Am I correct in assuming that the fact that my conveyancer in Broadstone is not listed on my mortgage company's solicitor panel that there is a problem with the quality of his work?
That is most likely an incorrect assumption to make. There are all sorts of perfectly plausible explanations. Just recently a report by the solicitors regulator revealed 76% of law firms surveyed had been removed from at least one lender panel. The top 5 reasons are as follows: (1) lack of transactions (2) the solicitor is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Should you be concerned you should simply call the Broadstone conveyancing practice and enquire why they are no longer on the approved list for your bank.
How does conveyancing in Broadstone differ for new build properties?
Most buyers of new build premises in Broadstone contact us having been asked by the developer to sign contracts and commit to the purchase even before the premises is ready to move into. This is because house builders in Broadstone usually purchase the land, 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 conveyancers 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 Broadstone or who has acted in the same development.
I've recently found out that there is a flying freehold issue on a property I have offered on a fortnight ago in what should have been a simple, no chain conveyancing. Broadstone is where the house is located. What do you suggest?
Flying freeholds in Broadstone are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Broadstone you would need to get your solicitor to go through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Broadstone may decide 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 have been recommended by a couple of local property agents in Broadstone to get a quote from a solicitor on your site. Is there a financial inducement for Estate Agents to market your site over another?
We don’t make any referral fee for sending work our way. We found it would be just too difficult to pay a commission because a client could think, ‘How come the agent getting a kickback? Why aren’t I receiving any benefit too?’ So we decided to step away from that.
I work for a busy estate agency in Broadstone where we have witnessed a number of leasehold sales put at risk due to short leases. I have received inconsistent advice from local Broadstone conveyancing firms. Please can you confirm whether the seller of a flat can commence the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the disposal of the property.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
Broadstone Conveyancing for Leasehold Flats - Sample of Questions you should ask before buying
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Generally speaking the outlay for major works tend not to be included within maintenance charges, although there some managing agents in Broadstone obliged leaseholders to pay into a reserve fund created for the specific purpose of establishing a fund for larger works. This question is useful as a) areas could cause problems in the block as the communal areas may start to deteriorate where repairs are not paid for b) if the tenants have a dispute with the running of the building you will wish to have all the details
I am hoping to put an offer on a small detached house that seems to be perfect, at a great figure which is making it more attractive. I have subsequently been informed that the title is leasehold rather than freehold. I am assuming that there are particular concerns buying a leasehold house in Broadstone. Conveyancing advisers have are soon to be instructed. Will they explain the issues?
Most houses in Broadstone are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can help the conveyancing process. It is clear that you are purchasing in Broadstone so you should seriously consider shopping around for a Broadstone conveyancing solicitor and check that they have experience in advising on leasehold houses. First you will need to check the unexpired lease term. Being a lessee you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as requiring the freeholder’sconsent to conduct changes to the property. It may be necessary to pay a service charge towards the maintenance of the estate where the house is part of an estate. Your solicitor should advise you fully on all the issues.