I am nearing exchange of contracts for my home in Kegworth and the EA has just e-mailed to advise that the purchasers are appointing a new conveyancer. The excuse is that the mortgage company will only engage with property lawyers on their approved list. Why would a major lender only engage with certain lawyers rather the firm that they want to appoint for their conveyancing in Kegworth ?
Lenders have always had panels of law firms that can act for them, but in the past few years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for decades.
Mortgage companies justify this action to a rise in fraud as the reason for the cull – 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 says it is being contacted daily by practices that have been removed from panels. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The buyers are unlikely to have any impact on this.
Is it necessary during the course of the conveyancing process to visit the offices of the solicitor to sign the legal charge? If so, I will instruct a firm who offer conveyancing in Kegworth so that I can attend their offices if necessary.
These days conveyancing panel lawyers for mortgage companies conduct the vast majority of communications through the post, e-mail or over phone calls. This enables them to conduct the legal work for your home move no matter where you live in the country. Nevertheless you can check if you have the option of going to the offices of your conveyancing lawyer if you prefer.
My friend suggested that if I am purchasing in Kegworth I should carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
A search of this type is sometimes quoted for as part of the standard Kegworth conveyancing searches. It is a large document of about 40 pages, listing and setting out significant information about Kegworth around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Kegworth Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average Property Price, Crime details, Local Education with plans and statistics, Local Amenities and other useful data concerning Kegworth.
Are there restrictive covenants that are commonly picked up during conveyancing in Kegworth?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Kegworth. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I am purchasing my first flat in Kegworth with the aid of help to buy. The builders would not budge the price so I negotiated 6k of additionals instead. The property agent advised me not disclose to my lawyer about this deal as it could jeopardize my loan with the lender. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I am hoping to put an offer on a small detached house that appears to tick a lot of boxes, at a reasonable figure which is making it all the more appealing. I have subsequently been informed that the title is leasehold rather than freehold. I would have thought that there are particular concerns buying a leasehold house in Kegworth. Conveyancing advisers have are about to be appointed. Will they explain the issues?
Most houses in Kegworth are freehold and not leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area who can help the conveyancing process. It is clear that you are buying in Kegworth in which case you should be looking for a Kegworth conveyancing solicitor and check that they are used to advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a lessee you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example requiring the freeholder’sconsent to conduct alterations. You may also be required to pay a contribution towards the maintenance of the estate where the house is located on an estate. Your conveyancer will appraise you on the various issues.
Kegworth Conveyancing for Leasehold Flats - A selection of Questions you should consider Prior to buying
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Please note that where the lease has less than 80 years it will have adverse implications on the value of the flat. It is worth checking with your mortgage company that they are willing to go ahead with the loan given the lease term. A short lease means that you will most likely need a lease extension at some point and you need to have some idea of how much this would cost. For most Kegworthlease extensions you will need to own the residence for 24 months before you are entitled to extend the lease. The best form of lease arrangement is if the freehold interest is owned by the leaseholders. In this scenario the tenants benefit from control and although a managing agent is usually retained if it is larger than a house conversion, the managing agent employed by the leaseholders.