My husband and I are hoping to buy a 3 bedroom flat in Saxilby with a mortgage. We have a Saxilby solicitor, but the mortgage company says she’s not on their "panel". We have to appoint one of the lender panel firms or retain our Saxilby solicitor and pay for one of their panel firms to act for them. We consider that this is inequitable; are we not able to demand that the lender use our Saxilby conveyancing practitioner ?
Unfortunately,no. 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. Another option that might be available is for your Saxilby conveyancing lawyer to apply to be on the conveyancing panel.
I am under pressure from the executor of a property in Saxilby to sign contracts within four weeks. What can I do to speed up matters?
Where you are under a tight deadline to exchange it is advisable to make sure that your conveyancer is familiar with the location as they will have local contacts and insight. It is possible that they would have conducted otherhomes in the same neighbourhood. You would be best advised to use a Saxilby conveyancing solicitor. Second, be sure that the conveyancing firm is on the lender panel. It is said that just under twenty per cent of Saxilby conveyancing deals are suspended or jeopardised after discovering a buyer’s lawyer was not on their mortgage lender’s panel. In many cases this discovery resulted in the legal process being frustrated by almost 21 days. It is claimed that this issue affects in the region of 100,000 home sales every year. Most Saxilby conveyancing practices can not represent certain banks so do check as early as possible.
We note that you have a post code search directory identifying firms on the Coventry BS conveyancing panel. Do companies pay you a commission if I appoint them for our conveyancing in Saxilby?
We are a listing service only for law firms wishing to communicate if they are on the Coventry BS conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Saxilby.
My wife and I purchased a terraced Georgian property in Saxilby. Conveyancing solicitor acted for me and Barnsley Building Society. I did a free Land Registry search last week and there are a couple of entries: one for freehold, another for leasehold with the exact same address. If a house is not a freehold shouldn't I have been informed?
You need to assess the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Saxilby and other locations in the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also question the position with the conveyancing practitioner who conducted the purchase.
The estate agent has sent us the confirmation of our purchase of a new build flat in Saxilby. Conveyancing is daunting 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.
Set out below are examples of a few leasehold new build questions that you may expect your new-build leasehold conveyancing in Saxilby
-
Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Please provide evidence that the form of Lease proposed has been approved by the Land Registry. Please confirm the Lease plans are surveyor prepared. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose?
I own a leasehold flat in Saxilby. Conveyancing was finished in five years ago. I have read on numerous advice forums that I mustn’t let the the remaining lease term to get too low. What is the reasoning?
Saxilby leasehold properties are for a prescribed period - usually ninety nine years when they started. However many appartments in Saxilby were constructed or converted in the 70’s80’s and so such leases now have under eighty years unexpired. That may seem like plenty of time but Banks, Building Societies and other mortgage institutions tend to need leases to have a minimum of seventy five years remaining to be mortgageable. Accordingly when you come to sell the property you will need a lease extension if you are approaching eighty years. To increase your property value you should be thinking about whether or not to extend your lease long before you come to sell it. Furthermore advantages to taking action before the lease reaches even 80 years as when the lease falls below eighty years the amount you have to pay to extend starts to increase.