My husband and I are buying a 2 bedroom apartment in Kinver with a mortgage. We have a Kinver solicitor, however the lender advise she’s not on their "panel". It appears that we have little choice but to appoint one of the lender panel firms or continue with our Kinver lawyer and pay for one of their panel ones to act for them. This seems very unfair; can we not require that the bank use our Kinver lawyer ?
Unfortunately,no. Your mortgage offer 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 Kinver conveyancing solicitor to apply to be on the conveyancing panel.
My stepmother informed me that in buying a property in Kinver there could be a number of restrictions prohibiting external changes to the property. Is this right?
We are aware of a number of properties in Kinver which have some sort of restriction or requirement of consent to carry out external changes. Part of the conveyancing in Kinver should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
I am currently in the process of buying my council flat in Kinver. I have a mortgage offer with Lloyds. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Lloyds, you will need to appoint a solicitor on the Lloyds conveyancing panel.
Having digested plenty of mortgage guides, I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my local Kinver solicitor - who is on the Santander conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
Santander will need an independent valuation of the property. Your lawyer will not arrange this. Usually Santander 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. You may wish to consider appointing your own Kinver surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
Various online forums that I have visited warn that are a common reason for hinderance in Kinver conveyancing transactions. Is this right?
The Council of Property Search Organisations (CoPSO) has noted the findings of research by MoveWithUs that conveyancing searches do not feature amongst the most frequent causes of delays during the legal transfer of property. Searches are unlikely to be the root cause of holding up conveyancing in Kinver.
I am purchasing my first flat in Kinver with a loan from Yorkshire Building Society. The developers refused to budge the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The estate agent advised me not reveal to my solicitor about this deal as it could impact my mortgage with Yorkshire Building Society. 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.
We are 3 weeks into a leasehold purchase having been directed to solicitors by the estate agent to carry out the conveyancing in Kinver. I am not happy. Can you you assist me in finding new conveyancers?
They would have to be really bad to suggest replacing them. Has the mortgage been generated? In the event that it has you need to make them aware of the replacement lawyer and ensure the mortgage documents are re-issued. Your new solicitor ideally needs to be on the mortgage company approved list to avoid added charges and frustration. That should be your first question of the new conveyancers. Our search tool will help you find a lender approved lawyer for your home move in Kinver
I am employed by a long established estate agent office in Kinver where we have witnessed a few flat sales put at risk due to short leases. I have received contradictory information from local Kinver conveyancing solicitors. Can you shed some light as to whether the owner of a flat can initiate the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the sale.
An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
Kinver Leasehold Conveyancing - Examples of Questions you should ask Prior to buying
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Best to be warned if window replacement or some other major work is coming up to be shared between the leaseholders and could well dramatically impact the level of the service costs or result in a one off payment. It would be wise to discover as much as possible regarding the managing agents as they will impact your use and enjoyment of the property. As the owner of a leasehold property you are frequently at the mercy of the managing agents both financially and when it comes to every day issues such as the cleanliness of the common parts. You should not be afraid to ask other people what they think of their management. On a final note, be sure you understand the dates that the maintenance fees are due to the appropriate party and precisely what you get for your money. Is the freehold reversion owned jointly by the tenants?