I had intended to instruct a property lawyer in Droitwich Spa for our home move. Our broker has since notified us that our mortgage lenders The Mortgage Works won't deal with them. Surely this is unduly restrictive?
Banks in the main restrict either the category or the volume of conveyancing firms on their panel. A common example of such criteria being that a firm must not be a sole practitioner. In addition to restricting the profile of firm, a few lenders have decided to limit the number of firms they allow to represent them. You should note that The Mortgage Works have no responsibility for the quality of advice provided by any member of The Mortgage Works Conveyancer Panel. Mortgage fraud was a primary driver in the reduction of conveyancing panels since 2008 even though there remains differing views concerning the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry indicate that thousands of law firms, including some in or near Droitwich Spa only carry out one or two conveyances per annum.
Will my conveyancer be raising questions about flooding during the conveyancing in Droitwich Spa.
The risk of flooding is if increasing concern for conveyancers dealing with homes in Droitwich Spa. Some people will acquire a property in Droitwich Spa, fully expectant that at some time, it may be flooded. However, aside from the physical destruction, where a property is at risk of flooding, it may be difficult to obtain a mortgage, suitable insurance cover, or dispose of the premises. Steps can be carried out during the course of a house purchase to forewarn the buyer.
Solicitors are not best placed to give advice on flood risk, but there are a numerous checks that can be undertaken by the purchaser or by their solicitors which can give them a better appreciation of the risks in Droitwich Spa. The standard completed inquiry forms given to a buyer’s solicitor (where the Conveyancing Protocol is adopted) includes a usual question of the owner to discover whether the property has suffered from flooding. In the event that the residence has been flooded in past and is not revealed by the owner, then a purchaser could commence a legal claim for losses as a result of such an inaccurate response. The purchaser’s lawyers should also conduct an environmental search. This will higlight whether there is a recorded flood risk. If so, additional investigations will need to be made.
Just had an offer accepted on a new build apartment in Droitwich Spa. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Here is a sample of a selection of leasehold new build questions that you can expect your new-build leasehold conveyancing in Droitwich Spa
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Please confirm the Lease plans are surveyor prepared. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal.
I opted to have a survey completed on a property in Droitwich Spa prior to retaining conveyancers. I have been informed that there is a flying freehold aspect to the property. My surveyor advised that some banks may refuse to issue a mortgage on a flying freehold property.
It depends who your proposed lender is. Bank of Scotland has different requirements from Nationwide. If you e-mail us we can look into this further via the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Droitwich Spa. Conveyancing will be smoother if you use a solicitor in Droitwich Spa especially if they regularly deal with such properties in Droitwich Spa.
I have just appointed agents to market my basement apartment in Droitwich Spa. Conveyancing lawyers have not yet been instructed, but I have just had a quarterly service charge invoice – what should I do?
Your conveyancing lawyer is likely to suggest that you should pay the service charge as normal because all rents and service invoices should be allotted as part of the financial calculations for completion monies, so you will be reimbursed by the purchaser for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
Droitwich Spa Leasehold Conveyancing - Sample of Questions you should ask Prior to buying
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Where a Droitwich Spa lease has less than eighty years it will affect the salability of the property. Check with your mortgage company that they are content with the length of the lease. A short lease means that you will almost definitely need a lease extension sooner rather than later and you need to have some idea of how much this will be. For most Droitwich Spalease extensions you will be be obliged to have been the owner of the residence for 24 months before you are entitled to extend the lease. Does the lease have in excess of 85 years unexpired? In the main the outlay for major works are not included within service charges, although some managing agents in Droitwich Spa require leasehold owners to pay into a sinking fund and this is used to offset against major repairs or maintenance.
How up-to-date is your search tool for the mortgage company conveyancing panel in Droitwich Spa? Do the banks send you an updated list?
Droitwich Spa law firm practices and firms carrying out conveyancing in Droitwich Spa themselves provide us confirmation that they are on the lender conveyancing panel as opposed to being supplied with a list from the bank directly.