We are buying a 2 bedroom flat in Adwick le Street with a mortgage. We have a Adwick le Street solicitor, however the mortgage company advise he's not on their "panel". It appears that we have little choice but to select one of the bank panel conveyancing practices or continue with our Adwick le Street property lawyer and pay for one of their panel firms to represent them. This seems very unfair; are we not able to demand that the bank use our Adwick le Street lawyer ?
Unfortunately,no. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the lender’s conveyancing panel. Until recently, most lenders 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. A further alternative is for your Adwick le Street conveyancing solicitor to apply to be on the conveyancing panel.
The owners of the home we are purchasing hired a conveyancing firm in Adwick le Street who has suggested a preliminary agreement with a payment two thousand pounds. Are such agreements sensible?
This form of arrangement isn't common in Adwick le Street, conveyancers will often sway clients away from them as they detract from focusing on the primary focus, namely conveyancing and if you end up losing your deposit then the solicitor at best left with an upset client and at worst a litigious one. In addition, there is no guarantee that just because the vendor has entered into an exclusivity contract they will complete the sale with you. They may breach the agreement if they receive a large enough offer to do so because a wronged party with the benefit of a exclusivity agreement will still be duty bound to show losses as a consequence of the breach and this may not amount to the extra amount that your vendor may obtain by reneging on the agreement, however morally shameful that may be.
We see that you have a search directory identifying law firms on the Leeds Building Society conveyancing panel. Do firms pay you a commission if I instruct them for our own conveyancing in Adwick le Street?
We are a listing service only for law firms wishing to communicate if they are on the Leeds Building Society conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Adwick le Street.
Due to the input of my in-laws I had a survey completed on a house in Adwick le Street ahead of appointing conveyancers. I have been advised that there is a flying freehold overhang to the house. The surveyor advised that some mortgage companies will refuse to grant a mortgage on this type of premises.
It varies from the lender to lender. Bank of Scotland has different instructions for example to Birmingham Midshires. If you contact us we can investigate further with the appropriate lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Adwick le Street. Conveyancing will be smoother if you use a solicitor in Adwick le Street especially if they are acquainted with such properties in Adwick le Street.
We're first time buyers - agreed a price, yet the agent advised that the owners will only go ahead if we use their recommended conveyancers as they are insisting on an ‘expedited deal’. Our preferred option is to instruct a high street conveyancer who is familiar with conveyancing in Adwick le Street
It is highly unlikely the sellers are behind this. Should the vendor desire ‘a quick sale', turning down a motivated buyer is not the way to achieve this. Speak to the owners direct and make sure they understand (a)you are keen to buy (b)you are ready to go, with mortgage lined up © you are unencumbered (d) you intend to proceed fast (e)but you intend to instruct your preferred Adwick le Street conveyancing lawyers - as opposed tothose that will give their negotiator at the agency a referral fee or hit his conveyancing targets set by corporate headquarters.
I am a negotiator for a reputable estate agency in Adwick le Street where we see a number of leasehold sales put at risk as a result of short leases. I have been given inconsistent advice from local Adwick le Street conveyancing firms. Please can you shed some light as to whether the vendor of a flat can start the lease extension formalities for the buyer?
As long as the seller has owned the lease 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 can avoid having to sit tight for 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 simultaneously with completion of the disposal of the property.
An alternative approach is 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 buyer.
Adwick le Street Conveyancing for Leasehold Flats - Sample of Queries Prior to Purchasing
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Is the freehold owned collectively by the tenants? Who are the managing agents? Please note that where the lease has fewer than 80 years it will impact the marketability of the apartment. It is worth checking with your mortgage company that they are happy with residual term of the lease. A short lease means that you will most likely need a lease extension sooner rather than later and it is worth discovering what this will be. Remember, in most cases you would need to own the property for 24 months in order to be entitled to extend the lease.