I was told today by my financial adviser that my Broughton Astley lawyer is not on the mortgage company Solicitor panel. How can I be certain whether this is indeed the case?
The first thing you need to do is to contact your Broughton Astley conveyancer. It is reasonable to expect your lawyer to notify you what has happened. If they are not on the panel they may recommend you to a Broughton Astley conveyancing practice that is on the approved list of lawyers for your lender.
I am the registered owner of a freehold residence in Broughton Astley but still pay rent, why is this and what is this?
It’s unusual for properties in Broughton Astley and has limited impact for conveyancing in Broughton Astley but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back hundreds of years, but the Rent Charge Act 1977 barred the establishment of new rentcharges post 1977.
Old rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 will be extinguished.
We wanted to use a property lawyer in Broughton Astley for our home move. Our broker informed us that our bank Barnsley Building Society won't deal with them. Surely this is unfair competition?
Mortgage Companies in the main restrict either the category or the number of conveyancing solicitors on their panel. Typical examples of such criteria being that a law practice must have two or more partners. In addition to restricting the profile of firm, a few lenders have reduced the number of solicitor practices they permit to act for them. Be aware that Barnsley Building Society have no responsibility for the quality of advice provided by any member of Barnsley Building Society Conveyancer Panel. Mortgage fraud was a primary driver in the rationalisation of solicitor panels since 2008 even though there remains mixed opinions about the level of solicitor involvement in some of that fraud. Figures from the Land Registry indicate that plenty of law firms, including some in or near Broughton Astley only perform very few conveyances a year.
Various online forums that I have come across warn that are the primary reason for obstruction in Broughton Astley conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) released determinations of a review by MoveWithUs that conveyancing searches do not figure within the top 10 causes of delays in the conveyancing process. Local searches are not likely to feature in any delay in conveyancing in Broughton Astley.
The estate agent has sent us the confirmation of our purchase of a new build apartment in Broughton Astley. Conveyancing is necessary evil 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.
Set out below is a sample of a selection of leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Broughton Astley
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Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Please supply a car parking plan. Forfeiture - bankruptcy or liquidation must not apply under this provision. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Please confirm the Lease plans are architect prepared.
I am tempted by the attractive purchase price for a couple of apartments in Broughton Astley both have about fifty years unexpired on the leases. should I be concerned?
A lease is a right to use the premises for a prescribed time frame. As a lease shortens the value of the lease decreases and it becomes more costly to acquire a lease extension. This is why it is advisable to increase the term of the lease. It is often difficulties arise selling premises with a short lease as mortgage lenders less inclined to grant a loan on properties of this type. Lease enfranchisement can be a difficult process. We advise that you get professional assistance from a solicitor and surveyor with experience in this arena.
Broughton Astley Conveyancing for Leasehold Flats - A selection of Questions you should consider Prior to Purchasing
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Be sure to find out if there is anything that is prohibited in the lease. For instance plenty of leases prohibit pets being allowed in in a block in Broughton Astley. If you like the flatin Broughton Astley yet your cat can’t make the move with you then you will be faced difficult determination. If a Broughton Astley lease has less than eighty years it will affect the salability of the property. Check with your bank that they are willing to go ahead with the loan given the lease term. Leases with less than 80 years remaining means that you will probably have to extend the lease at some point and you need to have some idea of how much this will be. Remember, in most cases you would need to own the premises for 24 months in order to be entitled to carry out a lease extension. Are any of leasehold owners in arrears of their service charge payments?