We are intending to buy a 1 bedroom apartment in Hadfield with a mortgage. We like our Hadfield conveyancer, but the lender says he's not on their "panel". It seems we have little choice but to use one of the mortgage company panel firms or continue with our Hadfield conveyancer as well as pay for one of their panel ones to represent them. We consider that this is unjust; 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. A further alternative is for your Hadfield conveyancing lawyer to apply to be on the conveyancing panel.
The sellers of the home we are hoping to buy have instructed a conveyancing practitioner in Hadfield who has insisted on a lock out contract with a down payment two thousand pounds. Are such agreements appropriate for Hadfield conveyancing transactions?
This form of arrangement isn't frequently used in Hadfield, conveyancers will often encourage clients away from them as they detract from the main conveyancing focus and if you end up having your deposit forfeited then the solicitor is left exposed. Secondly, there is no assurance that just because the seller has entered into a lock out contract they will complete the sale with you. They may breach the agreement if they are offered a big enough incentive to do so because an aggrieved buyer with the benefit of a exclusivity agreement will still have to establish consequential losses from the breach and these may not equalise the extra amount that your vendor may gain by breaching the agreement, no matter how morally reprehensible the behaviour is.
We are buying a detached bungalow in Hadfield. Our aim is to carry out a loft conversion at the property.Will the conveyancing process include investigations to ascertain if these works are permitted?
Your property lawyer should review the deeds as conveyancing in Hadfield will on occasion identify restrictions in the title deeds which prevent certain alterations or necessitated the permission of another owner. Many works need local authority planning permissions and approval under the building regulations. Certain locations are designated conservation areas and special planning restrictions apply which often prevent or impact extensions. You should check these things with a surveyor ahead of any purchase.
Planning on purchasing a flat in Hadfield. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Leeds Building Society conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Hadfield solicitor is on the Leeds Building Society conveyancing panel.
I've digested plenty of house buying guides, I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my local Hadfield solicitor - who is on the Yorkshire BS conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
Yorkshire BS will need an independent valuation of the property. Your lawyer will not arrange this. Usually Yorkshire BS will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your conveyancer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Hadfield postcode. As you are getting a mortgage with Yorkshire BS, you could contact them to see if they have a list of approved surveyors in Hadfield.
I am buying a new build apartment in Hadfield. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Here are examples of a few leasehold new build questions that you can expect your new-build leasehold conveyancing in Hadfield
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Please confirm the Lease plans are surveyor prepared. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal.
I opted to have a survey completed on a house in Hadfield ahead of appointing conveyancers. I have been informed that there is a flying freehold overhang to the house. My surveyor has said that some mortgage companies tend refuse to give a loan on this type of property.
It varies from the lender to lender. Bank of Scotland has different requirements for example to Birmingham Midshires. Should you wish to call us we can check with the appropriate bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Hadfield. Conveyancing will be smoother if you use a solicitor in Hadfield especially if they are familiar with such properties in Hadfield.
I am looking at a two maisonettes in Hadfield both have in the region of fifty years left on the lease term. Will this present a problem?
There is no doubt about it. A leasehold flat in Hadfield is a wasting asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it reduces the salability of the premises. The majority of purchasers and lenders, 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 a property 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 Hadfield 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 the agreed 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.
I purchased a garden flat in Hadfield, conveyancing formalities finalised 9 years ago. Can you give me give me an indication of the likely cost of a lease extension? Equivalent flats in Hadfield with an extended lease are worth £185,000. The average or mid-range amount of ground rent is £65 invoiced every year. The lease expires on 21st October 2085
With 60 years unexpired we estimate the premium for your lease extension to span between £20,000 and £23,000 plus legals.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure without more detailed due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first getting professional advice.