My partner and I are buying a newly built apartment in Brandon and my lawyer is telling me that she is duty bound to the lender to reveal incentives from the developer. I am under pressure to exchange contracts and I have no desire to delay matters. Is my lawyer right?
You should not exchange unless you have been advised to do so by your conveyancer. A precondition to being on a mortgage company panel is to comply with the UK Finance Lenders’ Handbook provisions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
We are planning to move home in September. Should my conveyancing solicitor communicate with the removal company on the day of completion. Incidentally, can you suggest a removal company in Brandon. Conveyancing lawyer was found before I stumbled across this website.
On the day of completion you can collect the keys from your estate agent but this should only happen once the vendors lawyers inform the agent that they have the completion monies and the keys can be passed over. Subsequently you should tell the removal men that they can start moving you in. We are not in a position to suggest a particular removal company but can assist you in locating a conveyancing in Brandon or a firm that specialises in conveyancing in Brandon.
When it comes to lenders such as Co-operative, do Brandon property lawyers face a fee to be on the list of approved solicitors?
We are not aware of any bank fees to register on their list of approved firms, although some do charge an administration charge to deal with the processing of the conveyancing panel application.
I was told four weeks ago that my mortgage has been agreed to by Principality. Is it usual for Principality to only issue the offer once my solicitor in Brandon is approved on their conveyancing panel? Principality have asked my solicitor to see a copy of their PI Insurance.
A lender would not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Principality to deal with your lawyer's application to be on the Principality conveyancing panel. There's no guarantee that your solicitor will be accepted.
Just had an offer accepted on a new build flat in Brandon. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Here are examples of a selection of leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Brandon
-
Please supply a car parking plan. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. 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. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier?
Over the last few months I have been searching for a ground for flat up to £245,000 and identified one round the corner in Brandon I like with open areas and transport links nearby, however it only has 61 years unexpired on the lease. There is not much else in Brandon for this price, so just wondered if I would be making a mistake buying a short lease?
Should you need a mortgage the shortness of the lease will likely be a potential deal breaker. Reduce the offer by the amount the lease extension will cost if not already taken into account. If the current proprietor has owned the property for at least 2 years you may ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should speak to your conveyancing solicitor about this.
Am I right to be suspicious about third parties that I am dealing with are suggesting a factory type conveyancing firm rather than a local Brandon conveyancing firm?
As with many service providers, often suggestions from connections can be extremely useful or valuable. Yet there are many parties with a vested interest in a conveyancing transaction; estate agents, mortgage brokers and banks may put forward solicitors to instruct. On occasion these lawyers might be known to one of the organisations as being good in their field, but occasionally there might be a commercial relationship behind the endorsement. You have the right to choose your preferred lawyer. However, bear in mind that the majority of banks operate an approved list of conveyancers you are obliged to use for the lender aspect of your transaction.
What are the frequently found deficiencies that you witness in leases for Brandon properties?
Leasehold conveyancing in Brandon is not unique. Most leases are unique and drafting errors can sometimes mean that certain sections are erroneous. For example, if your lease is missing any of the following, it could be defective:
-
Maintenance charge proportions which don’t add up to the correct percentage
A defective lease will likely cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Yorkshire Building Society, Virgin Money, and Barclays Direct all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, obliging the purchaser to withdraw.
I purchased a ground floor flat in Brandon, conveyancing having been completed November 2007. How much will my lease extension cost? Similar properties in Brandon with an extended lease are worth £179,000. The ground rent is £65 charged once a year. The lease comes to an end on 21st October 2082
With just 57 years remaining on your lease the likely cost is going to span between £26,600 and £30,800 as well as professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before getting professional advice.