We are buying a 2 bedroom flat in Southport with a mortgage. We like our Southport conveyancer, but the lender advise she’s not on their "panel". It seems we have little option but to select one of the lender panel firms or retain our Southport solicitor and pay for one of their panel firms to act for them. This feels very unfair; can we not require that the bank use our Southport solicitor ?
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. A further alternative is for your Southport conveyancing lawyer to apply to be on the conveyancing panel.
Completed the sale of my flat in Southport last March yet the purchaser is whats apping me to moan that their lawyer is waiting to hear from myconveyancer. What are the post completion sale legalities following completion?
Post completion of your disposal your conveyancer should deliver the transfer deeds and all of the paperwork to the buyer’s solicitors. Where relevant, your conveyancer should also send confirmation that the mortgage has been paid off to the purchasers conveyancers. There are no post completion tasks just for conveyancing in Southport.
I had intended to instruct a conveyancing solicitor in Southport for our house purchase. Our broker has since notified us that our bank Virgin Money won't deal with them. Surely this is unduly restrictive?
Pre- 2008 most lenders had an appetite for risk which was higher than today. Almost all Southport conveyancing firms would have been on many lender panels. The Financial Services Authority in 2010 conducted a thematic investigation into mortgage fraud which concluded: mortgage lenders should know the conveyancing solicitors dealt with. Consequently, lenders are increasingly seeing more information from law firms relating to their operations and the individuals who work for them as well as set certain criteria such a completing on a minimum amount of transactions. Many Southport conveyancing firms that have been excluded from lender panels have Unblemished track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Southport is one of the thousands of locations where the lawyers we recommend are are approved Virgin Money.
How does conveyancing in Southport differ for new build properties?
Most buyers of new build property in Southport contact us having been asked by the seller to sign contracts and commit to the purchase even before the premises is ready to move into. This is because new home sellers in Southport usually acquire the land, 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 conveyancing solicitors 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 accustomed to new build conveyancing in Southport or who has acted in the same development.
My father has suggested that I instruct his conveyancing solicitors in Southport. Should I use them?
No doubt the ideal way to select a conveyancing lawyer is to get recommendations from friends or relatives who have previously instructed the conveyancer that you are are thinking of instructing.
Jane (my partner) and I may need to rent out our Southport garden flat for a while due to taking a sabbatical. We instructed a Southport conveyancing practice in 2002 but they have since shut and we did not think at the time seek any guidance as to whether the lease allows us to sublet. How do we find out?
Your lease dictates the relationship between the landlord and you the flat owner; in particular, it will indicate if subletting is banned, or permitted but only subject to certain caveats. The accepted inference is that if the lease contains no specific ban or restriction, subletting is permitted. Most leases in Southport do not contain subletting altogether – such a provision would adversely affect the market value the flat. In most cases there is simply a requirement that the owner notifies the freeholder, possibly sending a duplicate of the tenancy agreement.
Southport Leasehold Conveyancing - Sample of Questions you should consider Prior to Purchasing
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The majority of Southport leasehold flats will incur a service bill for the upkeep of the block set by the management company. If you acquire the apartment you will have to pay this contribution, usually in instalments during the year. This can vary from a couple of hundred pounds to thousands of pounds for bigger purpose-built blocks. There will also be a rentcharge for you to pay annual, normally this is not a exorbitant amount, say about £50-£100 but you should to enquire as occasionally it could be many hundreds of pounds. Is there a share of the freehold? You should want to discover as much as possible about the managing agents as they can either make living at the property much simpler or problematic. Being a leasehold owner you are frequently in the clutches of the managing agents from a financial perspective and when it comes to practical matters such as the tidiness of the common parts. Don't be afraid to ask other tenants what they think of them. Finally, be sure you discover the dates that the service charges are due to the managing agents and specifically how they are spending the funds.