I am selling my ground floor flat in East Leake and the estate agent has just telephoned to warn that the buyers are appointing a new property lawyer. The excuse is that the bank will only engage with property lawyers on their conveyancing panel. On what basis would a major mortgage company only work with certain lawyers rather the firm that they want to choose to handle their conveyancing in East Leake ?
Banks have always had panels of law firms they are content to work with, but in recent years big names such as Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for many years.
Lending institutions point to the increase in fraud as the reason for the cull – criteria have been stiffened as a smaller panel is easier to monitor. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels. Plenty of firms do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your purchasers are not going to have any impact on this.
We are purchasing a newly constructed flat in East Leake and my lawyer is telling me that she is duty bound to the mortgage company to reveal incentives from the builder. I am nearing the developer’s deadline to sign contracts and I have no desire to prolong the conveyancing. Is my lawyer right?
You should not exchange unless you have been advised to do so by your conveyancing practitioner. A precondition to being on a bank panel is to comply with the UK Finance Lenders’ Handbook conditions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
I'm the sole beneficiary of my late mum's estate with all property in now in my sole name, including the house in East Leake. The East Leake property was put into my name in January. I want to move. I understand that there is a Mortgage Lenders 6 month 'rule', which means that my proprietorship could be regarded the same way as if I'd bought the property in January. Will no one buy the property for half a year?
The Council of Mortgage Lenders’ handbook obliges conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you may be caught by that. How sensible a view banks take of it, depend on the mortgage company as this provision primarily exists to identify the purchase and immediately sell or the quick reselling of property.
My wife and I are spending time looking at apartments in East Leake and I am now considering a potential offer. Is it sensible to have my property lawyer on ‘stand by’? I intend to finance via a home loan with Lloyds.
You should start obtaining conveyancing estimates from solicitors ASAP. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and pass their details on to the estate agent. Given that you are getting a mortgage with Lloyds, ask your prospective lawyers if they are on the Lloyds conveyancing panel otherwise they can't do the mortgage legal work.
After what seems like an age I have had an offer on a maisonette in East Leake agreed to, but there is a chain. The owners have offered on on an apartment, but it’s not yet tied up, and have viewings of other apartments booked. I have selected a high street conveyancing solicitor in East Leake. What should be my next step? When do I get the mortgage application with Santander started?
It is understandable to have concerns where there is a chain as you are unlikely to want to be too out of pocket prematurely (home loan application is in the region of £1k, then survey, East Leake conveyancing search charges, etc). First, you should ensure that your property lawyer is on the Santander conveyancing panel. Concerning the subsequent stages this very much dictated by the specifics of your case, motivation for this property and on the state of the market. During a buoyant market the majority of purchasers would apply for the mortgage with Santander and pay for the valuation and only if it comes back ok would they request their conveyancing practitioner to press on with searches.
I am buying my first flat in East Leake with a loan from Clydesdale. The developers would not budge the price so I negotiated 6k of fixtures and fittings instead. The property agent suggested that I not reveal to my lawyer about this deal as it will jeopardize my mortgage with the lender. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
How can the Landlord & Tenant Act 1954 affect my business property in East Leake and how can your lawyers assist?
The particular law that you refer to provides security of tenure to commercial tenants, granting the right to apply to court for a renewal lease and continue in occupation when the lease reaches an end. There are limited grounds where 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 handle your commercial conveyancing in East Leake
I am attracted to a two apartments in East Leake which have about fifty years left on the leases. Should I regard a short lease as a deal breaker?
There are plenty of short leases in East Leake. The lease is a legal document that entitles you to use the property for a prescribed time frame. As a lease gets shorter the marketability of the lease deteriorates and results in it becoming more costly to extend the lease. This is why it is advisable to increase the term of the lease. It is often difficult to sell a property with a short lease because mortgage companies less inclined to grant a loan on properties of this type. Lease enfranchisement can be a protracted process. We advise that you seek professional assistance from a solicitor and surveyor with experience in this arena.
Leasehold Conveyancing in East Leake - Sample of Questions you should ask before buying
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Is anyone aware of any major works on the horizon that could add a premium to the service costs? For many East Leake leaseholds the cost for major works tend not to be wrapped into the service charges, albeit that there some managing agents in East Leake obliged leaseholders to contribute towards a sinking fund and this is used to offset against major repairs or maintenance.