My wife and I are buying a 1 bedroom apartment in Penn with a mortgage. We have a Penn solicitor, however the lender advise she’s not on their "panel". We have to appoint one of the lender panel solicitors or retain our Penn property lawyer as well as pay for one of their panel lawyers to represent them. We consider that this is unjust; is there anything we can do?
Unfortunately,no. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the lender’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. Another option that might be available is for your Penn conveyancing solicitor to apply to be on the conveyancing panel.
Why is leasehold purchase conveyancing in Penn costs more?
The conveyancing costs on a leasehold property in Penn is inevitably more expensive when contrasted to a freehold acquisition or disposal. This is because there is an amount of extra work required in corresponding with the freeholder and management company to collate the evidence concerning whether the rent and maintenance charges have been paid and whether there are any large sums expected to be spent in the foreseeable future on repairs or maintenance of the block.
I have recentlybeen informed that Stirling Law have been shut down. They carried out my conveyancing in Penn for a purchase of a freehold house 9 months ago. How can I be sure that the property is not still registered in the name of the previous owner?
The easiest way to check if the property is registered to you, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Penn conveyancing specialists.
We're new to the buying process - agreed a price, but the agent told us that the vendor will only proceed if we instruct their recommended conveyancers as they need an ‘expedited deal’. Our preferred option is to instruct a high street conveyancer accustomed to conveyancing in Penn
We suspect that the seller is not behind this demand. Should the owner want ‘a quick sale', taking such a hostile approach to a motivated buyer is likely to cause more damage than good. Avoid the agents and go straight to the sellers and explain that (a)you are keen to buy (b)you are excited to move forward, with finances in place © you are chain free (d) you wish to move quickly (e)however you will continue to use your own,trusted Penn conveyancing solicitors - as opposed tothe ones that will provide the estate agent a kickback or meet his conveyancing figures set by corporate headquarters.
What are your top tips when it comes to finding a Penn conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a solicitor for your lease extension (regardless if they are a Penn conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of work. We advise that you speak with two or three firms including non Penn conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. The following questions might be of use:
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What are the charges for lease extension work? If they are not ALEP accredited then what is the reason?
Penn Leasehold Conveyancing - Sample of Queries before Purchasing
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You should be aware if it is fewer than eighty years it will affect the salability of the property. It is worth checking with your mortgage company that they are happy with the length of the lease. A short lease means that you will most likely need a lease extension at some point and it is worth finding out how much this would cost. For most Pennlease extensions you will need to own the premises for a couple of years before you are eligible to extend the lease. Make sure you enquire if there is anything that is prohibited in the lease. By way of example some leases prohibit pets being allowed in in a block in Penn. If you love the propertyin Penn yet your cat can’t make the move with you then you will be presented with a hard compromise. What is the annual maintenance fee and ground rent?
Are the Penn conveyancing lawyers identified as being on the bank conveyancing panel, together with their details provided by the bank?
Penn law firm practices and firms carrying out conveyancing in Penn themselves provide us confirmation that they are on the mortgage company conveyancing panel as opposed to being supplied with a list from the lender directly.