to agree the lease extension with the freeholder 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 invested in buying a ground floor flat in Broadclyst, conveyancing having been completed 10 years ago. Can you please calculate a probable premium for a statutory lease extension? Similar properties in Broadclyst with a long lease are worth £222,000. The ground rent is £50 charged once a year. The lease terminates on 21st October 2095
You have 70 years left to run the likely cost is going to span between £9,500 and £11,000 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. Do not use this information 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. You should not take any other action based on this information without first seeking the advice of a professional.
How and when do I cover the costs of stamp duty payable for my Broadclyst property purchase?
The conveyancer will complete a stamp duty return on your behalf as part of your Broadclyst conveyancing transaction for signature. After completion your property lawyer will submit your Land Transaction Return Form to the Inland Revenue and - assuming they have the money - discharge any Stamp Duty due on your behalf.