I am selling my maisonette in Mawsley and the estate agent has just text me to warn that the buyers are changing their property lawyer. I am told that this is due to the fact that the mortgage company will only deal with property lawyers on their approved list. On what basis would a leading lender only engage with certain solicitors rather the firm that they want to choose to handle their conveyancing in Mawsley ?
Mortgage companies have always had an approved set of law firms that can represent them, but in the past few years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 25 years.
Mortgage companies point to the increase in fraud as the reason for the reduction – criteria have been narrowed as a smaller panel is easier to oversee. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels. Plenty of firms are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your buyers are unlikely to have any sway in the decision.
I own a freehold house in Mawsley but still pay rent, why is this and what is this?
It’s unusual for properties in Mawsley and has limited impact for conveyancing in Mawsley but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for many centuries, but the Rent Charge Act 1977 barred the generation of fresh rentcharges from 1977 onwards.
Old rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 will be extinguished.
The estate agent has sent us the confirmation of our purchase of a new build apartment in Mawsley. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Here are examples of a selection of leasehold new build questions that you should expect your new-build leasehold conveyancing in Mawsley
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Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Please supply a car parking plan.
I have been on the look out for a ground for flat up to £245,000 and found one near me in Mawsley I like with amenity areas and station in the vicinity, however it only has 51 remaining years left on the lease. There is not much else in Mawsley suitable, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you need a home loan that many years will likely be an issue. Discount the price by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for a minimum of twenty four months you may request that they commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should speak to your conveyancing lawyer concerning this.
Do I need to be wary by 3rd parties that I am dealing with are recommending an internet conveyancing firm as opposed to a local Mawsley conveyancing company?
As is the case with lots of professional services, often recommendations from family and friends can be extremely useful or valuable. But there are many people with a vested interest in a conveyancing transaction; estate agents, mortgage brokers and lenders might all put forward conveyancers to select. Sometimes these conveyancers might be known to one of the organisations as one of the best in their field, but sometimes there exists a commercial relationship behind the endorsement. You are at liberty to appoint your preferred lawyer. Don't forget that the majority of lenders operate an approved list of solicitors you have to use for the mortgage aspect of your conveyancing.
I am due to consider costs for conveyancing in Mawsley from numerous property lawyer and choose one. Am I right to ask them to hold tight until I I have my bid accepted on a flat.
We would recommend that you wait to ask your conveyancing practitioner to start work and submit searches after the offer has been agreed to on the property especially as Mawsley conveyancing searches are not inexpensive.