We are intending to buy a 3 bedroom flat in Lytchett Matravers with a mortgage. We like our Lytchett Matravers lawyer, but the mortgage company says she’s not on their "panel". It appears that we have no option but to appoint one of the bank panel conveyancing practices or retain our Lytchett Matravers conveyancer and pay for one of their panel firms to act for them. We feel that this is inequitable; are we not able to demand that the mortgage company use our Lytchett Matravers conveyancer ?
No, not really. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the lender’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 Lytchett Matravers conveyancing solicitor to apply to be on the conveyancing panel.
Do I select a Licenced Conveyancer or Solicitor for conveyancing in Lytchett Matravers?
Two types of professional can conduct conveyancing in Lytchett Matravers namely licenced conveyancers or solicitors. The two can provide the legal services that you need to complete the sale or purchase of property. They are both obliged to conduct Lytchett Matravers conveyancing on similar quality and guidelines so you can be safe in the knowledge that your conveyancing will be professionally administered and that the necessary steps will be correctly adhered to.
Is it the case that all Lytchett Matravers CQS (Conveyancing Quality Scheme) solicitors are on the Bank of Ireland conveyancing list of approved practices?
Some major banks and building societies now use CQS as the kick off point for Panel membership such as HSBC and Santander. The Law Society’s CQS membership however is no guarantee to lender panel acceptance. Nevertheless,the CML have indicated that it is likely to become a pre-requisite for solicitor practices wishing to join their approved list of conveyancing solicitors.
I am currently in the process of buying my council flat in Lytchett Matravers. I have a mortgage offer with HSBC. Conveyancing is not something I have any knowledge of. 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 HSBC, you will need to appoint a solicitor on the HSBC conveyancing panel.
I have been told that property searches are the number one cause of stalling in Lytchett Matravers house deals. Is that correct?
The Council of Property Search Organisations (CoPSO) released findings of a review by MoveWithUs that conveyancing searches do not feature amongst the top 10 causes of hindrances during the legal transfer of property. Local searches are not likely to be the root cause of slowing down conveyancing in Lytchett Matravers.
My wife and I have a renovated Georgian house in Lytchett Matravers. Conveyancing solicitor represented me and Platform Home Loans Ltd. I did a free Land Registry search last week and I saw two entries: one for freehold, another for leasehold with the matching property. If a house is not a freehold shouldn't I have been informed?
You should review the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Lytchett Matravers and other areas of the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with buyers. You can also check the position with the conveyancing practitioner who conducted the conveyancing.
The estate agent has sent us the confirmation of our purchase of a new build flat in Lytchett Matravers. Conveyancing is a frightening process 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 legal work.
Here are examples of a few leasehold new build questions that you should expect your new-build leasehold conveyancing in Lytchett Matravers
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Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Forfeiture - bankruptcy or liquidation must not apply under this provision. There must be mutual enforceability of lessee’s covenants. Please confirm the Lease plans are surveyor prepared. 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.
I am a negotiator for a reputable estate agency in Lytchett Matravers where we have witnessed a few leasehold sales derailed as a result of leases having less than 80 years remaining. I have been given inconsistent advice from local Lytchett Matravers conveyancing solicitors. Could you shed some light as to whether the owner of a flat can start the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the disposal of the property.
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 buyer.
I bought a ground floor flat in Lytchett Matravers, conveyancing having been completed March 2012. Can you work out an approximate cost of a lease extension? Corresponding flats in Lytchett Matravers with an extended lease are worth £216,000. The ground rent is £50 charged once a year. The lease ceases on 21st October 2095
You have 69 years left to run the likely cost is going to range between £9,500 and £11,000 plus legals.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to advice on the actual costs in the absence of comprehensive investigations. You should not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before getting professional advice.