Am I correct in assuming that the fact that my solicitor in Bruton is not listed on my mortgage company's solicitor panel that there is a problem with the quality of the firm’s conveyancing?
That is most likely a wrong assumption to make. There are plenty of plausible explanations. Just recently a report by the solicitors regulator revealed that over three quarters of law firms surveyed had been removed from at least one lender panel. The top 5 reasons are as follows: (1) low volume of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Should you be concerned you should contact the Bruton conveyancing firm and ask them why they are no longer on the approved list for your lender.
What is the first thing I need to know concerning purchase conveyancing in Bruton?
Not many law firms or advisers will tell you this but conveyancing in Bruton or throughout Somerset is an adversarial experience. In other words, when it comes to conveyancing there is plenty of room for conflict between you and others involved in the ownership transfer. For example, the seller, selling agent and on occasion a lender. Selecting a law firm for your conveyancing in Bruton is a critical decision as your conveyancer is your adviser, and is the SOLE party in the transaction whose role it is to act in your best interests and to keep you safe.
Sometimes a third party with a vested interest may attempt to convince you that it is in your interests to do things their way. For instance, the selling agent may claim to be helping by claiming that your conveyancer is dragging his heels. Or your financial adviser may try to convince you to do something that is against your conveyancers recommendation. You should always trust your lawyer above all other parties in the conveyancing process.
How does conveyancing in Bruton differ for new build properties?
Most buyers of new build property in Bruton come to us having been asked by the developer to sign contracts and commit to the purchase even before the property is finished. This is because builders in Bruton typically acquire the land, 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 conveyancing solicitors 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 accustomed to new build conveyancing in Bruton or who has acted in the same development.
I am a negotiator for a reputable estate agency in Bruton where we have witnessed a few leasehold sales jeopardised as a result of leases having less than 80 years remaining. I have been given conflicting advice from local Bruton conveyancing firms. Can you shed some light as to whether the vendor of a flat can instigate the lease extension process for the buyer?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the disposal of the property.
An alternative approach is 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 purchased a garden flat in Bruton, conveyancing having been completed in 2010. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent flats in Bruton with a long lease are worth £195,000. The average or mid-range amount of ground rent is £45 charged once a year. The lease comes to an end on 21st October 2088
With 63 years remaining on your lease the likely cost is going to span between £16,200 and £18,600 plus professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to provide a more accurate figure in the absence of detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not take any other action based on this information before getting professional advice.
How and when do I incur stamp duty chargeable for my Bruton house purchase?
The property lawyer should fill out a Land Transaction Return Form on your behalf during your Bruton purchase transaction for you to sign. On completion your conveyancer will submit your STL application to the Tax Authorities and - as long as they have the funds - settle any Stamp Duty payable for you.