My husband and I are purchasing a 2 bedroom flat in Leicestershire with a mortgage. We have a Leicestershire conveyancer, but the mortgage company advise she’s not on their "panel". It seems we have no option but to select one of the bank panel conveyancing practices or retain our Leicestershire solicitor and pay for one of their panel lawyers to act for them. We regard this is unjust; can we not demand that the lender use our Leicestershire conveyancer ?
No, not really. 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 Leicestershire conveyancing lawyer to apply to be on the conveyancing panel.
We see that you have a post code search directory identifying firms on the Kent Reliance conveyancing panel. Do companies pay you a referral fee if I retain them for our own conveyancing in Leicestershire?
We are a listing service only for law firms wishing to communicate if they are on the Kent Reliance conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Leicestershire.
We're in Leicestershire, First time buyers purchasing with a mortgage (lender is Santander , and our lawyer is on the Santander conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Santander conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no property lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
How does conveyancing in Leicestershire differ for newly converted properties?
Most buyers of new build property in Leicestershire come to us having been asked by the developer to sign contracts and commit to the purchase even before the residence is finished. This is because builders in Leicestershire typically buy the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Leicestershire or who has acted in the same development.
I am looking for a leasehold apartment up to £305k and identified one close by in Leicestershire I like with open areas and transport links in the vicinity, the downside is that it only has 52 years on the lease. I can't really find anything else in Leicestershire for this price, so just wondered if I would be making a mistake acquiring a lease with such few years left?
If you need a mortgage that many years will likely be an issue. Discount the price by the amount the lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for at least twenty four months you can ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should speak to your conveyancing lawyer regarding this.
I’m about to sell my 2 bed apartment in Leicestershire. Conveyancing is yet to be initiated, however I have recently received a quarterly service charge invoice – what should I do?
Your conveyancing lawyer is likely to suggest that you should clear the maintenance contribution as normal given that all rents and maintenance payments should be allotted as part of the financial calculations for completion monies, so you should recover the relevant percentage by the purchaser for the period running from after the completion date to the subsequent invoice date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
Leicestershire Conveyancing for Leasehold Flats - A selection of Queries Prior to buying
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Can you tell me if there are any major works in the planning that could add a premium to the maintenance costs? If a Leicestershire lease has no more than eighty years it will have adverse implications on the salability of the flat. It is worth checking with your lender that they are willing to to proceed given the lease term. A short lease means that you will probably have to extend the lease at some point and it is worth discovering what this will be. Remember, in most cases you would need to own the residence for a couple of years in order to be entitled to exercise a lease extension. Best to be warned if fixing the lift or some other significant cost is due shortly that will be shared by the tenants and could well materially impact the level of the maintenance fees or result in a one off invoice.