I am in the process of selling my house in Ainsdale and the estate agent has just e-mailed to warn that the buyers are swapping law firm. The reason given is that the mortgage company will only work with property lawyers on their conveyancing panel. Why would a leading lender only engage with certain lawyers rather the firm that they want to select for their conveyancing in Ainsdale ?
UK lenders have always had an approved set of law firms that can represent them, but in recent years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Lending institutions point to the increase in fraud by way of justification for the cull – criteria have been tightened as a smaller panel is easier to oversee. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is being contacted daily by practices that have been removed from panels. Some are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your purchasers are not going to have any impact on this.
I am downsizing from our home in Ainsdale and the buyers lawyers are claiming that there is a possibility that the property was constructed land that was not decontaminated. A local lawyer would know that there is no such problem. It does beg the question why the purchasers instructed a national conveyancing outfit rather than a conveyancing solicitor in Ainsdale. Having lived in Ainsdale for 4 years we know that this is a non issue. Should we get in touch with our local Authority to get confirmation that the buyers are looking for.
It sounds as though you may have a conveyancing solicitor already. Are they able to advise? You need to enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same illness)
My wife and I own a semi-detached Georgian property in Ainsdale. Conveyancing solicitor represented me and HSBC Bank. I happened to do a free search for it on the Land Registry database and I saw two entries: one for freehold, another for leasehold under the exact same property. If a house is not a freehold shouldn't I have been informed?
You need to read the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Ainsdale and other areas of the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with purchasers. You can also question the position with your conveyancing lawyer who completed the work.
Just had an offer accepted on a new build apartment in Ainsdale. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Here are examples of a selection of leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Ainsdale
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Please supply evidence that the form of Lease proposed has been approved by the Land Registry. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. There must be mutual enforceability of lessee’s covenants.
Due to the encouragement of my in-laws I had a survey completed on a house in Ainsdale in advance of appointing conveyancers. I have been told that there is a flying freehold aspect to the property. My surveyor has said that some lenders will not give a loan on a flying freehold premises.
It varies from the lender to lender. Lloyds has different instructions for example to Birmingham Midshires. Should you wish to telephone us we can check with the relevant lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Ainsdale. Conveyancing will be smoother if you use a solicitor in Ainsdale especially if they are acquainted with such properties in Ainsdale.
Can you provide any top tips for leasehold conveyancing in Ainsdale from the point of view of saving time on the sale process?
- A significant proportion of the delay in leasehold conveyancing in Ainsdale can be bypassed where you instruct lawyers as soon as your agents start marketing the property and request that they start to put together the leasehold information which will be required by the buyers’ conveyancers. A minority of Ainsdale leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers put in hand financial (bank) and professional references. The bank reference will need to confirm that the buyers are financially capable of paying the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their lawyers. If you have the benefit of shareholding in the Management Company, you should make sure that you hold the original share document. Arranging a replacement share certificate is often a lengthy formality and slows down many a Ainsdale conveyancing deal. Where a duplicate share certificate is required, do contact the company director and secretary or managing agents (where relevant) for this as soon as possible. The majority of freeholders or managing agents in Ainsdale levy fees for supplying management packs for a leasehold home. You or your lawyers should discover the actual amount of the charges. The management pack sought as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Ainsdale.
Ainsdale Conveyancing for Leasehold Flats - Examples of Questions you should ask before Purchasing
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Is anyone aware of any major works in the near future that will add a premium to the service costs? Who manages the building? This information is helpful as a) areas may cause problems in the block as the communal areas may begin to deteriorate if maintenance are not paid for b) if the leaseholders have a dispute with the running of the building you will want to have all the details