We are intending to purchase a 2 bedroom apartment in Nottingham with a mortgage. We have a Nottingham lawyer, but the lender says she’s not on their "panel". It appears that we have little option but to appoint one of the lender panel solicitors or keep our Nottingham solicitor as well as pay for one of their panel ones to represent them. This feels very unfair; is there anything we can do?
Unfortunately,no. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the bank’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 Nottingham conveyancing solicitor to apply to be on the conveyancing panel.
My brother and I have recently acquired a property in Nottingham. We have since encountered a number of problems with the house which we believe were missed in the conveyancing searches. Is there anything we can do? What searches should? have been carried out as part of conveyancing in Nottingham?
The query is not clear as to the nature of the problems and if they are specific to conveyancing in Nottingham. Conveyancing searches and investigations undertaken during the legal transfer of property are carried out to help avoid problems. As part of the process, a property owner answers a form called a SPIF. If the information is misleading, then you may have a claim against the vendor for any losses that you have suffered. The survey should have identified any problems with the structure of the property. Assuming a detailed survey was carried out and the issues were not identified, you may have a claim against the surveyor. However, if you did not have a full survey, you may be responsible for fixing any defects that have now been noted. We would always encourage buyers to take every possible step to ensure they are completely aware of the condition of a property before purchase regardless of whether they are buying in Nottingham.
We are buying a property and the conveyancer has identified Chancel Repair to which the house could be obligated to contribute to given it’s proximity to the area of such a church. He has recommended insurance. Is this really warranted for conveyancing in Nottingham
Unless a prior acquisition of the premises completed after 12 October 2013 you may expect conveyancing practitioners delivering conveyancing in Nottingham to continue to propose a a chancel search and or chancel repair liability insurance.
I was recommended by a number of property agents in Nottingham to choose a property lawyer on your site. What’s the financial incentive for Estate Agents to recommend your lawyers over a competitor’s?
We don’t give any commission for directing people in our direction. We found it would be just too difficult to pay a commission as a client could think, ‘Why is the agent getting a kickback? Why am I not getting any benefit too?’ We would prefer to grow our business on genuine recommendations.
I am using a search engine for the phrase on line conveyancing in Nottingham it reveals many conveyancersin the vicinity. With so much choice what is the best way to find the suitable conveyancing solicitor for purchase transaction?
The preferential method of seeking the right conveyancer is via personal recommendation, so ask colleagues and family who have purchased a property in Nottingham or the respected estate agent or mortgage broker. Fees for conveyancing in Nottingham differ, so it's sensible to request a minimum of four fee calculations from different law firms. Make sure that you clarify that the fees are fixed.
I am looking at a couple of flats in Nottingham which have in the region of forty five years remaining on the lease term. Will this present a problem?
There is no doubt about it. A leasehold apartment in Nottingham is a wasting asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it adversely affects the salability of the property. The majority of purchasers and banks, leases with under 75 years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Nottingham conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Nottingham Leasehold Conveyancing - A selection of Queries before Purchasing
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Is there a share of the freehold? Is anyone aware of any major works in the near future that will add a premium to the service costs? The best form of lease arrangement is if the freehold reversion is owned by the leaseholders. In this arrangement the tenants benefit from control and notwithstanding that a managing agent is frequently retained if it is bigger than a house conversion, the managing agent acts for the leaseholders themselves.