Me and my fiance are intending to acquire a 2 bedroom flat in Robin Hoods Bay with a mortgage. We wish to retain our Robin Hoods Bay solicitor, however the lender says he's not on their "panel". It seems we have little option but to select one of the lender panel firms or keep our Robin Hoods Bay conveyancing practitioner as well as pay for one of their panel lawyers to act for them. This seems very unfair; are we not able to demand that the bank use our Robin Hoods Bay solicitor ?
No, not really. 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. A further alternative is for your Robin Hoods Bay conveyancing lawyer to apply to be on the conveyancing panel.
My wife and I are refinancing our penthouse in Robin Hoods Bay with UBS. We have a son 18 who lives at home. Our solicitor has asked us to disclose any adults other than ourselves who reside at the property. Our lawyer has now e-mailed a document for our son to sign, giving up any rights in the event that the apartment is repossessed. I have two questions (1) Is this document specific to the UBS conveyancing panel as he did not need to sign this form when we purchased 5 years ago (2) In signing this form is our son in any way compromising his right to inherit the property?
First, rest assured that your UBS conveyancing panel solicitor is doing the right thing as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to UBS. This is solely used to protect UBS if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave. It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of UBS had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
Just had an offer accepted on a new build apartment in Robin Hoods Bay. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Set out below is a sample of a selection of leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Robin Hoods Bay
-
Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. Please confirm the Lease plans are architect prepared. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme.
Is it simple use the search app to choose a conveyancing solicitor in Robin Hoods Bay on the approved list for my lender?
Step one is to choose a bank such as HSBC Bank, Leeds Building Society or Nottingham Building Society then type in your location for instance Robin Hoods Bay. Conveyancing practices in Robin Hoods Bay and nationally will then be shown.
I've found a house that seems to be perfect, at a reasonable price which is making it all the more appealing. I have subsequently found out that it's a leasehold as opposed to freehold. I am assuming that there are particular concerns buying a leasehold house in Robin Hoods Bay. Conveyancing solicitors have are about to be instructed. Will they explain the issues?
The majority of houses in Robin Hoods Bay are freehold rather than leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area who can assist with the conveyancing process. We note that you are buying in Robin Hoods Bay so you should seriously consider looking for a Robin Hoods Bay conveyancing practitioner and check that they have experience in advising on leasehold houses. First you will need to check the unexpired lease term. As a lessee you will not be at liberty to do whatever you want to the property. The lease will likely included provisions for example requiring the freeholder’sconsent to carry out changes to the property. It may be necessary to pay a contribution towards the maintenance of the communal areas where the house is located on an estate. Your solicitor will report to you on the legal implications.
Leasehold Conveyancing in Robin Hoods Bay - Sample of Queries Prior to Purchasing
-
How is the lease structured? Generally speaking the cost for major works tend not to be built into the maintenance charges, albeit that there some managing agents in Robin Hoods Bay require leaseholders to contribute towards a sinking fund created for the specific purpose of building a fund for major repairs or maintenance.
I am just shy of a 10% deposit on my flat purchase in Robin Hoods Bay , but I am keen proceed. Do I have options?
One option is to try and agree a lesser deposit. Most property owners will agree to a lesser deposit or even no deposit for a first time buyer or 100% mortgage. Be aware though that if you fail to complete you will still need to hand over a minimum of 10% of the purchase price regardless of how much deposit was agreed.
You can also agree a simultaneous exchange and completion as no deposit is required for this however neither party will be tied in until completion actually takes place and it can be risky if sellers change their mind at the last moment