Me and my fiance are planning to buy a 3 bedroom flat in Badsey with a mortgage. We like our Badsey conveyancer, but the lender says she’s not on their "panel". We have to appoint one of the lender panel firms or keep our Badsey conveyancer as well as pay for one of their panel lawyers to act for them. We regard this is unjust; is there anything we can do?
No, not really. Your mortgage offer 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. Another option that might be available is for your Badsey conveyancing solicitor to apply to be on the conveyancing panel.
The vendors of the house we are hoping to buy are using a conveyancing practitioner in Badsey who has insisted on a exclusivity contract with a down payment two thousand pounds. Are such agreements sensible?
There are a couple of main concerns with entering into any lock out agreement (sometimes known as an exclusivity agreement) is that it takes away the focus from making progress with the conveyancing work, so in the absence of it needing limited or no negotiation then it may transpire to be a hindrance. It is not promoted amongst Badsey conveyancing lawyers as a result. A supplemental negative is the extent of the remedies available - a jilted buyer is not likely to be issued with an injunctive ruling by a court to prevent the vendor completing the sale to an alternative purchaser, so the only remedy available under the contract will be the recovery of abortive charges and, in limited circumstances, the extra payment of damages.
I am downsizing from our house in Badsey and the buyers lawyers are claiming that there is a risk of it being constructed on contaminated land. A local lawyer would know this is not the case. For the life of me I don't know why the purchasers instructed a web based conveyancing outfit as opposed to a conveyancing solicitor in Badsey. Having lived in Badsey for three years we know that this is a non issue. Do we contact our local Authority to obtain confirmation that the buyers are looking for.
It sounds as though you may have a conveyancing lawyer currently acting for you. Are they able to advise? You must 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 life insurance to cover that same sickness)
Me and my brother own a 4 bedroom Victorian property in Badsey. Conveyancing solicitor represented me and Clydesdale. I did a free Land Registry search last week and I saw a couple of entries: one for freehold, another for leasehold with the exact same address. Is it worth asking Clydesdale to clarify?
You should read the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Badsey and other areas of the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with lenders. You can also check the situation with the conveyancing practitioner who completed the work.
Yesterday I discovered that there is a flying freehold element on a house I put an offer in last month in what was supposed to be a straight forward, no chain conveyancing. Badsey is where the house is located. What do you suggest?
Flying freeholds in Badsey are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Badsey you must be sure that your lawyer goes 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 Badsey 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 residence.
I am attracted to a couple of apartments in Badsey which have about fifty years left on the lease term. Do I need to be concerned?
A lease is a legal document that entitles you to use the property for a prescribed time frame. As a lease shortens the marketability of the lease reduces and it becomes more costly to extend the lease. For this reason it is often a good idea to increase the term of the lease. It is often difficult to sell a property with a short lease because mortgage companies may be reluctant to lend money on properties of this type. Lease enfranchisement can be a difficult process. We advise that you seek professional assistance from a conveyancer and surveyor with experience in this field.
Badsey Conveyancing for Leasehold Flats - A selection of Queries Prior to buying
-
How much is the annual maintenance fee and ground rent? Are there any major works on the horizon that could increase the maintenance fees? Does the lease have more than 82 years left?