I am nearing exchange of contracts for my house in Bracebridge Heath and the EA has just called to warn that the purchasers are swapping conveyancer. The reason given is that the bank will only engage with solicitors on their conveyancing panel. On what basis would a major mortgage company only work with specific solicitors rather the firm that they want to appoint to handle their conveyancing in Bracebridge Heath ?
Lenders have always had an approved set of law firms that can act for them, but in the last few years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Mortgage companies point to the increase in fraud as the reason for the pruning – criteria have been stiffened as a smaller panel is easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels. Plenty of firms are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your buyers are unlikely to have any impact on this.
I have todayfound out that Wolstenholmes have been shut down. They carried out my conveyancing in Bracebridge Heath for a purchase of a leasehold apartment 18 months ago. How can I check that my home is registered correctly in the name of the former proprietor?
The quickest method to check if the premises is in your name, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Bracebridge Heath conveyancing specialists.
How does conveyancing in Bracebridge Heath differ for new build properties?
Most buyers of new build residence in Bracebridge Heath approach us having been asked by the seller to exchange contracts and commit to the purchase even before the property is finished. This is because new home sellers in Bracebridge Heath usually acquire 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 conveyancing solicitors 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 accustomed to new build conveyancing in Bracebridge Heath or who has acted in the same development.
Over the last few months I have been searching for a ground for flat up to £305k and found one round the corner in Bracebridge Heath I like with a park and station in the vicinity, the downside is that it's only got 52 years on the lease. There is not much else in Bracebridge Heath suitable, so just wondered if I would be making a mistake purchasing a short lease?
If you require a home loan the shortness of the lease will be an issue. Discount the offer by the expected lease extension will cost if not already taken into account. If the existing owner has owned the premises for a minimum of twenty four months you could request that they commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should speak to your conveyancing solicitor regarding this.
My father has recommend that I appoint his conveyancers in Bracebridge Heath. Do I follow his guidance?
Much as we are happy to recommend a Bracebridge Heath conveyancing lawyer the best way to find a conveyancing practitioner is to get guidance from friends or relatives who have previously instructed the conveyancer you're are thinking of instructing.
Having checked my lease I have discovered that there are only 68 years remaining on my flat in Bracebridge Heath. I now wish to get lease extension but my freeholder is missing. What options are available to me?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the Court. However, you will be required to prove that you or your lawyers have done all that could be expected to find the lessor. For most situations a specialist should be useful to try and locate and to produce a report to be accepted by the court as evidence that the freeholder is indeed missing. It is advisable to get professional help from a conveyancer both on proving the landlord’s disappearance and the application to the County Court overseeing Bracebridge Heath.
Bracebridge Heath Leasehold Conveyancing - A selection of Questions you should ask Prior to Purchasing
-
Be sure to investigate if there are any onerous restrictions in the lease. By way of example it is very common in Bracebridge Heath leases that pets are not permitted in certain buildings in Bracebridge Heath. If you like the flatin Bracebridge Heath but your dog is not allowed to live with you then you have a very hard determination. Who are the managing agents? It is important to be aware if changing the roof or some other significant cost is due shortly to be shared amongst the leaseholders and will dramatically increase the the maintenance charges or result in a one time payment.