My wife and I are looking to buy a house in Dorset and have appointed a Dorset conveyancing firm. Within the past 48 hours our lawyer has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. HSBC Bank have this evening contacted us to inform me that they have now hit a problem as our Dorset conveyancer is not on their approved list of lawyers. Is this a problem?
When purchasing a property with the benefit of a mortgage it is conventional for the purchasers' solicitors to also represent 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 Accreditation Scheme. Your solicitor should contact your lender and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on the lender’s conveyancing panel and you may continue to use your own Dorset solicitors, in which case your legal fees may increase, and it may delay matters as you have another set of people involved.
We were just about to exchange contracts for a leasehold flat in Dorset. We have hit a problem. The loan offer with Alliance & Leicester runs out on 3/11/2025 but the owners are putting forward a completion date of 5/11/2025. Is it possible to prolong the mortgage expiry date?
The person best placed to address this question is your lawyer who should assess if they should be discussing with the mortgage company, vendor’s lawyers, selling agents or possibly all three given the circumstances your transaction to date.
Why is leasehold purchase conveyancing in Dorset costs more?
Dorset leasehold properties involve far more paperwork than a freehold purchase, and therefore takes more time to examine and advise upon.Conveyancing will involve the lease having to be checked which is usually a lengthy document, queries raised to ensure that the covenants and conditions have been observed. If it is a flat there will be a management company in existence and the accounts of this will need to be checked and enquiries raised to ensure it is operating efficiently and that all monies due have been paid by the Seller to the company and if not ensuring that money is paid up to date or the appropriate undertakings obtained.
Over the last few months I have been searching for a leasehold apartment up to £245,000 and identified one close by in Dorset I like with a park and transport links nearby, the downside is that it's only got 51 remaining years left on the lease. There is not much else in Dorset in this price bracket, so just wondered if I would be making a mistake buying a short lease?
Should you need a mortgage that many years will likely be an issue. Discount the price by the amount the lease extension will cost if not already taken into account. If the current proprietor has owned the premises for a minimum of twenty four months you could ask them to start the process of the extension and pass it to you. You can add 90 years to the current lease with a zero ground rent applied. You should speak to your conveyancing lawyer regarding this.
In what way does the Landlord & Tenant Act 1954 affect my business offices in Dorset and how can your lawyers assist?
The 1954 Act gives protection to business tenants, granting the legal entitlement to make a request to court for a renewal tenancy and remain in occupation when the lease reaches an end. There are certain specified grounds that a landlord can refuse a lease renewal and the rules are complex. We are happy to direct you to commercial conveyancing firms who use the act to your advantage and help with commercial conveyancing in Dorset
I need to swap lawyers as my Dorset lawyer is not on the bank's panel of conveyancing solicitors. Is it advisable to appoint a new law firm?
If you haven't yet instructed a conveyancer to start work and at this stage simply received quotes, you're perfectly free to choose a different solicitor to carry out your work for you. The best way is to get recommendations from friends or family who have actually used the solicitor or conveyancer in Dorset that you're considering.