Much to our surprise we have been informed by our estate agent that my Lincoln the law firm I have appointed is not on the bank Conveyancing panel. How can I be certain if this is indeed the case?
You need to contact your Lincoln lawyer directly. You lawyer should inform you of the situation. Where they are not on the panel they may recommend you to a Lincoln conveyancing practice that is on the conveyancing panel for your bank.
Last February we completed a house move in Lincoln. We have since encountered a number of problems with the property which we suspect were overlooked in the conveyancing searches. Do we have any recourse? Can you clarify the type of searches that needed to have been conducted as part of conveyancing in Lincoln?
The query is not clear as to the nature of the problems and if they are specific to conveyancing in Lincoln. Conveyancing searches and investigations initiated as part of the legal transfer of property are supposed to help avoid problems. As part of the legal transfer of property, the vendor fills in a questionnaire called a Seller’s Property Information Form. If the information ends up being inaccurate, you may have a misrepresentation claim against the seller for any losses that you have suffered. The survey should have identified any problems with the structure of the property. Assuming a detailed survey was carried out and the issues were not identified, you may have a claim against the surveyor. However, if you did not have a full survey, you may be responsible for fixing any defects that have now been noted. We would always encourage buyers to take every possible step to ensure they are completely aware of the condition of a property before purchase regardless of whether they are buying in Lincoln.
Can you explain why leasehold purchase conveyancing in Lincoln costs more?
Lincoln leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving applicable notices on the Landlord or managing agent, obtaining up-to-date service charge and management information, obtaining Landlord’s consents and reviewing management accounts and formation documents.
My bid for a property was accepted at auction in Lincoln. Conveyancing is required. What is next?
Now that you are legally committed yourself to purchase you now have to choose a conveyancing solicitor as a matter of priority as you are facing a tight a drop dead date to complete the purchase. All auction property should have a bespoke auction set of papers. This will include evidence of title and search results. Where you are dealing with leasehold premises the conveyancing papers should include a copy of the lease, management information and a sellers leasehold information form and associated conveyancing documentation relating to a leasehold property. You need to pass this on to the conveyancer instructed by you as soon as possible. You also need to ensure that you have funds organised to complete on the on the contractual date .
My uncle advised me that in purchasing a property in Lincoln there may be a number of restrictions preventing external alterations to the property. Is this right?
We are aware of anumerous of properties in Lincoln which have some sort of restriction or requirement of consent to carry out external alterations. Part of the conveyancing in Lincoln should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
is it true that all Lincoln conveyancing solicitors on the Nottingham conveyancing panel are overseen by the SRA?
As solicitors, in order to be on the Nottingham approved list of solicitors they would need to be governed by the Solicitors Regulatory Authority. Many mortgage companies do list licenced conveyancers on their panel in which case such organisation would be governed by the CLC.
The estate agent has sent us the confirmation of our purchase of a new build flat in Lincoln. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Here are examples of a selection of leasehold new build questions that you may expect your new-build leasehold conveyancing in Lincoln
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Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. There must be mutual enforceability of lessee’s covenants. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Please confirm the Lease plans are architect prepared.
Are there common problems that you see in leases for Lincoln properties?
There is nothing unique about leasehold conveyancing in Lincoln. Most leases are unique and legal mistakes in the legal wording can sometimes mean that certain clauses are erroneous. The following missing provisions could result in a defective lease:
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Repairing obligations to or maintain elements of the property Service charge per centages that don't add up correctly leaving a shortfall
You will encounter difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Nationwide Building Society, The Mortgage Works, and Clydesdale all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, obliging the buyer to pull out.
Lincoln Conveyancing for Leasehold Flats - Examples of Queries before buying
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It would be sensible to investigate if there are any onerous restrictions in the lease. By way of example it is fairly common in Lincoln leases that pets are not allowed in in a block in Lincoln. If you love the apartmentin Lincoln yet your dog is not allowed to live with you then you have a very hard choice. Where a Lincoln lease has no more than eighty years it will affect the salability of the property. It is worth checking with your lender that they are happy with residual term of the lease. A short lease means that you will most likely require a lease extension at some point and it is worth discovering what this will be. For most Lincolnlease extensions you would need to own the property for a couple of years in order to be legally able to exercise a lease extension.