We are hoping to purchase a 2 bedroom flat in Littleport with a mortgage. We like our Littleport conveyancer, however the lender says she’s not on their "panel". We have to appoint one of the lender panel solicitors or continue with our Littleport conveyancing practitioner as well as pay for one of their panel ones to act for them. We regard this is inequitable; are we not able to demand that the mortgage company use our Littleport solicitor ?
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 Littleport conveyancing lawyer to apply to be on the conveyancing panel.
We're in Littleport, FTBs purchasing with a mortgage (lender is Skipton , and our lawyer is on the Skipton conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Skipton 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 Littleport differ for new build properties?
Most buyers of new build property in Littleport contact us having been asked by the seller to exchange contracts and commit to the purchase even before the residence is ready to move into. This is because developers in Littleport typically purchase 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 property lawyers 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 Littleport or who has acted in the same development.
I am looking for a flat up to £195,000 and found one round the corner in Littleport I like with open areas and station nearby, the downside is that it's only got 49 years on the lease. There is not much else in Littleport in this price bracket, so just wondered if I would be making a mistake acquiring a short lease?
If you require a mortgage that many years will likely be an issue. Reduce the offer 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 2 years you can request that they start the process of the extension and pass it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this matter.
I am attracted to a couple of apartments in Littleport which have approximately forty five years remaining on the lease term. Will this present a problem?
A lease is a legal document that entitles you to use the property for a period of time. As a lease gets shorter the marketability of the lease deteriorates and it becomes more costly to acquire a lease extension. For this reason it is advisable to extend the lease term. More often than not it is difficulties arise selling premises with a short lease as mortgage lenders may be unwilling to lend money on such properties. Lease extension can be a difficult process. We advise that you seek professional assistance from a solicitor and surveyor with experience in this area.
Littleport Conveyancing for Leasehold Flats - A selection of Queries Prior to buying
-
Are there any major works anticipated that will increase the maintenance fees? Are any of leasehold owners in dispute over their service charge liability? Generally speaking the cost for major works are not built into the service charges, albeit that there some managing agents in Littleport obliged tenants to pay into a reserve fund created for the specific intention of establishing a fund for larger repairs or maintenance.
I am looking for Littleport online conveyancing estimates. Can I be confident that all the Littleport firms that are listed on your site are on the bank conveyancing panel?
The solicitor and licensed conveyancing practices on our directory have assured us via an online form that they are on the bank panel and agreed to advise us to take down their listing in the event of removal off of the mortgage company panel. To date we have not been informed by either a mortgage company or a member of the public that the data about a specific Littleport firm being on the mortgage company conveyancing panel is not accurate.