My fiance and I are planning to acquire a home in Castelnau and have instructed a Castelnau conveyancing firm. Within the past 48 hours our solicitor has sent a preliminary report and documents to look through with a view to exchanging next week. TSB have this evening contacted us to inform me that there is now an issue as our Castelnau conveyancer is not on their approved list of lawyers. What do we do from here?
If you are buying a property needing a mortgage it is standard for the purchasers' solicitors to also act for the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your solicitor should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You don't have to instruct a firm on the lender’s conveyancing panel as you are at liberty to use your preferred Castelnau lawyers, in which case it will likely add costs, and it may delay matters as you are adding another lawyer into the mix.
The Castelnau conveyancing firm handling our Castelnau conveyancing has spotted a discrepancy when comparing the assumptions in the valuation survey and what is in the title deeds. My lawyer says that he is duty bound to ensure that the bank is OK with this discrepancy and is still content to lend. Is my solicitor’s approach correct?
Your conveyancing practitioner must comply with the UK Finance Lenders’ Handbook requirements which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
Should my lawyer be raising questions about flooding as part of the conveyancing in Castelnau.
The risk of flooding is if increasing concern for lawyers conducting conveyancing in Castelnau. There are those who acquire a house in Castelnau, completely aware that at some time, it may be flooded. However, aside from the physical destruction, if a house is at risk of flooding, it may be difficult to get a mortgage, adequate insurance cover, or sell the property. Steps can be carried out during the course of a property purchase to forewarn the purchaser.
Solicitors are not best placed to impart advice on flood risk, but there are a number of searches that may be undertaken by the purchaser or on a buyer’s behalf which can figure out the risks in Castelnau. The conventional set of information supplied to a purchaser’s lawyer (where the Conveyancing Protocol is adopted) incorporates a usual inquiry of the vendor to determine whether the premises has suffered from flooding. In the event that flooding has previously occurred which is not notified by the seller, then a buyer may commence a legal claim for losses as a result of such an inaccurate reply. A purchaser’s conveyancers will also carry out an enviro report. This should disclose whether there is any known flood risk. If so, further investigations will need to be made.
I am buying a new build apartment in Castelnau. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions 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 Castelnau
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Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Please confirm the Lease plans are architect prepared. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. 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 Vendor must covenant to keep unsold units in good repair until long leases are granted therefore.
I today plan to offer on a house that seems to be perfect, at a reasonable figure which is making it more attractive. I have since discovered that the title is leasehold rather than freehold. I am assuming that there are particular concerns buying a house with a leasehold title in Castelnau. Conveyancing lawyers have are about to be appointed. Will they explain the issues?
The majority of houses in Castelnau are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can help the conveyancing process. it is apparent that you are purchasing in Castelnau in which case you should be shopping around for a Castelnau conveyancing solicitor and be sure that they are used to advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a tenant you will not be entirely free to do whatever you want with the house. The lease comes with conditions for example obtaining the freeholder’sconsent to carry out alterations. It may be necessary to pay a maintenance charge towards the upkeep of the estate where the house is part of an estate. Your solicitor will advise you fully on all the issues.
Having spent months of correspondence we are unable to agree with our landlord on how much the lease extension should cost for our flat in Castelnau. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Absolutely. We can put you in touch with a Castelnau conveyancing firm who can help.
An example of a Freehold Enfranchisement matter before the tribunal for a Castelnau premises is 19 Crisp Road in June 2009. Following a vesting order (Under section 26 of the Leasehold Reform,Housing and Urban Development Act 1993) The tribunal determined that the premium payable for the acquisition of the freehold was £33,756,apportioned as to£12,285 for the lower at and £21,471for the upper fat. This case was in relation to 2 flats. The unexpired residue of the current lease was 68.32 years.
My wife and I are buying a 2 bedroom flat in Castelnau. At the point of instructing our conveyancer, they told us that they were on all major UK mortgage company panels. The financial adviser contacted us today to say that they are not on the Leeds Building Society approved list. Were it to be true, what should we do? Should we simply pick a new conveyancer that is on their approved list or do we pay for separate representation, with Leeds Building Society appointing their own approved conveyancing practitioner.
If you are acquiring a property requiring a mortgage it is usual for the buyer’s lawyers to also act for the purchaser's lender. In order to act for a bank or building society a lawyer has to be on that lender's conveyancing panel. An application has to be made by the conveyancer to the lender to become a member of the lender's panel and there are increasingly strict conditions which the lawyer has to satisfy. Some mortgage companies now insist their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your solicitor should call Leeds Building Society to discover if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You are not legally obliged to appoint a law firm on Leeds Building Society's conveyancing panel and you may continue to use your own Castelnau solicitors, in which case your legal fees may increase, and it may delay matters as you are adding another property lawyer into the mix.