My wife and I are planning to buy a property in Eye and have instructed a Eye conveyancing firm. Within the past 48 hours our solicitor has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. Leeds Building Society have this evening contacted us to inform me that there is now an issue as our Eye conveyancer is not on their approved list of lawyers. Is this a problem?
When purchasing a property with mortgage finance it is usual for the purchasers' lawyers to also represent the purchaser's lender. 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 Quality 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 solicitors to act. You don't have to instruct a firm on the lender’s conveyancing panel and you may continue to use your own Eye solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
What is the difference between a licensed conveyancer and conveyancing solicitor in Eye
There are many registered licenced Conveyancers in Eye and Solicitor practices in Eye offering conveyancing It is important to make clear that both are supervised by regulatory bodies with both specialising in the legal work in the home buying process. The two can deal with associated property related work such as remortgage conveyancing, enfranchisement and transfer of equity conveyancing.
My wife and I purchasing a 3 bedroom semi in Eye. We would like to carry out a loft conversion at the house.Will legal due diligence on the property involve enquiries to see if these works are allowed?
Your conveyancer should check the deeds as conveyancing in Eye can occasionally reveal restrictions in the title deeds which restrict certain works or need the consent of another owner. Many additions need local authority planning permissions and approval in compliance with building regulations. Some areas are designated conservation areas and special planning restrictions apply which frequently prevent or affect extensions. You should check these things with a surveyor prior to committing yourself to a purchase.
Can you help - my lawyer advises that lack of building regulations insurance is needed on my purchase. What is the typical level of cover needed for conveyancing in Eye?
The right level of lack of building regulations indemnity insurance should be dictated by who who your lender is. It would differ for example between Lloyds TSB Bank and Virgin Money. Conveyancing practitioners as opposed to members of the public take out such insurances.
Do I need to take out insurance to cover chancel repairs when acquiring a residence in Eye?
Unless a previous purchase of the house completed after 12 October 2013 you could expect conveyancing practitioners delivering conveyancing in Eye to continue to propose a a chancel search and or chancel repair liability insurance.
I have been on the look out for a flat up to £305k and identified one close by in Eye I like with amenity areas and railway links nearby, the downside is that it only has 61 years unexpired on the lease. There is not much else in Eye suitable, so just wondered if I would be making a grave error buying a short lease?
If you require a mortgage that many years may be an issue. Reduce the offer by the anticipated lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for a minimum of 2 years you can ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor regarding this.
In what way does the Landlord & Tenant Act 1954 impact my business offices in Eye and how can your lawyers assist?
The 1954 Act gives a safeguard to commercial leaseholders, granting the a statutory right to make a request to court for a continuation of occupancy at the end of an expired lease. There are certain specified grounds where a landlord can refuse a lease renewal and the rules are complicated. Fees are different for commercial conveyancing. Eye is one of our hundreds of locations in which the firms we work with are based
My partner and I may need to rent out our Eye basement flat for a while due to a career opportunity. We instructed a Eye conveyancing practice in 2004 but they have closed and we did not have the foresight to seek any guidance as to whether the lease allows us to sublet. How do we find out?
Even though your last Eye conveyancing solicitor is no longer around you can review your lease to see if it allows you to sublet the premises. The accepted inference is that if the deeds are silent, subletting is permitted. Quite often there is a prerequisite that you need to seek permission via your landlord or some other party before subletting. The net result is you not allowed to sublet in the absence of prior consent. The consent must not not be unreasonably turned down. If the lease prohibits you from letting out the property you will need to ask your landlord if they are willing to waive this restriction.
Leasehold Conveyancing in Eye - A selection of Queries Prior to buying
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It would be wise to find out as much as possible about the company managing the block as they will affect your use and enjoyment of the property. Being a leasehold owner you are often at the mercy of the managing agents from a financial perspective and when it comes to day to day issues such as the upkeep of the common parts. Ask other people what they think of their management. In conclusion, find out the dates that you are obliged pay the maintenance charge to the managing agents and specifically what it includes. Generally speaking the outlay for major works tend not to be incorporated into the maintenance charges, although there some managing agents in Eye require leasehold owners to contribute towards a sinking fund and this is used to offset against larger works.