I am not well enough to travel far from Presteigne. Is there a reason why all Presteigne property lawyers aren't automatically on all bank panels?
Even though it may seem unfair for mortgage companies to limit who can act for them, from the public’s or solicitor’s perspective, the flip side is that banks are increasingly anxious and feel it necessary to shield themselves against illegal activities. As a consequence of this concern mortgage companies are limiting their conveyancing panel to a manageable size.
When it comes to mortgage companies such as Kent Reliance, do Presteigne solicitors have to pay an annual charge to be on the list of approved solicitors?
We are not aware of any mortgage company fees to register on their list of approved firms, although some do charge an administration charge to deal with the processing of the conveyancing panel application.
I have today made my last payment due on my mortgage with Bank of Ireland. I assume I don't need a Presteigne conveyancer on the Bank of Ireland panel to remove the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Bank of Ireland mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Bank of Ireland mortgage from the register. Bank of Ireland, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Bank of Ireland has sent the Land Registry the discharge electronically, and
- Bank of Ireland has instructed the Land Registry to do so
After shopping around on the internet I have found a Presteigne property lawyer having made sure that they are on the Aldermore conveyancing panel. Does my lawyer arrange the survey of the property?
Aldermore will need an independent valuation of the property. Your lawyer will not arrange this. Usually Aldermore will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your property lawyer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Presteigne postcode. As you are getting a mortgage with Aldermore, you could contact them to see if they have a list of approved surveyors in Presteigne.
Various web forums that I have frequented warn that are a common cause of obstruction in Presteigne house deals. Is that correct?
The Council of Property Search Organisations (CoPSO) published conclusions of a review by MoveWithUs that conveyancing searches do not feature amongst the top 10 causes of hindrances in the conveyancing process. Searches are not likely to be the root cause of holding up conveyancing in Presteigne.
Are there restrictive covenants that are commonly picked up during conveyancing in Presteigne?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Presteigne. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
How does conveyancing in Presteigne differ for new build properties?
Most buyers of new build residence in Presteigne approach us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the premises is finished. This is because developers in Presteigne usually purchase the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Presteigne or who has acted in the same development.
Are there common problems that you encounter in leases for Presteigne properties?
There is nothing unique about leasehold conveyancing in Presteigne. Most leases are individual and drafting errors can sometimes mean that certain provisions are not included. For example, if your lease is missing any of the following, it could be defective:
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Repairing obligations to or maintain elements of the property
A defective lease can cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Accord Mortgages Ltd, Chelsea Building Society, and Alliance & Leicester all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the purchaser to withdraw.
Leasehold Conveyancing in Presteigne - A selection of Questions you should consider Prior to buying
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The prefered form of lease structure is a share of the freehold. In this situation the tenants benefit from control and although a managing agent is usually employed where it is bigger than a house conversion, the managing agent employed by the leaseholders. What is the name of the managing agents? This information is helpful as a) areas could cause problems in the block as the communal areas may start to deteriorate if repairs are not paid for b) if the tenants have an issue with the managing agents you will wish to have all the details