I am purchasing a brand new flat in Allenton and my solicitor is informing me that she is duty bound to the lender to reveal incentives from the seller. I am nearing the developer’s deadline to exchange and I would rather not delay the conveyancing. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your lawyer. A precondition to being on a bank panel is to comply with the UK Finance Lenders’ Handbook requirements. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
It is a dozen years since I purchased my house in Allenton. Conveyancing solicitors have now been instructed on the sale but I can't locate the title deeds. Will this cause complications?
You need not be too concerned. Firstly the deeds may be kept by your lender or they may be in the possession of the solicitor who handled your purchase. Secondly the likelihood is that the property will be registered at the land registry and you will be able to prove you are the registered owner by your conveyancing solicitors procuring up to date copy of the land registers. Almost all conveyancing in Allenton relates to registered property but in the rare situation where your home is unregistered it adds to the complexity but is resolvable.
We are hoping to buy a purpose built apartment in Allenton with a homeloan from Barclays Direct.We would like to retain our Allenton conveyancing solicitor but Barclays Direct says she’s not listed on their "panel". We have to appoint a Barclays Direct panel lawyer or retain our preferred solicitor and fork out for a Barclays Direct panel lawyer to represent them. We feel as though this is unjust; is there anything we can do?
No, not really. The loan offered to you contains terms and conditions, one of which will be that lawyers must be on the Barclays Direct approved list. in the past, most banks had large numbers of law firms on their panels: a borrower could find 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 solicitors to apply to be on the conveyancing panel for Barclays Direct
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, chain free conveyancing. Allenton is the location of the property. Can you shed any light on this issue?
Flying freeholds in Allenton are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Allenton you would need to get your solicitor to go through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Allenton may determine 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 premises.
I am a negotiator for a long established estate agency in Allenton where we have experienced a few leasehold sales jeopardised due to leases having less than 80 years remaining. I have received conflicting advice from local Allenton conveyancing firms. Can you clarify whether the seller of a flat can instigate the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the sale.
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 purchaser.
Leasehold Conveyancing in Allenton - A selection of Queries before Purchasing
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How much is the ground rent and service charge? It is important to be aware if window replacement or some other significant cost is due shortly that will be shared amongst the tenants and will materially impact the level of the maintenance costs or necessitate a specific payment. What prohibitions are there in the Allenton Lease?
Why do I have to supply my solicitor with numerous items of identification ahead of starting selling or buying a property in Allenton?
Allenton conveyancing practitioners are required by the Law Society, Solicitors Regulation Authority, HMLR and current AML legislation to certify that the have checked the identity of their clients. It is also sometimes a requirement of your mortgage offer. In addition they have to complete various forms, particularly those relating to Land Tax and need to have details such as your full names, NI number and DOB.