Unfortunately I am unable to travel far from Southend On Sea. Please explain the reason why all Southend On Sea solicitors are not on all bank panels?
Banks highlight the fact that solicitor-led fraud is considered to be responsible for millions of pounds of fraud annually.The removal of law firms off of lender panels started with the rise in mortgage fraud, which prompted a thematic review by the Financial Services Authority in 2011. Its outcome included recommendations for mortgage companies to review their conveyancing panels, which kicked off a major policy change in the sector. This resulted in mortgage companies removing a number of firms off their books of approved conveyancers .
I am under pressure from the owner of a property in Southend On Sea to sign contracts within four weeks. What can I do to expedite matters?
Where the seller is applying time constraints for your conveyancing it is highly recommended that your solicitor is familiar with the area as they will benefit local connections and knowledge. It is even conceivable that they could have conducted previousproperties in the same street. Therefore consider using a Southend On Sea conveyancing firm. In addition, check that the conveyancing firm is on the lender panel. It is said that just under twenty per cent of Southend On Sea conveyancing deals are held up or jeopardised after finding out that a purchaser’s solicitor was not on their mortgage lender’s panel. In many cases this discovery resulted in the transaction being delayed by as much as three weeks. It is claimed that this issue impacts in the region of one hundred thousand home moves every year. Most Southend On Sea conveyancing firms can not represent certain lenders so do check as early as possible.
Is there a reason why leasehold purchase conveyancing in Southend On Sea is more expensive?
In summary, leasehold conveyancing in Southend On Sea and elsewhere usually requires more hours of investigation compared to freehold transactions. This includes lease investigation, corresponding with the landlord concerning the service of appropriate notices, procuring up-to-date service charge and management information, procuring the landlord’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – no matter how many different proprietor have owned the lease since it was first entered into.
My flat in Southend On Sea is up for sale and I have a purchaser. Does the solicitor have to be required to be on the Coventry BS conveyancing panel in order to deal with repayment of my mortgage?
Ordinarily, even if your lawyer is not on the Coventry BS conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their conditions fairly frequently at the moment.
I am tempted by the attractive purchase price for a two flats in Southend On Sea which have approximately 50 years left on the leases. Will this present a problem?
There are no two ways about it. A leasehold apartment in Southend On Sea is a wasting asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it reduces the salability of the property. The majority of buyers and mortgage companies, leases with under 75 years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Southend On Sea conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Southend On Sea Leasehold Conveyancing - Sample of Questions you should ask Prior to Purchasing
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Who manages the building? You should be aware if it is fewer than eighty years it will have adverse implications on the value of the flat. Check with your mortgage company that they are content with residual term of the lease. A short lease means that you will most likely require a lease extension sooner rather than later and you need to have some idea of how much this would cost. Remember, in most cases you will be required to have been the owner of the residence for 24 months before you are legally able to extend the lease. This question is useful as a) areas may result in problems in the block as the communal areas may begin to deteriorate where repairs are not paid for b) if the leaseholders have a dispute with the managing agents you will need to have all the details
Is it necessary during the course of the conveyancing process to pop into the offices of the lender conveyancing panel solicitor to sign the legal charge? If so, I will choose one who does conveyancing in Southend On Sea so that I can attend their offices if necessary.
As opposed to 12 years ago, most lenders no longer require their conveyancing panel solicitor to witness the borrowers signature. You will still be obliged to provide ID Documents and there are still distinct advantages to using a local solicitor, in your case a conveyancing solicitor in Southend On Sea.