My fiance and I are hoping to purchase a home in Pitsea and are in fact using a Pitsea conveyancing firm. Within the last couple of days our conveyancer has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. The Royal Bank of Scotland have this morning contacted us to advise us that there is now an issue as our Pitsea lawyer is not on their conveyancing panel. Please explain?
When purchasing a property with mortgage finance it is standard for the purchasers' lawyers 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 Pitsea solicitors, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.
I require expedited conveyancing in Pitsea as I am faced with pressure to sign on the dotted line within one month. Thankfully I do not need a mortgage. Can I avoid the conveyancing searches to save fees and time?
If.Given you are are a mortgage free buyer you are at free not to do searches although no law firm would recommend that you don't. With lots of history conveyancing in Pitsea the following are examples of what can be revealed and adversely impact future mortgageability: Refused Planning Applications, Overdue Fees, Overdue Grants, Railway Schemes,...
Due to the input of my in-laws I had a survey completed on a house in Pitsea prior to appointing conveyancers. I have been told that there is a flying freehold overhang to the property. My surveyor has said that some mortgage companies tend refuse to give a loan on this type of property.
It depends who your proposed lender is. Lloyds has different instructions from Halifax. Should you wish to call us we can investigate further via the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Pitsea. Conveyancing will be smoother if you use a solicitor in Pitsea especially if they are acquainted with such properties in Pitsea.
What tools are available to locate a Pitsea solicitor on the Britannia conveyancing panel? I have wheels and am prepared to travel upto 25miles to meet the solicitor.
Feel free to make use of the facility on this website. Please choose the mortgage company and your location and you will see a number of Pitsea conveyancing lawyers located nearest you. We have detailed some Pitsea conveyancing firms towards the end of this page and you can telephone them to verify if they are on the Britannia approved list
I am looking at a couple of flats in Pitsea both have about fifty years unexpired on the leases. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold apartment in Pitsea is a wasting asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it reduces the value of the premises. The majority of purchasers and banks, leases with less than eighty years become less and less marketable. 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 property 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 property 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 Pitsea 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. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. 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.
Pitsea Conveyancing for Leasehold Flats - A selection of Questions you should ask Prior to Purchasing
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Who are the managing agents? Most Pitsea leasehold apartments will be liable to pay a service charge for maintenance of the building set on behalf of the management company. If you acquire the apartment you will have to pay this amount, normally quarterly accross the year. This may be anything from a couple of hundred pounds to thousands of pounds for blocks with lifts and large common areas. In all likelihood there will be a ground rent for you to pay yearly, this is usually not a large figure, say around £25-£75 but you need to enquire it because sometimes it can be surprisingly expensive. Are there any major works in the near future that will likely increase the service fees?
My wife and I are buying a first floor flat in Pitsea. When we first instructed solicitor, they assured us that they were on all major UK mortgage company panels. The financial adviser emailed today to advise that they don't appear to be on the Santander approved list. If it turns out to be true, what should we do? Should we simply choose a different lawyer that is on their approved list or should we cover the costs for separate representation, with Santander selecting their own preferred solicitor.
Where you are buying a property requiring a mortgage it is standard for the buyer’s solicitors to also represent the purchaser's lender. In order to act for a bank or building society a lawyer has to be on that lender's list of approved lawyers. An application has to be made by the conveyancing practitioner to the lender to become a member of the lender's panel and there are increasingly strict conditions which the conveyancing practitioner has to fulfill. Some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your solicitor should call Santander and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You don't have to instruct a firm on Santander's conveyancing panel and you may continue to use your own Pitsea solicitors, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.