My husband and I are purchasing a 3 bedroom apartment in Chulmleigh with a mortgage. We have a Chulmleigh solicitor, but the mortgage company advise she’s not on their "panel". It appears that we have little option but to select one of the lender panel firms or continue with our Chulmleigh conveyancing practitioner as well as pay for one of their panel ones to act for them. This seems very unfair; can we not demand that the bank use our Chulmleigh solicitor ?
No, not really. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the lender’s conveyancing panel. 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. Another option that might be available is for your Chulmleigh conveyancing lawyer to apply to be on the conveyancing panel.
I am soon to complete buying a house in Chulmleigh but as a consequence of wreckage from some water damage at the property I have was able negotiate recompense from the seller in the sum of six thousand pounds by way of a reduction in the price. I had intended this to be addressed as part of a side agreement yet Santander are not allowing this. Why were they involved?
Your solicitor being on a Santander conveyancing panel is duty bound to disclose to Santander of any variations to the sale price. If you were to refuse your lawyer to notify the reduction to Santander then they would have to discontinue acting for you. In addition, Santander and you would have to appoint a new lawyer for your conveyancing in Chulmleigh.
We are downsizing from our home in Chulmleigh and according to the buyers it appears that there is a possibility that the property was built on contaminated land. Any high street Chulmleigh conveyancer would know that there is no such problem. It does beg the question why the buyers are using an internet conveyancing outfit rather than a conveyancing solicitor in Chulmleigh. We have lived in Chulmleigh for 5 years we know of no issue. Is it a good idea to contact our local Authority to get clarification need.
It would appear that you have a conveyancing solicitor already. What do they say? You must enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same ailment)
I am looking for a flat up to £195,000 and found one near me in Chulmleigh I like with a park and transport links nearby, the downside is that it only has 49 years unexpired on the lease. I can't really find anything else in Chulmleigh suitable, so just wondered if I would be making a mistake acquiring a lease with such few years left?
Should you require a mortgage the shortness of the lease will be problematic. Discount the offer by the expected lease extension will cost if not already taken into account. If the existing owner has owned the property for a minimum of 2 years you could request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should speak to your conveyancing solicitor concerning this matter.
In surfing the internet for the phrase cheap conveyancing in Chulmleigh it reveals numerous property lawyersin the vicinity. How do I determine which is the right property lawyer for purchase transaction?
The best method of seeking a suitable conveyancer is through a trusted recommendation, so seek the guidance of colleagues and those you trust who have bought a property in Chulmleigh or the respected estate agent or financial adviser. Costs for conveyancing in Chulmleigh vary, so it's sensible to obtain at least three fee estimates from different solicitors. Make sure that you clarify what costs in the quote includes.
I work for a reputable estate agency in Chulmleigh where we see a few flat sales put at risk as a result of short leases. I have received conflicting advice from local Chulmleigh conveyancing firms. Could you shed some light as to whether the owner of a flat can start the lease extension formalities for the buyer?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the sale.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
Leasehold Conveyancing in Chulmleigh - Sample of Queries before buying
-
What is the name of the managing agents? You should be aware that where the lease has no more than eighty years it will impact the marketability of the flat. It is worth checking with your lender that they are willing to go ahead with the loan given the lease term. A short lease means that you will most likely have to extend the lease sooner rather than later and it is worth discovering what this will be. For most Chulmleighlease extensions you would need to own the residence for a couple of years in order to be eligible to extend the lease. Is there a share of the freehold?