Our solicitor has discovered a a problem with the lease for the apartment we are buying in Chesterfield. The other side have put forward title insurance as a solution. We are happy with insurance and will pay for it. Our property lawyer has advised that he must check that the bank is content with this solution. Who is the client here, us or the bank?
Even though you have a mortgage offer from the bank does not mean to say that the property will meet their requirements for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook conditions. You and the bank are the client. The appropriate lender requirements must be adhered to.
Do all mortgage companies provide you with an approved list of Chesterfield conveyancing solicitors? How do you know who is on the Leeds Building Society conveyancing panel?
Chesterfield conveyancing firms themselves provide us confirmation that they are on the Leeds Building Society conveyancing panel as opposed to being supplied with a list from Leeds Building Society directly.
We are buying a newly converted flat in Chesterfield with a loan from Britannia.We would like to retain our Chesterfield conveyancing lawyer but Britannia says her practice is not on their "panel". We have to appoint a Britannia panel lawyer or keep our high street solicitor and fork out for a Britannia panel lawyer to represent them. This seems very unfair; is there anything we can do?
No, not really. The mortgage offered to you contains terms and conditions, a common one being that lawyers must be on the Britannia approved list. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your solicitors to apply to be on the conveyancing panel for Britannia
How does conveyancing in Chesterfield differ for newly converted properties?
Most buyers of new build premises in Chesterfield approach us having been asked by the builder to sign contracts and commit to the purchase even before the property is constructed. This is because builders in Chesterfield usually buy the real estate, 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 accustomed to new build conveyancing in Chesterfield or who has acted in the same development.
As co-executor for the will of my uncle I am selling a residence in Neath but reside in Chesterfield. My conveyancer (who is 235 kilometers awayhas requested that I execute a statutory declaration before the transaction finalising. Can you recommend a conveyancing practitioner in Chesterfield who can witness and place their company stamp on the document?
strictly speaking you are not likely to need to have the documents witnessed by a conveyancing solicitor. Ordinarily or notary public or solicitor will be fine regardless of whether they are Chesterfield based
Can you provide any advice for leasehold conveyancing in Chesterfield from the perspective of saving time on the sale process?
- A significant proportion of the delay in leasehold conveyancing in Chesterfield can be avoided if you get in touch lawyers as soon as you market your property and ask them to put together the leasehold information which will be required by the buyers’ conveyancers. A minority of Chesterfield leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain financial (bank) and professional references. The bank reference should make it clear that the buyer is financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their solicitors. If you are supposed to have a share in the freehold, you should make sure that you have the original share certificate. Organising a duplicate share certificate is often a lengthy formality and slows down many a Chesterfield conveyancing deal. Where a new share is required, do contact the company officers or managing agents (if relevant) for this sooner rather than later. In the event that you altered the property did you need the Landlord’s permission? In particular have you installed wooden flooring? Chesterfield leases often stipulate that internal structural changes or laying down wooden flooring require a licence from the Landlord acquiescing to such alterations. Should you fail to have the consents in place you should not communicate with the landlord without checking with your solicitor in advance. Many freeholders or managing agents in Chesterfield levy fees for providing management packs for a leasehold home. You or your lawyers should enquire as to the fee that they propose to charge. The management pack can be applied for on or before finding a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most common reason for frustration in leasehold conveyancing in Chesterfield.
Chesterfield Conveyancing for Leasehold Flats - A selection of Questions you should ask Prior to buying
-
Is the freehold owned collectively by the leaseholders? Where a Chesterfield lease has fewer than eighty years it will impact the value of the apartment. Check with your mortgage company that they are willing to lend given the lease term. Leases with fewer than 80 years remaining means that you will most likely have to extend the lease sooner rather than later and you need to have some idea of what this would cost. For most Chesterfieldlease extensions you will need to own the premises for two years in order to be legally able to exercise a lease extension.