My wife and I are buying a 1 bedroom flat in Balby with a mortgage. We like our Balby conveyancer, however the bank advise he's not on their "panel". We have to appoint one of the bank panel solicitors or continue with our Balby solicitor and pay for one of their panel firms to act for them. This seems very unfair; are we not able to insist that the bank use our Balby conveyancer ?
No, not really. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the bank’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 Balby conveyancing solicitor to apply to be on the conveyancing panel.
How up to date is your database of Balby solicitors on the Virgin Money conveyancing panel? Do Virgin Money send you an updated list?
Balby conveyancing firms themselves provide us confirmation that they are on the Virgin Money conveyancing panel as opposed to being supplied with a list from Virgin Money directly.
A relative suggested that if I am buying in Balby I should ask my conveyancer to perform a Neighbourhood, Planning and Local Amenity Search. What does it cover?
A search of this type is sometimes included in the estimate for your Balby conveyancing searches. It is not a small report of more than thirty pages, listing and detailing important information about Balby around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average House Prices, Crime statistics, Balby Education with plans and statistics, Local Amenities and other useful information concerning Balby.
The estate agent has sent us the confirmation of our purchase of a new build flat in Balby. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Here is a sample of a selection of leasehold new build questions that you should expect your new-build leasehold conveyancing in Balby
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Please confirm the Lease plans are surveyor prepared. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided.
I am attracted to a two apartments in Balby both have about forty five years left on the lease term. Do I need to be concerned?
There is no doubt about it. A leasehold flat in Balby is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it adversely affects the value of the premises. For most buyers and lenders, leases with less than 75 years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Balby conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Balby Conveyancing for Leasehold Flats - A selection of Queries Prior to buying
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Be sure to enquire if there are any onerous prohibitions in the lease. For instance it is reasonably common in Balby leases that pets are not allowed in in a block in Balby. If you like the apartmentin Balby however your cat can’t move with you then you have a very difficult determination. How much is the ground rent and service charge?
My boyfriend is purchasing a studio flat in Balby. He was given a quote by the property lawyer connected to the estate agents totaling £1300 . It was seven years ago I sold and purchased a house and the bill was £500. Have costs really increased to that extent?
What does the conveyancing estimate include? Is it just for the legal fees, or what you will be paying in total (for example Balby searches, land registry fees, etc)