Me and my fiance are purchasing a 3 bedroom apartment in Fetcham with a mortgage. We like our Fetcham conveyancer, however the lender advise she’s not on their "panel". It seems we have little choice but to select one of the mortgage company panel conveyancing practices or keep our Fetcham solicitor as well as pay for one of their panel firms to represent them. This seems very unfair; is there anything we can do?
No, not really. 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 Fetcham conveyancing lawyer to apply to be on the conveyancing panel.
My partner and I are acquiring a newly constructed duplex in Fetcham and my conveyancer is telling me that she has to the lender to reveal incentives from the seller. I am under pressure to exchange contracts and I would rather not delay deal. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your conveyancer. A precondition to being on a lender 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.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Fetcham?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Fetcham. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
Just had an offer accepted on a new build apartment in Fetcham. Conveyancing is necessary evil 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 are examples of a few leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Fetcham
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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. Please supply evidence that the form of Lease proposed has been approved by the Land Registry. The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. Please supply a car parking plan.
Due to the encouragement of my in-laws I had a survey completed on a property in Fetcham in advance of retaining lawyers. I have been advised that there is a flying freehold element to the house. The surveyor has said that some mortgage companies may refuse to issue a mortgage on this type of premises.
It depends who your proposed lender is. Bank of Scotland has different instructions from Birmingham Midshires. If you contact us we can check via the relevant lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Fetcham. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Fetcham to see if the conveyancing will be more expensive.
In relation to leasehold conveyancing in Fetcham what are the most common lease problems?
Leasehold conveyancing in Fetcham is not unique. All leases are unique and drafting errors can result in certain clauses are erroneous. For example, if your lease is missing any of the following, it could be defective:
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A duty to insure the building
You will have difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. HSBC Bank, Chelsea Building Society, and Britannia all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to provide security, forcing the buyer to withdraw.
Fetcham Conveyancing for Leasehold Flats - A selection of Questions you should ask before Purchasing
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This information is useful as a) areas could result in problems in the building as the communal areas may begin to deteriorate if maintenance remain unpaid b) if the leasehold owners have an issue with the running of the building you will want to have complete disclosure Is the freehold owned collectively by the leaseholders?