My Conveyancer in Bow Street is not on the Leeds Building Society Solicitor Panel. Can I still retain my family solicitor even though they are not on the Leeds Building Society panel?
The limited options open to you here include:
- Complete the purchase with your existing Bow Street solicitors but Leeds Building Society will need to instruct a solicitor on their panel. This will inevitably rack up the total legal fees as well as result in delays.
- Choose a new lawyer to act in the conveyancing, not forgetting to check they are Persuade your conveyancer to use their best endeavours to join the Leeds Building Society conveyancing panel
My solicitor has informed me that lack of right of way insurance is required on my purchase. What is the level of cover for Bow Street conveyancing?
The appropriate level of lack of right of way indemnity insurance should be dictated by who your lender. It would differ for example between National Westminster Bank and Bank of Scotland. Conveyancing solicitors as opposed to borrowers take out such policies.
Does a directory service exist listing Co-operative panel solicitors in Bow Street on the Building Society Association’s Website?
No. There is no such tool on the Council of Mortgage Lenders or Building Society Association sites. A small selection of lenders make their panel listings open the public online. Where you are looking for a Bow Street conveyancer on the Co-operative please make the most of our facility.
After weeks of negotiation I have agreed a price on an apartment in Bow Street. My financial adviser pressured me to appoint their property lawyer. I paid an on account payment of £175. A few days later, the conveyancing practitioner contacted me sheepishly admitting that they were not on the Santander conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Santander panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
I used Action Conveyancing a few years past for my conveyancing in Bow Street. I now require my file however cannot find the solicitor. What do I do?
You should call the Solicitors Regulatory Authority (SRA) to help locate your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Bow Street of the conveyancing firm of solicitors you previously retained, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
I have been on the look out for a ground for flat up to £305k and found one near me in Bow Street I like with amenity areas and transport links nearby, the downside is that it only has 51 years unexpired on the lease. There is not much else in Bow Street suitable, so just wondered if I would be making a grave error buying a short lease?
If you require a mortgage that many years will be an issue. Reduce the offer by the anticipated lease extension will cost if not already taken into account. If the existing owner has owned the property for a minimum of twenty four months you could ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should speak to your conveyancing lawyer about this.
I am tempted by the attractive purchase price for a two apartments in Bow Street both have approximately forty five years unexpired on the lease term. should I be concerned?
There is no doubt about it. A leasehold apartment in Bow Street is a wasting asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it reduces the value of the property. The majority of purchasers and banks, leases with less than eighty years become less and less marketable. 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 a property 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 Bow Street 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 acquired a split level flat in Bow Street, conveyancing formalities finalised 10 years ago. Can you give me give me an indication of the likely cost of a lease extension? Similar flats in Bow Street with over 90 years remaining are worth £206,000. The ground rent is £45 invoiced annually. The lease ends on 21st October 2090
You have 66 years left to run we estimate the premium for your lease extension to be between £11,400 and £13,200 plus legals.
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 investigations. Do not use this information in tribunal or court proceedings. There may be additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not move forward based on this information without first getting professional advice.