I can't travel far from Burton Bradstock. What is the rationale as to why all Burton Bradstock property lawyers are not on all lender panels?
Mortgage companies point to the fact that solicitor-led fraud is thought to be responsible for millions of pounds of fraud annually.The elimination of law firms off of lender panels started with the rise in mortgage fraud, which prompted a thematic review by the Financial Services Authority in 2011. Its conclusions included recommendations for lenders to review their conveyancing panels, which kicked off a major policy change in the sector. This led to mortgage companies pruning a number of firms off their panel of approved conveyancing practitioners .
Various web forums that I have frequented warn that are a common cause of delay in Burton Bradstock conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) has noted the determinations of research by MoveWithUs that conveyancing searches do not figure within the most frequent causes of delays during the legal transfer of property. Local searches are unlikely to be the root cause of holding up conveyancing in Burton Bradstock.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Burton Bradstock?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Burton Bradstock. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I decided to have a survey carried out on a house in Burton Bradstock ahead of instructing solicitors. I have been informed that there is a flying freehold overhang to the property. Our surveyor advised that some banks tend refuse to issue a loan on this type of house.
It depends who your proposed lender is. HSBC has different requirements from Nationwide. Should you wish to telephone us we can look into this further via the relevant lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Burton Bradstock. Conveyancing will be smoother if you use a solicitor in Burton Bradstock especially if they are familiar with such properties in Burton Bradstock.
Looking forward to sign contracts shortly on a leasehold property in Burton Bradstock. Conveyancing solicitors inform me that they report fully on Monday. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Burton Bradstock should include some of the following:
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Repair and maintenance of the premises Whether the lease restricts you from letting out the property, or working from home Defining your legal entitlements in relation to the communal areas in the building.For example, does the lease permit a right of way over an accessway or staircase? Advice concerning the obligations in the lease to to contribute towards maintenance costs - with regard to both the building, and the more general rights a leaseholder enjoys You should receive a copy of the lease
Leasehold Conveyancing in Burton Bradstock - Examples of Questions you should consider before buying
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The majority of Burton Bradstock leasehold apartments will incur a service bill for maintenance of the block levied by the freeholder. Where you buy the property you will have to meet this amount, usually quarterly throughout the year. This may be anything from a few hundred pounds to thousands of pounds for buildings with lifts and large communal grounds. There will also be a rentcharge to be met yearly, this is usually not a significant figure, say approximately £25-£75 but you need to enquire it because on occasion it can be many hundreds of pounds. Are there any major works on the horizon that will increase the service costs? It would be wise to find out as much as you can regarding the managing agents as they will either make life much easier or uncomfortable. Being a leasehold owner you are frequently in the clutches of the managing agents both financially and when it comes to daily matters like the upkeep of the communal areas. Enquire of other people whether they are happy with their management. In conclusion, investigate as to the dates that you are obliged pay the service charge to the appropriate party and specifically what you get for your money.
My wife and I are purchasing a ground floor flat in Burton Bradstock. When we first instructed conveyancer, they said that they were on all major UK bank panels. The financial adviser contacted us just now to say that they are not on the Nationwide approved list. Should that be true, what should we do? Should we just choose a new solicitor that is on their approved list or do we pay for dual representation, with Nationwide appointing their own preferred lawyer.
When acquiring a property with mortgage finance it is standard for the buyer’s solicitors to also represent the mortgage company. In order to act for a bank or building society a solicitor has to be on that lender's conveyancing panel. An application has to be made by the property lawyer to the lender to become a member of the lender's panel and there are increasingly strict criteria which the property lawyer has to satisfy. Some lenders now insist their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your property lawyer should contact Nationwide and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You don't have to instruct a firm on Nationwide's conveyancing panel and you may continue to use your own Burton Bradstock solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another property lawyer into the equation.