Me and my fiance are purchasing a 1 bedroom flat in Frome with a mortgage. We have a Frome solicitor, but the bank advise she’s not on their "panel". We have to appoint one of the bank panel solicitors or keep our Frome property lawyer as well as pay for one of their panel lawyers to represent them. We consider that this is inequitable; is there anything we can do?
Unfortunately,no. 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 Frome conveyancing lawyer to apply to be on the conveyancing panel.
In the event thatI was to acquire a straightforward propertyin Frome for cash and have no survey and no local authority searches how much should I expect to to save on my conveyancing in Frome?
Any savings you would gain will be limited to the disbursement for searches. A conveyancing practitioner still be obliged to do everything else - money laundering, correspond with the sellers lawyer, stamp duty submission, register the ownership etc. You might save a bit for them not needing to register a charge but it will not be a lot.
In what way does my ID and proof of funds have anything to do with my conveyancing in Frome? Why is this being asked of me?
Frome conveyancing solicitors as well as nationwide property practitioners accross the UK have a duty under Anti-terror and anti-money-laundering rules to check the ID of any client with a view to satisfy themselves that clients are who they say they are.
Conveyancing clients are required to provide two forms of certified identification; proof of identity (usually a Passport or Driving Licence) and evidence of address (usually a Utility Bill less than 3 months old).
Confirmation of the origin of monies is also necessary in compliance with the money laundering statutes as lawyers are duty bound to investigate that the funds you are using to acquire a property (be it the exchange deposit or the full purchase amount where you are a cash purchaser) has come from legitimate source (such as an inheritance) and is not the fruits of illegitimate behaviour.
This question may be naive but I am unseasoned as FTB of a ground floor flat in Frome. Do I collect the keys to the property on completion from my lawyer? If this is the case, I will instruct a local conveyancing solicitor in Frome?
On the day of completion you do not need to go to the conveyancers office in Frome. Conveyancing lawyers for you will electronically transfer the purchase money to the seller's solicitors, and shortly after the monies have arrived, you should be called to receive the keys from the property Agents and move into your new home. This tends to happen between 1 and 3pm.
A colleague advised me that in buying a property in Frome there may be a number of restrictions affecting the ability to carry out external alterations to the property. Is this right?
There are anumerous of properties in Frome which have some sort of restriction or requirement of consent to external alterations. Part of the conveyancing in Frome should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
When it comes to lenders such as Santander, do Frome conveyancing practitioners incur a fee to be on the conveyancing panel?
We are not aware of any lender fees to be on their list of approved firms, although some do charge an administration fee to deal with the processing of the conveyancing panel application.
Over the last few months I have been searching for a ground for flat up to £235,500 and found one close by in Frome I like with a park and railway links in the vicinity, however it's only got 52 years on the lease. There is not much else in Frome for this price, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you require a home loan the remaining unexpired lease term may be a potential deal breaker. Discount the price by the anticipated lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for at least twenty four months you could ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the current lease with a zero ground rent applied. You should consult your conveyancing solicitor about this.
Can you provide any top tips for leasehold conveyancing in Frome with the aim of speeding up the sale process?
- A significant proportion of the delay in leasehold conveyancing in Frome can be reduced if you appoint lawyers as soon as your agents start marketing the property and request that they start to put together the leasehold information which will be required by the purchasers’ representatives. If you have had conflict with your landlord or managing agents it is very important that these are resolved prior to the flat being marketed. The buyers and their solicitors will be warry about purchasing a property where a dispute is unsettled. You will have to accept that you will have to discharge any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the buyers, but it is better to reveal the dispute as historic rather than ongoing. A minority of Frome leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers put in hand financial (bank) and professional references. The bank reference should make it clear that the buyer is able to meet the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the buyers or their solicitors. Many landlords or managing agents in Frome charge for supplying management packs for a leasehold premises. You or your lawyers should find out the fee that they propose to charge. The management information can be applied for as soon as you have a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most common reason for frustration in leasehold conveyancing in Frome. If you have carried out any alterations to the premises would they have required Landlord’s approval? Have you, for example laid down wooden flooring? Most leases in Frome state that internal structural changes or addition of wooden flooring calls for a licence issued by the Landlord consenting to such changes. If you fail to have the consents in place do not contact the landlord without contacting your lawyer before hand.
Frome Leasehold Conveyancing - A selection of Questions you should consider before Purchasing
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Does the lease include onerous restrictions? It is important to be aware whether window replacement or some other major work is due in the foreseeable future that will be shared by the leasehold owners and will materially impact the level of the maintenance costs or require a specific payment. Is anyone aware of any major works anticipated that could add a premium to the service fees?