My partner and I are planning to acquire a property in Everton and have instructed a Everton conveyancing practice. Within the past 48 hours our solicitor has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. Lloyds TSB Bank have this morning contacted us to advise us that there is now an issue as our Everton solicitor is not on their approved list of lawyers. Please explain?
When purchasing a property with the benefit of a mortgage it is usual for the purchasers' lawyers to also represent the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your property lawyer should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You don't have to instruct a firm on the lender’s conveyancing panel and you may continue to use your own Everton solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
Do I have to visit the offices of the solicitor to execute the mortgage deed? If so, I will instruct a firm who offer conveyancing in Everton so that I can attend their offices if necessary.
Most approved lawyers for banks conduct their work via the post, e-mail or over the phone. This enables them to conduct the legal work for your home move no matter where you live in the country. Nevertheless you can see if you have the option of visiting the offices of your conveyancing lawyer if you prefer.
We are selling our house in Everton and the buyers lawyers are claiming that there is a risk of it being built land that was not decontaminated. Any high street Everton lawyer would know that there is no such problem. For the life of me I don't know why the buyers instructed an online conveyancing firm rather than a conveyancing solicitor in Everton. We have lived in Everton for three years we know of no issue. Should we contact our local Authority to obtain clarification need.
It would appear that you have a conveyancing firm already. What do they say? You must enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same sickness)
How does conveyancing in Everton differ for newly converted properties?
Most buyers of new build or newly converted property in Everton approach us having been asked by the developer to exchange contracts and commit to the purchase even before the property is ready to move into. This is because builders in Everton typically buy the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Everton or who has acted in the same development.
I am a negotiator for a busy estate agent office in Everton where we see a number of flat sales derailed as a result of short leases. I have been given contradictory information from local Everton conveyancing firms. Could you shed some light as to whether the owner of a flat can instigate the lease extension process for the purchaser on completion of the sale?
As long as 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 buyer need not have 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 before, 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 own a ground floor flat in Everton, conveyancing was carried out in 1997. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent flats in Everton with an extended lease are worth £197,000. The average or mid-range amount of ground rent is £55 charged once a year. The lease terminates on 21st October 2081
You have 56 years remaining on your lease the likely cost is going to be between £29,500 and £34,000 plus costs.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed due diligence. Do not use the figures in tribunal or court proceedings. There may be other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before seeking the advice of a professional.