My wife and I are purchasing a 1 bedroom flat in Fenstanton with a mortgage. We like our Fenstanton lawyer, but the lender advise she’s not on their "panel". It appears that we have no option but to appoint one of the mortgage company panel firms or continue with our Fenstanton lawyer as well as pay for one of their panel lawyers to act for them. This feels very unfair; can we not insist that the bank use our Fenstanton conveyancing practitioner ?
Unfortunately,no. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the lender’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 Fenstanton conveyancing solicitor to apply to be on the conveyancing panel.
It is is a decade since I purchased my home in Fenstanton. Conveyancing lawyers have recently been instructed on the sale but I can't find my title documents. Is this a major issue?
You need not be too concerned. Firstly the deeds may be with your lender or they may be in the possession of the lawyers who handled your purchase. Secondly the chances are that the title will be recorded at the land registry and you will be able to establish that you own the property by your conveyancing solicitors obtaining up to date copy of the land registers. Almost all conveyancing in Fenstanton relates to registered property but in the rare situation where your property is unregistered it is more tricky but is resolvable.
I just bought a property at auction in Fenstanton. Conveyancing is required. What happens now?
Having for in every practical sense signed on the dotted line you should appoint a conveyancing lawyer soon as you are faced with a pending a fixed date to complete the conveyancing. All auction property will ordinarily have a bespoke auction set of papers. This will include evidence of title and search results. In the case of leasehold premises the conveyancing papers should provide a copy of the lease, management information and a sellers leasehold information form and associated conveyancing documentation specific to leasehold premises. You must pass this on to the conveyancer working for you at the earliest opportunity. You also need to ensure that your finances are organised to complete on the on the contractual date .
We have a mortgage agreed in principle with TSB. Fenstanton conveyancing lawyers are chosen. What is the average time that one could expect to receive a mortgage offer from TSB?
Some lenders take longer than others. Have TSB conducted the survey? Have you informed TSB as to your lawyers' details and checked that your lawyers are on the TSB conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
Yorkshire BS have agreed my mortgage in principle, my bid on a house in Fenstanton has been agreed to, now what?
Your estate agent will need to know who your solicitors are (ensure that the solicitors are on the bank’s panel). Telephone Yorkshire BS or your financial adviser and finalise any outstanding forms. Yorkshire BS will instruct a valuer who will get in touch with the estate agent or vendor to schedule an appointment. Once conducted (assuming no problems) it takes on average a week to receive the mortgage offer. Yorkshire BS will send the offer to you and your lawyers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Fenstanton.
The estate agent has sent us the confirmation of our purchase of a new build apartment in Fenstanton. Conveyancing is daunting 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 conveyancing.
Set out below is a sample of a selection of leasehold new build questions that you can expect your new-build leasehold conveyancing in Fenstanton
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The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. There must be mutual enforceability of lessee’s covenants. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme.
I am in need of some leasehold conveyancing in Fenstanton. Before I set the wheels in motion I want to be sure as to the number of years remaining on the lease.
Assuming the lease is recorded at the land registry - and 99.9% are in Fenstanton - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
Leasehold Conveyancing in Fenstanton - A selection of Questions you should consider Prior to Purchasing
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Are any of leasehold owners in dispute over their service charge liability? It is important to be aware if changing the roof or some other major work is coming up that will be shared amongst the tenants and will dramatically impact the level of the maintenance costs or require a specific invoice. Plenty Fenstanton leasehold properties will incur a service bill for maintenance of the building set on behalf of the freeholder. Should you acquire the flat you will have to pay this contribution, normally periodically during the year. This can differ from a couple of hundred pounds to thousands of pounds for bigger purpose-built blocks. There will also be a ground rent for you to pay annual, ordinarily this is not a significant amount, say around £50-£100 but you need to enquire it because sometimes it can be many hundreds of pounds.
My boyfriend is purchasing a leasehold flat in Fenstanton. He has received a fee estimate by the conveyancing practitioner connected to the estate agents totaling £1245 . It was seven years ago I sold and bought a house and the bill was £600. Have costs really increased to that extent?
What does the conveyancing estimate include? Is it just for the legal fees, or what you will be paying in total (for example Fenstanton searches, land registry fees, etc)