I am selling my flat in Penkridge and the estate agent has just called to advise that the buyers are switching property lawyer. The reason given is that the lender will only engage with property lawyers on their approved list. On what basis would a big named mortgage company only engage with specific solicitors rather the firm that they want to appoint to handle their conveyancing in Penkridge ?
UK lenders have always had an approved set of law firms they are willing to work with, but in the past few years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for over 25 years.
Banks point to the increase in fraud as the reason for the cull – criteria have been narrowed as a smaller panel is easier to maintain. Banks tend not to reveal 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 do not even realise 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 not going to have any sway in the decision.
Why is leasehold purchase conveyancing in Penkridge is more expensive?
In short, leasehold conveyancing in Penkridge and elsewhere usually warrants extra due diligence compared to freehold transactions. This includes lease investigation, communicating with the landlord concerning serving appropriate notices, procuring current 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 leaseholders have owned the lease since it was first entered into.
Will commercial conveyancing searches disclose proposed roadworks that could impact a commercial site in Penkridge?
Many commercial conveyancing solicitors in Penkridge will order a SiteSolutions Highways report as it dramatically cuts the time that conveyancers invest in looking into accurate data on highways that impact buildings and development assets in Penkridge. The report sets out definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Penkridge.
For each commercial conveyancing transaction in Penkridge it is critical to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been dealt with adequately could cause delays to Penkridge commercial conveyancing transactions as well as pose a risk to future intentions for the site. These searches are not conducted for domestic conveyancing in Penkridge.
I am looking for a ground for flat up to £245,000 and identified one round the corner in Penkridge I like with amenity areas and station in the vicinity, however it only has 49 years unexpired on the lease. There is not much else in Penkridge suitable, so just wondered if I would be making a grave error buying a lease with such few years left?
If you require a mortgage the shortness of the lease may be an issue. Discount the offer by the amount the lease extension will cost if not already taken into account. If the existing owner has owned the property for at least 2 years you can ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should consult your conveyancing lawyer about this matter.
What does commercial conveyancing in Penkridge cover?
Penkridge conveyancing for business premises incorporates a wide range of guidance, provided by regulated solicitors, relating to business premises. For example, this type of conveyancing can cover the sale or purchase of freehold business premises or, more usually, the transfer of existing leases or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial loans and the termination of leases.
I am purchasing a garden flat in Penkridge. Conveyancing solicitor has been waiting for, from the vendor, building insurance schedule. This afternoon I was informed that the owner needs to send the insurance documents for the flat above also. Why does my conveyancing practitioner want to check the insurance for the other flat? Is it strictly required? We have been in hold for the previous 3 weeks…
It is not unheard of in leasehold conveyancing in Penkridge to discover Conveyancing in Penkridge in a minority of cases reveals that the lease provides for the tenant's to insure their individual flats rather than the landlord insuring the whole property - which is clearly better. Do clarify with your conveyancer but it would appear that your conveyancer is attempting to verify that the whole building is insured. Insuring your residence is no help when it comes to rebuilding after a fire if the other flat cannot be rebuilt due to lack of insurance cover.