Unfortunately I am unable to travel far from Needham Market. Can you please explain the reason why all Needham Market lawyers aren't automatically on all lender panels?
As unjust as it may seem for banks to limit who can represent them, from the public’s or lawyer’s point of view, the flip side is that banks are becoming ever more anxious and regard it essential to protect them from illegal activities. As a result of this concern lenders have restricted their panel of approved conveyancing lawyers to a size that they are happy to control.
We're in Needham Market, First timers buying with a mortgage (lender is Skipton , and our solicitor 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 conveyancer 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.
I am looking for a ground for flat up to £195,000 and identified one close by in Needham Market I like with a park and station nearby, the downside is that it only has 49 years on the lease. There is not much else in Needham Market for this price, so just wondered if I would be making a mistake purchasing a lease with such few years left?
Should you require a home loan the shortness of the lease will likely be a potential deal breaker. Discount the price by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for a minimum of twenty four months you could ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should consult your conveyancing lawyer concerning this.
How difficult is it to swap solicitor as I need to select one who is on the Britannia conveyancing panel. I hired a local conveyancing solicitor in Needham Market five minutes from me but she is not approved by Britannia
It would be our pleasure to help you select a conveyancing solicitor in Needham Market on the Britannia panel. Please note that the property lawyers that we work with do not pay us a referral fee if you instruct them and are registered with the SRA who regulate all conveyancing solicitors in Needham Market. Using the find a conveyancing solicitor tool on this website, you can compare and instruct different solicitors and conveyancers both nationally and in Needham Market.
I am employed by a reputable estate agency in Needham Market where we see a number of flat sales derailed as a result of leases having less than 80 years remaining. I have been given inconsistent advice from local Needham Market conveyancing firms. Please can you confirm whether the seller of a flat can start the lease extension process for the buyer?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the disposal of the property.
Alternatively, it may be possible to agree the lease extension with the freeholder 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.
Needham Market Conveyancing for Leasehold Flats - Sample of Questions you should ask Prior to buying
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Does this lease have in excess of 82 years left? The prefered form of lease arrangement is if the freehold reversion is owned by the leaseholders. In this arrangement the leaseholders benefit from being in charge if their destiny and even though a managing agent is usually retained if the building is larger than a house conversion, the managing agent acts for the leaseholders themselves.
A couple of months ago I was advised by my mortgage company that their panel lawyers operate no sale no fee basis for conveyancing in Needham Market. Our purchase aborted nevertheless the solicitors have invoiced for search fees! They are stating that the fees are seperate!
Needham Market conveyancing search costs are disbursements not solicitors fees as these are due to a third party.