Me and my partner are purchasing a 2 bedroom flat in Prestbury with a mortgage. We wish to retain our Prestbury conveyancer, but the bank says he's not on their "panel". It appears that we have no option but to use one of the bank panel conveyancing practices or continue with our Prestbury conveyancer and pay for one of their panel firms to act for them. This feels very unfair; are we not able to insist that the lender use our Prestbury lawyer ?
No, not really. The mortgage offered to you 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 Prestbury conveyancing solicitor to apply to be on the conveyancing panel.
My husband and I are buying a newly built apartment in Prestbury and my solicitor is advising me that she has to the bank to reveal incentives from the builder. I am nearing the developer’s deadline to exchange and I don't want to delay deal. Is my lawyer right?
You should not exchange unless you have been advised to do so by your solicitor. A precondition to being on a bank panel is to comply with the UK Finance Lenders’ Handbook requirements. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
The Prestbury conveyancing firm that I appointed last week on my purchase in Prestbury have without warning closed. I only went with them because I had to have a solicitor on the Barclays conveyancing panel and my family Prestbury lawyer was not. I paid them funds on account. What do I do now?
Assuming that you have an Estate Agent in the equation then let them know straight away so that they advise the vendors that there may be a slight delay due to the problems encountered. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the Barclays conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new lawyers may be able to assist.
I am looking for a leasehold apartment up to £305k and found one round the corner in Prestbury I like with a park and transport links in the vicinity, the downside is that it only has 52 years unexpired on the lease. I can't really find anything else in Prestbury in this price bracket, so just wondered if I would be making a mistake acquiring a lease with such few years left?
If you require a mortgage the shortness of the lease will 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 at least 2 years you can 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 term and have £0 ground rent by law. You should speak to your conveyancing lawyer regarding this matter.
How can the Landlord & Tenant Act 1954 affect my business premises in Prestbury and how can you help?
The 1954 Act gives a safeguard to commercial leaseholders, granting the right to make a request to court for a new tenancy and continue in occupation when the lease reaches an end. There are limited grounds where a landlord can refrain from granting a lease renewal and the rules are involved. We are happy to direct you to commercial conveyancing firms who use the act to your advantage and help with commercial conveyancing in Prestbury
Having checked my lease I have discovered that there are only 68 years unexpired on my flat in Prestbury. I am keen to get lease extension but my landlord is missing. What are my options?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the Court. You will be obliged to demonstrate that you have made all reasonable attempts to locate the lessor. In some cases a specialist should be useful to conduct investigations and to produce a report which can be used as evidence that the freeholder can not be located. It is advisable to get professional help from a property lawyer both on devolving into the landlord’s disappearance and the application to the County Court overseeing Prestbury.
Leasehold Conveyancing in Prestbury - Sample of Questions you should ask Prior to buying
-
You should be aware if it is less than 80 years it will have adverse implications on the value of the apartment. Check with your lender that they are content with the length of the lease. A short lease means that you will most likely need a lease extension at some point and you need to have some idea of how much this would cost. For most Prestburylease extensions you will need to own the property for 24 months in order to be eligible to carry out a lease extension. What prohibitions are contained in the Prestbury Lease? What is the name of the managing agents?