Me and my fiance are intending to purchase a 2 bedroom apartment in Malden with a mortgage. We have a Malden lawyer, but the bank advise she’s not on their "panel". It seems we have no option but to instruct one of the mortgage company panel conveyancing practices or retain our Malden property lawyer as well as pay for one of their panel ones to represent them. This feels very unfair; can we not insist that the mortgage company use our Malden property lawyer ?
Unfortunately,no. 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. Another option that might be available is for your Malden conveyancing lawyer to apply to be on the conveyancing panel.
I have justdiscovered that Wolstenholmes have closed. They carried out my conveyancing in Malden for a purchase of a leasehold apartment 9 months ago. How can I be sure that my home is registered correctly in the name of the former proprietor?
The quickest method to check if the premises is in your name, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Malden conveyancing specialists.
How does conveyancing in Malden differ for newly converted properties?
Most buyers of new build residence in Malden approach us having been asked by the seller to sign contracts and commit to the purchase even before the premises is finished. This is because house builders in Malden 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 conveyancing solicitors 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 Malden or who has acted in the same development.
I am looking for a flat up to £235,500 and identified one close by in Malden I like with open areas and transport links in the vicinity, however it's only got 61 years on the lease. I can't really find anything else in Malden in this price bracket, so just wondered if I would be making a mistake buying a lease with such few years left?
If you need a mortgage that many years will likely be an issue. Reduce the price by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the premises for at least 2 years you can ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this.
Last January I purchased a leasehold property in Malden. Do I have any liability for service charges for periods before my ownership?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
My wife and I have hit a brick wall in trying to purchase the freehold in Malden. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Where there is a absentee freeholder or if there is dispute about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the First-tier Tribunal (Property Chamber) to decide the premium.
An example of a Freehold Enfranchisement decision for a Malden residence is 158 West Hill in November 2010. the Tribunal held that the premium to be paid for the freehold reversion should be £99,650 This case was in relation to 7 flats. The unexpired lease term was 75.88 years.
I need to swap lawyers as my Malden lawyer is not on the bank's approved list of conveyancing solicitors. How simple is it to change conveyancer?
In the event that you have not formally instructed a conveyancer to start work and have just received quotes, you're perfectly free to choose a different solicitor to carry out your work for you. The best way is to get recommendations from friends or family who have actually used the solicitor or conveyancer in Malden that you're thinking of instructing.