My wife and I are hoping to purchase a 3 bedroom flat in Colyton with a mortgage. We like our Colyton conveyancer, however the mortgage company advise he's not on their "panel". It appears that we have little option but to select one of the bank panel conveyancing practices or retain our Colyton conveyancing practitioner as well as pay for one of their panel lawyers to represent them. This seems very unfair; are we not able to insist that the mortgage company use our Colyton conveyancer ?
Unfortunately,no. 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 Colyton conveyancing lawyer to apply to be on the conveyancing panel.
Is there a reason why leasehold purchase conveyancing in Colyton is more expensive?
The conveyancing fees for a leasehold property in Colyton is inevitably greater than on a freehold acquisition or disposal. This is due to the additional work required in communicating with the landlord and managing agents to collate the information concerning whether the rent and maintenance fee have been paid and whether there are any large sums expected to be spent in the foreseeable future on repairs or maintenance of the block.
I have been told that property searches are the main cause of obstruction in Colyton conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) published conclusions of research by MoveWithUs that conveyancing searches do not feature amongst the top 10 causes of delays in the conveyancing process. Searches are unlikely to feature in any delay in conveyancing in Colyton.
Should I be concerned that 3rd parties that I am dealing with are suggesting an internet conveyancing firm as opposed to a High Street Colyton conveyancing company?
As with many service providers, often input from relatives can be very helpful. Nevertheless there are numerous players in a conveyancing transaction; estate agents, financial adviser and banks might all suggest lawyers to select. On occasion these lawyers might be known to one of the organisations as one of the best in their field, but sometimes there behind the scenes commercial relationship behind the endorsement. You have the right to select your preferred lawyer. Don't forget that some banks operate an approved list of conveyancers you must use for the lender related work in your transaction.
I work for a busy estate agency in Colyton where we have witnessed a number of leasehold sales put at risk as a result of leases having less than 80 years remaining. I have received inconsistent advice from local Colyton conveyancing firms. Can 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 start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the disposal of the property.
An alternative approach is 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 purchaser.
Leasehold Conveyancing in Colyton - A selection of Queries Prior to buying
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In the main the outlay for major works are not included within service charges, albeit that there some managing agents in Colyton require tenants to contribute towards a sinking fund and this is used to offset against larger works. How many years remain on the lease? Does the lease include onerous restrictions?
Should I stop the direct debit for my mortgage with UBS as soon as a completion date for my home sale in Colyton has been agreed?
No, you should continue paying any mortgage sums to UBS pending the mortgage being repaid on completion as part of your Colyton conveyancing.