Am I correct in assuming that the fact that my solicitor in Louth is not identified on my lender's conveyancing panel that there is a problem with the quality of the firm’s work?
That is more than likely an incorrect assumption to make. There are plenty of reasonable 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. If you are concerned you should simply call the Louth conveyancing practice and enquire why they are no longer on the approved list for your mortgage company.
Why is leasehold purchase conveyancing in Louth is more expensive?
Louth leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving appropriate notices on the Landlord or managing agent, obtaining up-to-date service charge and management information, obtaining Landlord’s consents and reviewing management accounts and formation documents.
I have been on the look out for a leasehold apartment up to £235,500 and found one near me in Louth I like with a park and station in the vicinity, the downside is that it only has 52 years on the lease. There is not much else in Louth for this price, so just wondered if I would be making a grave error purchasing a lease with such few years left?
If you require a mortgage that many years may be an issue. Reduce the offer by the expected lease extension will cost if not already taken into account. If the existing owner has owned the premises for at least twenty four months you can request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor about this matter.
Having checked my lease I have discovered that there are only 72 years left on my lease in Louth. I need to extend my lease but my freeholder is can not be found. What should I do?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be granted an extra 90 years by the magistrate. However, you will be required to prove that you have used your best endeavours to track down the landlord. On the whole an enquiry agent would be helpful to conduct investigations and to produce an expert document to be accepted by the court as proof that the landlord can not be located. It is advisable to get professional help from a solicitor in relation to proving the landlord’s disappearance and the vesting order request to the County Court overseeing Louth.
I acquired a leasehold flat in Louth, conveyancing having been completed 6 years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Equivalent properties in Louth with over 90 years remaining are worth £211,000. The average or mid-range amount of ground rent is £50 levied per year. The lease runs out on 21st October 2094
With 68 years left to run we estimate the price of your lease extension to span between £9,500 and £11,000 plus professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive investigations. You should 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. You should not take any other action based on this information without first getting professional advice.
Do banks and building societies provide you with an approved list of Louth solicitors? How do you know who is on the mortgage company conveyancing panel?
Louth law firm practices and firms conducting conveyancing in Louth themselves provide us confirmation that they are on the bank conveyancing panel as opposed to being supplied with a list from the bank directly.