My husband and I are buying a newly converted apartment in Mayfield with a loan from Birmingham Midshires.We would like to retain our Mayfield conveyancing solicitor but Birmingham Midshires advised that she’s not listed on their "panel". we are left little option but to use a Birmingham Midshires panel firm or keep our preferred solicitor and pay for a Birmingham Midshires panel lawyer to act for them. This seems very unfair; is there anything we can do?
No, not really. The home loan issued to you is subject to its terms and conditions, a common one being that lawyers must be on the Birmingham Midshires approved list. Until recently, most mortgage companies had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your solicitors to apply to be on the conveyancing panel for Birmingham Midshires
Yesterday I discovered that there is a flying freehold element on a house I put an offer in a fortnight ago in what should have been a quick, no chain conveyancing. Mayfield is the location of the property. Can you shed any light on this issue?
Flying freeholds in Mayfield are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Mayfield you would need to get your solicitor to go through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Mayfield may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
My brother has suggested that I use his conveyancing solicitors in Mayfield. Should I find my own solicitor?
No doubt the best way to select a conveyancing lawyer is to have recommendations from friends or relatives who have previously instructed the firm you're contemplating using.
I work for a reputable estate agency in Mayfield where we have witnessed a number of leasehold sales jeopardised as a result of short leases. I have received conflicting advice from local Mayfield conveyancing firms. Please can you confirm whether the seller of a flat can start the lease extension process for the purchaser on completion of the sale?
Provided that 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. This means that the buyer need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with 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 inherited a garden flat in Mayfield, conveyancing having been completed in 2012. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding flats in Mayfield with over 90 years remaining are worth £176,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease ceases on 21st October 2076
With just 50 years left to run we estimate the price of your lease extension to be between £31,400 and £36,200 plus legals.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to provide the actual costs without more comprehensive due diligence. Do not use this information in tribunal or court proceedings. There may be additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first getting professional advice.
How easy is it to change a solicitor as I need to find a Mayfield based one who is on the lender conveyancing panel. Is it practical to instruct different lawyers?
In the event that you have not formally instructed a conveyancer to do anything for you and have just received quotes, you're perfectly free to choose a different solicitor to carry out your work for you. The best way is to get recommendations from friends or family who have actually used the solicitor or conveyancer in Mayfield that you're thinking of instructing.