Me and my partner are planning to purchase a 3 bedroom apartment in Dunmow with a mortgage. We like our Dunmow conveyancer, however the lender advise she’s not on their "panel". It appears that we have little choice but to use one of the lender panel firms or keep our Dunmow conveyancer and pay for one of their panel ones to represent them. This seems very unfair; can we not require that the bank use our Dunmow 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 bank’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 Dunmow conveyancing lawyer to apply to be on the conveyancing panel.
What happens if my lawyer’s firm is removed from the Kent Reliance Solicitor panel ahead of completing my conveyancing in Dunmow?
The first thing to point out is that, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
Me and my brother own a 4 bedroom Victorian property in Dunmow. Conveyancing practitioner represented me and HSBC Bank. I did a free Land Registry search last week and I saw two entries: one for freehold, the second leasehold with the matching address. I thought I was buying a freehold how can I check?
You should assess the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Dunmow and other locations in the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with lenders. You can also check the position with the conveyancing practitioner who conducted the purchase.
I opted to have a survey completed on a property in Dunmow before appointing conveyancers. I have been informed that there is a flying freehold overhang to the house. Our surveyor advised that some mortgage companies will not grant a loan on such a house.
It depends who your proposed lender is. Bank of Scotland has different instructions for example to Birmingham Midshires. Should you wish to call us we can investigate further via the appropriate lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Dunmow. Conveyancing will be smoother if you use a solicitor in Dunmow especially if they are accustomed to such properties in Dunmow.
Am I right to be wary by brokers that I am dealing with are encouraging me to use a national conveyancing firm as opposed to a High Street Dunmow conveyancing firm?
As with lots of service providers, often referrals from family and friends can be very helpful. Nevertheless there are many people with a vested interest in a conveyancing deal; estate agents, financial adviser and mortgage companies may put forward lawyers to instruct. On occasion the conveyancers might be known to one of the organisations as experts in their field, but occasionally there might be a financial incentive behind the endorsement. You are at liberty to choose your preferred conveyancer. Don't forget that most lenders operate an approved list of solicitors you are obliged to use for the mortgage aspect of your home move.
Do you have any advice for leasehold conveyancing in Dunmow from the perspective of saving time on the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Dunmow can be bypassed where you get in touch lawyers the minute you market your property and request that they start to collate the leasehold information which will be required by the buyers’ lawyers. If you have carried out any alterations to the premises would they have required Landlord’s permission? Have you, for example laid down wooden flooring? Most leases in Dunmow state that internal structural alterations or installing wooden flooring necessitate a licence from the Landlord consenting to such alterations. Should you fail to have the approvals to hand you should not communicate with the landlord without checking with your conveyancer in the first instance. If you have had conflict with your freeholder or managing agents it is very important that these are resolved prior to the flat being marketed. The buyers and their solicitors will be warry about purchasing a flat where there is an ongoing dispute. You may need to swallow your pride and pay any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the buyers, but it is clearly preferable to present the dispute as historic rather than unsettled. Many landlords or managing agents in Dunmow charge for supplying management packs for a leasehold home. You or your lawyers should enquire as to the actual amount of the charges. The management information can be applied for as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most common cause of delay in leasehold conveyancing in Dunmow.
I invested in buying a leasehold flat in Dunmow, conveyancing having been completed half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Comparable properties in Dunmow with an extended lease are worth £191,000. The ground rent is £55 levied per year. The lease comes to an end on 21st October 2079
With 53 years remaining on your lease the likely cost is going to span between £27,600 and £31,800 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not move forward based on this information before seeking the advice of a professional.