I am purchasing an apartment in Cross Hands. My lawyer has never been on on the mortgage company solicitor panel. Can I still use my Cross Hands conveyancing solicitor even though they are not on the bank list of approved lawyers?
You have numerous alternatives open to you here
- Proceed with your chosen Cross Hands lawyer but your lender will undoubtedly appoint a solicitor from their approved panel. This will result in additional fees and potential frustration.
- Choose a new property lawyer to act in the purchase, making sure they are on the mortgage company conveyancing panel.
- Appeal to your lawyer to attempt to join the mortgage company panel
Our god-son is purchasing a newly built flat in Cross Hands with a mortgage from Principality. His solicitor has said that there is a delay in receiving the ‘Disclosure of Incentive Form’. This document is news to me - what is it and who needs sight of it?
The form is intended to provide information to the main parties involved in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the Principality conveyancing panel as a standard part of the process, and to the surveyor when requested. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Principality conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Forgive me if this question is silly but I am unexperienced as FTB of a ground floor flat in Cross Hands. Do I receive the keys to the property on completion from my lawyer? If so, I will instruct a local conveyancing solicitor in Cross Hands?
On the day of completion you do not need to go to the conveyancers office in Cross Hands. Your solicitors will arrange to send the completion advance to the owner’s solicitors, and once they have received this, you should be able to collect the keys from the Estate Agents and move into your new home. Usually this occurs early afternoon.
I can not fathom if my bank obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called into my local Cross Hands building society branch on numerous occasions and was told they are content with the situation and they would lend. My Cross Hands conveyancing solicitor - who is on the bank conveyancing panel- telephoned to say that they refuse to lend in accordance with their published requirements. Who do I believe?
As long as the solicitor is on the lender panel, they must follow the CML Handbook requirements for the bank. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years remaining.
After what feels like an age I have had an offer on an apartment in Cross Hands agreed to, but there is a chain. The sellers have offered on a property, but it’s not been accepted yet, and have viewings of other apartments booked. I have chosen a bricks and mortar conveyancing solicitor in Cross Hands. What should be my next step? At what point do I apply for the mortgage with Nottingham?
It is understandable to have concerns where there is a chain as you are unlikely to want to be too out of pocket prematurely (mortgage application is approx one thousand pounds, then survey, Cross Hands conveyancing search costs, etc). The first course of action is to check that your conveyancer is on the Nottingham approved list. As to the subsequent steps this very much depends on the uniqueness of your transaction, motivation for this property and on the state of the market. In a buoyant market the majority of home buyers would apply for the mortgage with Nottingham and pay for the valuation and only if it was satisfactory would they pay their solicitor to move forward with the conveyancing in Cross Hands.
I've recently found out that there is a flying freehold issue on a property I put an offer in last month in what was supposed to be a simple, no chain conveyancing. Cross Hands is where the house is located. What do you suggest?
Flying freeholds in Cross Hands are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Cross Hands you would need to get your solicitor to go through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Cross Hands may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
We are a fortnight into a leasehold purchase having been recommend to conveyancers by the estate agent to handle our conveyancing in Cross Hands. I am am extremely disappointed with the level of service. Can you help me find new solicitors?
A solicitor would need to be very poor to suggest replacing them. Has the mortgage offer been issued? In the event that it has you need to make them aware of the new lawyer and ensure the offer are re-issued. The conveyancer needs to be on the lenders approved list to avoid escalating expenses and delays. That should be your starting point. The find a solicitor tool should assist you in finding a bank approved conveyancer for your home move in Cross Hands
I am tempted by the attractive purchase price for a two flats in Cross Hands both have in the region of 50 years unexpired on the lease term. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold flat in Cross Hands is a wasting asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it adversely affects the salability of the premises. For most buyers and banks, leases with less than eighty years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Cross Hands conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Cross Hands Conveyancing for Leasehold Flats - Sample of Questions you should consider Prior to buying
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You will want to find out as much as you can about the company managing the building as they can either make living at the property much easier or uncomfortable. Being a leasehold owner you will be in the clutches of the managing agents both financially and when it comes to practical issues like the cleanliness of the communal areas. Ask other people what they think of their management. On a final note, be sure you know the dates that you are obliged pay the maintenance charge to the relevant party and precisely what you get for your money. Who are the managing agents? How is the lease structured?