I am progressing with the sale of my ground floor flat in Fawley and the estate agent has just e-mailed to warn that the purchasers are switching property lawyer. The excuse is that the bank will only deal with solicitors on their approved list. Why would a big named lender only deal with specific law firms rather the firm that they want to select to handle their conveyancing in Fawley ?
Mortgage companies have always had panels of law firms they are willing to work with, but in recent years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 25 years.
Mortgage companies justify this action to a rise in fraud as the reason for the cull – criteria have been tightened as a smaller panel is easier to keep an eye on. No lender will say 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 are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The purchasers are unlikely to have any sway in the decision.
Are the BSA planning on creating a search tool with a view to list practices on the Loughborough BS conveyancing panel for instance in Fawley?
We are not aware of any intention on the part of the BSA to develop such a tool.
I have been on the look out for a ground for flat up to £195,000 and identified one round the corner in Fawley I like with open areas and transport links in the vicinity, the downside is that it only has 61 remaining years left on the lease. I can't really find anything else in Fawley suitable, so just wondered if I would be making a grave error buying a short lease?
If you need a home loan the remaining unexpired lease term may be problematic. Reduce the price by the anticipated lease extension will cost if not already taken into account. If the current proprietor has owned the property for a minimum of twenty four months you can request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this matter.
I am a sole trader intending to take an assignment of a lease of an office on the high street. Can you recommend conveyancers offering no-sale-no charges for non-domestic conveyancing in Fawley for below 2k?
We are happy to recommend firms who have well rounded knowledge of commercial conveyancing in Fawley, including the disposal and acquisition of businesses as well as simply premises. If you are looking to acquire or dispose of a shop, pub, restaurant, office, retail unit or a whole business we can find you the right lawyer. Regarding the charges these will vary based on the structure and heads of terms of the deal. Please provide us with your contact information or phone us so that we may provide you with a detailed commercial conveyancing quote.
I need to retain a conveyancing solicitor for my conveyancing in Fawley. I've chance upon a site which appears to be the ideal offering If there is a chance to get all the legals completed via email that would be preferable. Should I be concerned? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
What makes a Fawley lease unmortgageable?
There is nothing unique about leasehold conveyancing in Fawley. All leases are individual and drafting errors can sometimes mean that certain sections are missing. The following missing provisions could result in a defective lease:
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Repairing obligations to or maintain parts of the building
You may encounter a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Accord Mortgages Ltd, Coventry Building Society, and Godiva Mortgages Ltd all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, forcing the purchaser to pull out.
Fawley Conveyancing for Leasehold Flats - Sample of Questions you should ask before buying
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Best to be warned if redecorating or some other significant cost is pending to be shared by the leasehold owners and may well dramatically increase the the maintenance charges or necessitate a specific payment. For most Fawley leaseholds the outlay for major works tend not to be wrapped into the maintenance charges, although a few managing agents in Fawley ask tenants to contribute towards a sinking fund created for the specific purpose of establishing a fund for larger works. Are there any major works on the horizon that will increase the maintenance costs?