Is the fact that my conveyancer in Walderslade is not identified on my lender's solicitor panel that there is a problem with the standard of the firm’s work?
It would not be wise to jump to that conclusion. There are all sorts of perfectly reasonable explanations. Just recently a report by the solicitors regulator indicated 76% of law firms surveyed had been removed from at least one lender panel. The top 5 reasons are as follows: (1) lack 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. If you are concerned you should simply call the Walderslade conveyancing firm and enquire why they are no longer on the approved list for your mortgage company.
I am in a contract race with another prospective purchaser for a property in Walderslade. What can I do to accelerate the legal process?
In the event that you are under pressure to exchange we would recommend that your lawyer is familiar with the area as they will benefit local contacts and intelligence. It is possible that they would have handled otherhouses in the same road. You would be best advised to use a Walderslade conveyancing solicitor. Second, check that the lawyer is on the member panel. It is estimated that just under twenty per cent of Walderslade conveyancing transactions are delayed or derailed after discovering a buyer’s lawyer was not on their banks panel. This can often result in the transaction being frustrated by almost 21 days. It is claimed that this issue affects approximately 100,000 home sales annually. Almost all Walderslade conveyancing firms can not act for certain banks so do check as early as possible.
About to place a bid on a leasehold property in Walderslade. The selling agents assure me that it is the norm for flats in Walderslade to have less than 75 years left on the lease. I am expecting a mortgage with Tesco Bank. Will the property be mortgageable given that the lease has 72 years left.
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are obtaining a mortgage then your lender may insist that the lease be extended before competition. Tesco Bank have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 20/12/2024 the requirements read as follows :
3 months have elapsed since my purchase conveyancing in Walderslade completed. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I have been on the look out for a ground for flat up to £235,500 and found one near me in Walderslade I like with a park and station in the vicinity, however it only has 49 remaining years left on the lease. I can't really find anything else in Walderslade for this price, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you need a mortgage the remaining unexpired lease term will likely be an issue. Discount the offer by the amount the lease extension will cost if not already taken into account. If the existing proprietor has owned the property for a minimum of twenty four months you can ask them to start the process of the extension and then assign it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this.