My husband and I are buying a 2 bedroom apartment in Lees with a mortgage. We have a Lees lawyer, however the lender advise he's not on their "panel". We have to appoint one of the mortgage company panel conveyancing practices or retain our Lees lawyer as well as pay for one of their panel firms to represent them. This feels very unfair; can we not demand that the mortgage company use our Lees property lawyer ?
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. A further alternative is for your Lees conveyancing solicitor to apply to be on the conveyancing panel.
I need some expedited conveyancing in Lees as I have pressure to sign on the dotted line in less than 3 weeks. Fortunately I do not require a mortgage. Is it possible to escape the need for conveyancing searches to save money and time?
If.Given you are are a mortgage free buyer you have the choice not to have searches conducted although no law firm would recommend that you don't. With lots of history conveyancing in Lees the following are examples of what can be revealed and therefore affect market value: Refused Planning Applications, Outstanding Charges, Overdue Grants, Railway Schemes,...
The deeds to our property are lost. The conveyancers who did the conveyancing in Lees 5 years ago have long since closed. What are my options?
You no longer need to have the physical deeds to evidence that you are the registered proprietor of land or premises, given that the Land Registry have everything they need in a digital format.
I am looking for a conveyancing solicitor in Lees for my home move. Can I review a firm’s record with the legal regulator?
Anyone may see presented Solicitor Regulator Association (SRA) determinations resulting from investigations from 2008 onwards. Visit Check a solicitor's record. To find records about the period before 1 January 2008, or to check a firm's record, ring 0870 606 2555, 08.00 - 18.00 Monday, Wednesday, Thursday, Friday and 09.30 - 18.00 Tuesday. For callers outside the UK, dial +44 (0)121 329 6800. The SRA sometimes recorded telephone calls for training purposes.
I am tempted by the attractive purchase price for a two maisonettes in Lees which have approximately forty five years remaining on the lease term. should I be concerned?
There are plenty of short leases in Lees. The lease is a right to use the property for a period of time. As a lease gets shorter the saleability of the lease deteriorates and it becomes more costly to acquire a lease extension. This is why it is advisable to extend the lease term. More often than not it is difficult to sell a property with a short lease as mortgage lenders may be unwilling to lend money on properties of this type. Lease extension can be a protracted process. We advise that you get professional assistance from a conveyancer and surveyor with experience in this field.
Lees Conveyancing for Leasehold Flats - Sample of Queries before Purchasing
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Best to be warned whether a new roof is being installed or some other significant cost is due in the near future to be shared between the leasehold owners and could well materially impact the level of the maintenance fees or require a specific payment. Are any of leasehold owners in arrears of their service charge liability? Most Lees leasehold flats will be liable to pay a service charge for maintenance of the block set by the freeholder. Where you acquire the property you will have to pay this contribution, usually in instalments during the year. This can differ from two or three hundred pounds to thousands of pounds for bigger purpose-built blocks. In all likelihood there will be a ground rent to be met annual, normally this is not a large sum, say around £25-£75 but you should to enquire it because sometimes it could be prohibitively expensive.
My 20yr old son is about to join the property ladder, he had his mortgage in principle. One the seller agreed the offer on the apartment we telephoned the lender to issue the formal offer. I was very surprised to discover that banks do not accept all property lawyer, they must be on their panel, is this right?
Lenders normally imposes restrictions either the type or the number of conveyancing solicitors on their panel. A common example of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that banks have no responsibility for the quality of advice provided by any Lees conveyancer on their panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, conveyancing is not their speciality. To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime? Unlikely.