My wife and I are buying a 1 bedroom apartment in Blakedown with a mortgage. We like our Blakedown conveyancer, however the mortgage company advise she’s not on their "panel". We have to appoint one of the mortgage company panel solicitors or continue with our Blakedown property lawyer and pay for one of their panel lawyers to act for them. We regard this is inequitable; is there anything we can do?
Unfortunately,no. The mortgage offered to you 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 Blakedown conveyancing lawyer to apply to be on the conveyancing panel.
I am purchasing a garden flat in Blakedown. Conveyancing solicitors are said to be ‘a necessary evil’ but can I do it myself?
Leaving aside the complexities and merits of DIY conveyancing in Blakedown you will have to appoint a solicitor on your lender's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Blakedown.
Will my solicitor be raising questions regarding flooding as part of the conveyancing in Blakedown.
Flooding is a growing risk for lawyers conducting conveyancing in Blakedown. Plenty of people will buy a property in Blakedown, completely expectant that at some time, it may suffer from flooding. However, leaving to one side the physical damage, where a house is at risk of flooding, it may be difficult to get a mortgage, suitable building insurance, or sell the premises. There are steps that can be taken as part of the conveyancing process to forewarn the buyer.
Lawyers are not qualified to offer advice on flood risk, but there are a various searches that can be undertaken by the purchaser or by their solicitors which will give them a better appreciation of the risks in Blakedown. The conventional set of property information forms given to a buyer’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a standard question of the vendor to discover if the property has ever been flooded. If the residence has been flooded in past which is not notified by the owner, then a buyer may bring a compensation claim as a result of such an inaccurate reply. A buyer’s solicitors will also conduct an enviro search. This will higlight whether there is a recorded flood risk. If so, more detailed investigations should be conducted.
How does conveyancing in Blakedown differ for new build properties?
Most buyers of new build premises in Blakedown come to us having been asked by the developer to exchange contracts and commit to the purchase even before the property is ready to move into. This is because builders in Blakedown tend to purchase the real estate, 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 Blakedown or who has acted in the same development.
Can you provide any advice for leasehold conveyancing in Blakedown from the point of view of speeding up the sale process?
- Much of the delay in leasehold conveyancing in Blakedown can be reduced where you appoint lawyers the minute your agents start advertising the property and ask them to collate the leasehold information which will be required by the purchasers’ lawyers. A minority of Blakedown leases require Licence to Assign from the landlord. If this is the case, 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 service charge figures so that they can pass this information on to the purchasers or their lawyers. If you have carried out any alterations to the premises would they have required Landlord’s approval? Have you, for example installed wooden flooring? Blakedown leases often stipulate that internal structural alterations or addition of wooden flooring necessitate a licence from the Landlord acquiescing to such changes. Should you dont have the consents in place you should not communicate with the landlord without contacting your conveyancer before hand. If you have had any disputes with your landlord or managing agents it is very important that these are settled prior to the flat being marketed. The purchasers and their solicitors will be warry about purchasing a flat where a dispute is unresolved. You may have to bite the bullet and pay any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the buyers, but it is clearly preferable to reveal the dispute as over rather than unresolved. The majority of freeholders or Management Companies in Blakedown charge for providing management packs for a leasehold premises. You or your lawyers should find out the fee that they propose to charge. The management information sought as soon as you have a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Blakedown.
I am the registered owner of a garden flat in Blakedown, conveyancing having been completed December 2006. Can you please calculate a probable premium for a statutory lease extension? Corresponding flats in Blakedown with over 90 years remaining are worth £185,000. The ground rent is £65 yearly. The lease ceases on 21st October 2085
With only 60 years unexpired we estimate the price of your lease extension to be between £20,000 and £23,000 plus legals.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to advice on the actual costs in the absence of detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first seeking the advice of a professional.
Me and my wife are expecting to exchange buying a house in Blakedown but as a consequence of wreckage from the recent storms I have agreed recompense from the vendor of £2k by way of a reduction in the price. This was going to be dealt with as part of the conveyancing process yet my lender will not permit this. Should they have been approached?
Any solicitor that is on the mortgage company conveyancing panel is required to inform the lender of any changes to the sale price. In the event that you were to refuse your property lawyer to disclose the reduction to your lender then they would need to disinstructing themselves from acting for you and the mortgage company.