My wife and I are intent on purchasing property in Bury. My property lawyer is not listed on the mortgage company conveyancing panel. Am I still permitted to retain my Bury conveyancing solicitor even though they are excluded from the lender approved list?
One must appoint a property lawyer to deal with the formalities when you need a loan to purchase your property. The conveyancing practitioner will carry out all the appropriate investigations on the property, make sure that you will be registered as proprietor and ensure that all the required mortgage paperwork is dealt with. You could appoint a Bury property lawyer of your choice. However, if the lawyer appointed is not on the lender approved list additional charges will arise as separate legal representation will be required by them. Bank panel applications can be submitted, so if your lawyer has not previously applied for membership they should take the chance to apply.
Can you explain why leasehold purchase conveyancing in Bury is more expensive?
Bury leasehold properties involve far more paperwork than a freehold purchase, and therefore takes more time to examine and advise upon.Conveyancing will involve the lease having to be checked which is usually a lengthy document, queries raised to ensure that the covenants and conditions have been observed. If it is a flat there will be a management company in existence and the accounts of this will need to be checked and enquiries raised to ensure it is operating efficiently and that all monies due have been paid by the Seller to the company and if not ensuring that money is paid up to date or the appropriate undertakings obtained.
My home in Bury is up for sale and I have accepted an offer. Will the solicitor need to be on the Santander conveyancing panel in order to deal with the discharge of my mortgage?
Ordinarily, even if your lawyer is not on the Santander conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their conditions fairly frequently in recent years.
I have been told that property searches are the main cause of obstruction in Bury house deals. Is that correct?
The Council of Property Search Organisations (CoPSO) published conclusions of research by MoveWithUs that conveyancing searches do not figure amongst the most frequent causes of hindrances in the conveyancing process. Searches are unlikely to feature in any slowing down conveyancing in Bury.
About to purchase a new build flat in Bury. 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 are examples of a few leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Bury
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Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Please supply evidence that the form of Lease proposed has been approved by the Land Registry. 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.
I've recently bought a leasehold property in Bury. Do I have any liability for service charges relating to a period prior to completion of my purchase?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Leasehold Conveyancing in Bury - A selection of Questions you should ask before Purchasing
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How many years are left on the lease? Who are the managing agents? Its a good idea to find out as much as you can regarding the company managing the building as they will affect your use and enjoyment of the property. Being a leasehold owner you will be at the mercy of the managing agents from a financial perspective and when it comes to day to day issues such as the upkeep of the common parts. Don't be shy to ask other tenants what they think of them. On a final note, be sure you understand the dates that you are obliged pay the service charge to the managing agents and precisely how they are spending that money.