We are purchasing a 3 bedroom apartment in Sandgate with a mortgage. We wish to retain our Sandgate conveyancer, but the lender advise he's not on their "panel". It seems we have little choice but to use one of the bank panel firms or continue with our Sandgate lawyer and pay for one of their panel firms to represent them. We feel that this is unjust; is there anything we can do?
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 Sandgate conveyancing lawyer to apply to be on the conveyancing panel.
Our Sandgate lawyer has spotted a difference between the information in the valuation report and what is in the conveyancing documents. My lawyer has advised that he is duty bound to check that the lender is happy with this discrepancy and is still content to lend. Is my lawyer’s course or action appropriate?
Your property lawyer must comply with the UK Finance Lenders’ Handbook requirements which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
Various internet forums that I have frequented warn that are a common cause of delay in Sandgate conveyancing transactions. Is this right?
The Council of Property Search Organisations (CoPSO) has noted the findings of research by MoveWithUs that conveyancing searches do not feature within the most frequent causes of delays in the conveyancing process. Local searches are not likely to be the root cause of slowing down conveyancing in Sandgate.
I am buying a new build apartment in Sandgate. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Here is a sample of a selection of leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Sandgate
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The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease.
I opted to have a survey completed on a property in Sandgate before retaining solicitors. I have been advised that there is a flying freehold aspect to the property. Our surveyor has said that some mortgage companies tend refuse to issue a loan on this type of home.
It depends who your proposed lender is. HSBC has different requirements for example to Nationwide. Should you wish to telephone us we can look into this further via the relevant lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Sandgate. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Sandgate to see if the conveyancing will be more expensive.
I am a negotiator for a reputable estate agent office in Sandgate where we have experienced a few flat sales put at risk due to short leases. I have received conflicting advice from local Sandgate conveyancing firms. Could you clarify whether the owner of a flat can initiate the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the sale.
An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
Sandgate Leasehold Conveyancing - A selection of Questions you should ask Prior to Purchasing
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Can you inform me if there are any major works on the horizon that could increase the service fees? Make sure you find out if there are any onerous prohibitions in the lease. By way of example it is very common in Sandgate leases that pets are not permitted in certain buildings in Sandgate. If you love the flatin Sandgate yet your dog is not allowed to live with you then you have a very hard determination. The answer will be important as a) areas can result in problems for the building as the communal areas may begin to deteriorate if maintenance are not paid for b) if the tenants have a dispute with the running of the building you will want to have all the details