My wife and I are buying a 3 bedroom apartment in Framlingham with a mortgage. We have a Framlingham lawyer, however the mortgage company says he's not on their "panel". We have to appoint one of the mortgage company panel firms or keep our Framlingham solicitor as well as pay for one of their panel firms to represent them. We feel that this is inequitable; is there anything we can do?
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. A further alternative is for your Framlingham conveyancing lawyer to apply to be on the conveyancing panel.
I have been told that property searches are the main reason for obstruction in Framlingham house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) has noted the findings of research by MoveWithUs that conveyancing searches do not feature amongst the common causes of delays in the conveyancing process. Local searches are unlikely to feature in any delay in conveyancing in Framlingham.
How does conveyancing in Framlingham differ for newly converted properties?
Most buyers of new build residence in Framlingham approach us having been asked by the seller to exchange contracts and commit to the purchase even before the premises is finished. This is because builders in Framlingham typically acquire the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Framlingham or who has acted in the same development.
Due to the input of my in-laws I had a survey completed on a property in Framlingham prior to instructing lawyers. I have been informed that there is a flying freehold aspect to the property. Our surveyor has said that some banks will refuse to grant a loan on a flying freehold premises.
It varies from the lender to lender. Santander has different instructions for example to Halifax. Should you wish to telephone us we can check via the appropriate bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Framlingham. Conveyancing will be smoother if you use a solicitor in Framlingham especially if they are familiar with such properties in Framlingham.
I am in need of some leasehold conveyancing in Framlingham. Before diving in I require certainty as to the remaining lease term.
If the lease is recorded at the land registry - and most are in Framlingham - 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.
I bought a studio flat in Framlingham, conveyancing formalities finalised 3 years ago. Can you give me give me an indication of the likely cost of a lease extension? Corresponding properties in Framlingham with over 90 years remaining are worth £192,000. The average or mid-range amount of ground rent is £55 invoiced annually. The lease expires on 21st October 2079
With 54 years remaining on your lease we estimate the price of your lease extension to be between £32,300 and £37,400 plus costs.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed investigations. Do not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward based on this information before seeking the advice of a professional.
What are my options where I am not happy with the conveyancer who did our conveyancing in Framlingham?
We live in an imperfect world, and unfortunately occasionally matters do not go as planned. However there is recourse if you were dissatisfied with your conveyancing in Framlingham. This varies from trying to resolve matters directly with them, through to reporting a solicitor to their regulator. If you remain aggrieved you may consider getting in touch with the Legal Ombudsman.