We are intending to buy a 3 bedroom flat in Frodsham with a mortgage. We have a Frodsham conveyancer, however the mortgage company says he's not on their "panel". We have to appoint one of the bank panel solicitors or keep our Frodsham property lawyer as well as pay for one of their panel firms to represent them. This feels very unfair; can we not require that the lender use our Frodsham conveyancer ?
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 Frodsham conveyancing solicitor to apply to be on the conveyancing panel.
I am thinking of remortgaging my house in Frodsham, does my lawyer need to be on the Yorkshire BS Solicitor panel?
There is nothing to stop you using your solicitor, but Yorkshire BS will insist on their interests being represented by a firm on their conveyancing panel. There is greater potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
Will our solicitor be raising enquiries concerning flooding during the conveyancing in Frodsham.
Flooding is a growing risk for lawyers dealing with homes in Frodsham. Some people will buy a property in Frodsham, fully expectant that at some time, it may suffer from flooding. However, aside from the physical destruction, where a property is at risk of flooding, it may be difficult to obtain a mortgage, suitable insurance cover, or sell the property. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Conveyancers are not best placed to offer advice on flood risk, but there are a various searches that can be initiated by the purchaser or by their lawyers which can figure out the risks in Frodsham. The standard property information forms supplied to a purchaser’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a standard inquiry of the owner to determine whether the premises has historically flooded. If the residence has been flooded in past which is not notified by the seller, then a buyer could issue a legal claim for losses as a result of such an incorrect answer. The purchaser’s lawyers may also conduct an enviro search. This will disclose whether there is any known flood risk. If so, additional investigations will need to be initiated.
Me and my brother own a semi-detached Edwardian property in Frodsham. Conveyancing solicitor represented me and Godiva Mortgages Ltd. I did a free Land Registry search last week and I saw a couple of entries: the first freehold, the second leasehold with the exact same address. Is it worth asking Godiva Mortgages Ltd to clarify?
You should read the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Frodsham and other areas of the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with purchasers. You can also enquire as to the position with the conveyancing lawyer who conducted the conveyancing.
How does conveyancing in Frodsham differ for new build properties?
Most buyers of new build residence in Frodsham contact us having been asked by the developer to exchange contracts and commit to the purchase even before the house is finished. This is because house builders in Frodsham usually buy the land, 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 property lawyers 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 Frodsham or who has acted in the same development.
I am attracted to a two apartments in Frodsham which have about forty five years remaining on the lease term. Will this present a problem?
There are no two ways about it. A leasehold apartment in Frodsham is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it reduces the value of the premises. For most buyers and banks, leases with under 75 years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Frodsham conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Frodsham Leasehold Conveyancing - A selection of Queries Prior to Purchasing
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Is there a share of the freehold? It would be prudent to investigate if there are any onerous restrictions in the lease. By way of example it is reasonably common in Frodsham leases that pets are not allowed in certain buildings in Frodsham. If you like the flatin Frodsham however your cat can’t live with you then you will be presented with a difficult determination. How many of the leaseholders are in arrears for their service charge payments?