I am progressing with the sale of my maisonette in Henlow and the EA has just called to say that the buyers are switching law firm. I am told that this is due to the fact that the bank will only engage with solicitors on their conveyancing panel. Why would a big named mortgage company only deal with certain solicitors rather the firm that they want to choose for their conveyancing in Henlow ?
UK lenders have always had an approved set of law firms that can act for them, but in the last few years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 15 years.
Lenders point to the increase in fraud as the reason for the reduction – criteria have been tightened as a smaller panel is easier to monitor. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is hearing daily from firms that have been removed from panels. Some are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your buyers are unlikely to have any impact on this.
The vendors of the property we are purchasing are using a conveyancing practitioner in Henlow who has suggested a preliminary contract with a down payment of 5k. Are such arrangements promoted for Henlow conveyancing transactions?
There are a couple of main downsides with signing a lock out agreement (occasionally known as a shut-out contract) is that it diverts attention away from making progress with the conveyancing process, so unless it requires minimal or no negotiation then it may turn out to be a hindrance. It is not strongly advocated amongst Henlow conveyancing practitioners for this reason. A further negative is the extent of the remedies available - an aggrieved buyer should not expect to win an injunction to prevent the vendor disposing of the property to another buyer, so the only remedy available under the contract will be the reimbursement of wasted costs and, in restricted circumstances, the additional payment of damages.
I am buying a property and the solicitor has mentioned Chancel Repair for which the house may be obligated to contribute to given it’s proximity to the area of such a church. He has mentioned insurance. Is this really appropriate for conveyancing in Henlow
Unless a prior purchase of the property completed post 12 October 2013 you could expect conveyancing practitioners conducting conveyancing in Henlow to remain encouraging a chancel search and or insurance against a claim.
Over the last few months I have been searching for a flat up to £305k and found one round the corner in Henlow I like with a park and station nearby, the downside is that it's only got 52 years on the lease. There is not much else in Henlow for this price, so just wondered if I would be making a grave error buying a lease with such few years left?
If you need a mortgage that many years may be problematic. Discount the price by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for a minimum of twenty four months you may ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should consult your conveyancing solicitor about this.
What does commercial conveyancing in Henlow cover?
Henlow conveyancing for business premises covers a broad array of advice, given by regulated solicitors, relating to business premises. By way of example, this type of conveyancing can cover the sale or purchase of freehold business premises or, more commonly, the assignment of existing leases or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial mortgages and the termination of tenancies.
I've found a house that seems to meet my requirements, at a reasonable price which is making it more attractive. I have since found out that the title is leasehold rather than freehold. I am assuming that there are issues purchasing a house with a leasehold title in Henlow. Conveyancing advisers have are about to be appointed. Will my lawyers set out the implications of buying a leasehold house in Henlow ?
Most houses in Henlow are freehold and not leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. We note that you are purchasing in Henlow in which case you should be looking for a Henlow conveyancing solicitor and be sure that they have experience in transacting on leasehold houses. First you will need to check the number of years remaining. Being a lessee you will not be entirely free to do whatever you want with the house. The lease will likely included provisions for example requiring the landlord’spermission to conduct changes to the property. It may be necessary to pay a contribution towards the maintenance of the communal areas where the property is located on an estate. Your conveyancer will report to you on the legal implications.
Leasehold Conveyancing in Henlow - Examples of Queries before Purchasing
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Is the freehold owned jointly by the leaseholders? What is the name of the managing agents? The best form of lease structure is where the freehold reversion is owned by the leaseholders. In this scenario the leaseholders have control and although a managing agent is often retained where the building is larger than a house conversion, the managing agent retained by the leaseholders.