My fiance and I are planning to purchase a house in Ambleside and are in fact using a Ambleside conveyancing practice. Within the last couple of days our property lawyer has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. Skipton Building Society have this afternoon contacted us to inform me that there is now an issue as our Ambleside solicitor is not on their conveyancing panel. Is this a problem?
Where you are buying a property requiring a mortgage it is standard for the purchasers' lawyers to also act for the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your property lawyer should contact your mortgage company and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on the lender’s conveyancing panel and you may continue to use your own Ambleside solicitors, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.
My wife and I are nearing an exchange on a house in Ambleside and my parents have transferred the ten percent deposit to my property lawyer. I am now advised that as the deposit has been sent from someone other than me my conveyancing practitioner needs to disclose this to my lender. Apparently, in also acting for the bank he must advise them that the balance of the purchase price is coming from anyone other than me. I advised the lender regarding my parents' contribution when I applied for the mortgage, so is it really appropriate for him to raise this?
Your lawyer is legally required to clarify with mortgage company to ensure that they understand that the balance of the purchase price is not from your own funds. The solicitor can only report this to your lender if you agree, failing which, your lawyer must cease to continue acting.
I purchased a freehold house in Ambleside but nevertheless charged rent, why is this and what is this?
It’s unusual for properties in Ambleside and has limited impact for conveyancing in Ambleside but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back hundreds of years, but the Rent Charge Act 1977 barred the establishment of fresh rentcharges from 1977 onwards.
Previous rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 will be extinguished.
How does conveyancing in Ambleside differ for new build properties?
Most buyers of new build property in Ambleside contact us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the property is built. This is because builders in Ambleside typically buy the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Ambleside or who has acted in the same development.
In surfing the world wide web for the words conveyancing in Ambleside it brings up numerous solicitorsin the area. How do I determine which is the right conveyancer for me?
The best method of finding a suitable conveyancer is via trusted testimonial, so enquire of colleagues and family who have acquired a property in Ambleside or the local estate agent or mortgage broker. Fees for conveyancing in Ambleside vary, so it's advisable to secure a minimum of three estimates from different solicitors. Dont forget to clarify what costs in the quote includes.
I am attracted to a two apartments in Ambleside both have in the region of fifty years unexpired on the lease term. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Ambleside. The lease is a right to use the premises for a prescribed time frame. As the lease shortens the saleability of the lease decreases and results in it becoming more costly to extend the lease. This is why it is often a good idea to extend the lease term. More often than not it is difficult to sell a property with a short lease as mortgage lenders less inclined to grant a loan on properties of this type. Lease extension can be a protracted process. We recommend you get professional help from a conveyancer and surveyor with experience in this field.
Leasehold Conveyancing in Ambleside - A selection of Queries before buying
-
Who are the managing agents? How long is the Lease?