My husband and I are looking to buy a home in Mayfield and are in fact using a Mayfield conveyancing practice. Within the last couple of days our lawyer has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Godiva Mortgages Ltd have this morning contacted us to advise us that they have now hit a problem as our Mayfield conveyancer is not on their conveyancing panel. Please explain?
Where you are buying a property requiring a mortgage it is conventional for the purchasers' solicitors to also act for the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your solicitor should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You don't have to instruct a firm on the lender’s conveyancing panel and you may continue to use your own Mayfield solicitors, in which case it will likely add costs, and it may delay matters as you are adding another lawyer into the mix.
Can you explain why leasehold purchase conveyancing in Mayfield costs more?
In short, leasehold conveyancing in Mayfield and elsewhere usually necessitates additional work compared to freehold conveyancing. This includes analysing the lease terms, corresponding with the landlord about serving appropriate notices, obtaining up-to-date service charge and management information, procuring the freeholder’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – no matter how many different owners have owned the lease since it was first granted.
There is lots of here regarding conveyancing in Mayfield but what is your top tip for selecting the right conveyancer in Mayfield
Do not opt for the cheapest Mayfield conveyancing fees. You really do get what you pay for when it comes to conveyancing solicitors. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you know exactly what you’ll have to pay in ahead of the deal.
This question may be naive but I am unexperienced as a 1st time buyer of a two bedroom flat in Mayfield. Do I receive the keys to the premises on the completion date from my solicitor? If so, I will appoint a High Street conveyancing solicitor in Mayfield?
On the day of completion you do not need to attend the conveyancers office in Mayfield. Conveyancing lawyers for you will electronically transfer the purchase money to the vendor’s lawyers, and once they have received this, you will be invited to pick up the keys from the selling Agents and start moving into the property. Usually this happens early afternoon.
Are all Mayfield Conveyancing Quality Solicitors on the Barclays conveyancing panel?
It is true that some banks and building societies now make use of the accreditation scheme as the kick off point for Panel approval such as HSBC and Santander. The Law Society’s CQS accreditation however gives no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitors wishing to remain on their panels.
We are downsizing from our property in Mayfield and according to the buyers it appears that there is a risk of it being built on contaminated land. Any local conveyancer would know this is not the case. For the life of me I don't know why the buyers used a nationwide conveyancing practice rather than a conveyancing solicitor in Mayfield. We have lived in Mayfield for 4 years we know that this is a non issue. Do we get in touch with our local Authority to seek confirmation that the buyers are looking for.
It sounds as though you may have a conveyancing firm currently acting for you. What do they say? You must enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same illness)
How does conveyancing in Mayfield differ for newly converted properties?
Most buyers of new build premises in Mayfield contact us having been asked by the seller to sign contracts and commit to the purchase even before the house is constructed. This is because house builders in Mayfield tend to acquire the land, 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 conveyancers 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 accustomed to new build conveyancing in Mayfield or who has acted in the same development.
When it comes to leasehold conveyancing in Mayfield what are the most common lease defects?
Leasehold conveyancing in Mayfield is not unique. All leases are drafted differently and legal mistakes in the legal wording can result in certain provisions are missing. The following missing provisions could result in a defective lease:
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Clauses dealing with recovering service charges for expenditure on the building or common parts. Maintenance charge proportions which don’t add up to the correct percentage
You could encounter a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Halifax, Norwich and Peterborough Building Society, and Britannia all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, forcing the purchaser to pull out.
Leasehold Conveyancing in Mayfield - Examples of Queries before Purchasing
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How much is the ground rent and service charge? Does the lease contain onerous restrictions? Is the freehold owned jointly by the tenants?