We are hoping to buy a 3 bedroom flat in Stansted with a mortgage. We would like to retain our Stansted solicitor, but the bank says he's not on their "panel". We have to appoint one of the mortgage company panel conveyancing practices or continue with our Stansted lawyer as well as pay for one of their panel firms to act for them. We feel that this is unjust; can we not demand that the lender use our Stansted property lawyer ?
No, not really. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the bank’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 Stansted conveyancing lawyer to apply to be on the conveyancing panel.
My lawyer in Stansted is not on the Chelsea Building Society Solicitor Panel. Can I still use my prefered solicitor notwithstanding that they are not on the Chelsea Building Society panel?
The limited options open to you here include:
- Complete the purchase with your preferred Stansted lawyers but Chelsea Building Society will need to retain a conveyancer on their list of acceptable firms. This will inevitably rack up the total conveyancing fees as well as result in frustration.
- Find a new lawyer to to deal with the purchase, remembering to check they are on the Chelsea Building Society panel
My wife and I have a semi-detached Edwardian property in Stansted. Conveyancing lawyer represented me and Bank of Ireland. I did a free Land Registry search last week and there are two entries: the first freehold, another for leasehold under the matching address. I thought I was buying a freehold how can I check?
You should assess the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Stansted 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 lenders. You can also question the situation with the conveyancing practitioner who conducted the purchase.
I am buying a new build apartment in Stansted. Conveyancing is necessary evil 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 should expect your new-build leasehold conveyancing in Stansted
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Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Please confirm the Lease plans are architect prepared. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Please supply a car parking plan.
In scouring the web for the words on line conveyancing in Stansted it shows results of many property lawyersin the area. How do I determine which is the suitable conveyancer for me?
The best way of choosing a suitable conveyancer is via personal recommendation, so enquire of friends and relatives who have bought a property in Stansted or a reputable estate agent or mortgage broker. Charges for conveyancing in Stansted vary, so it's advisable to obtain a minimum of three costs illustrations from varying types of solicitors. Dont forget to clarify that the fees are fixed.
I am a negotiator for a busy estate agent office in Stansted where we see a number of flat sales derailed as a result of short leases. I have been given inconsistent advice from local Stansted conveyancing firms. Could you confirm whether the seller of a flat can commence the lease extension formalities for the buyer?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having 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 prior to, or at the same time as completion of the disposal of the property.
An alternative approach is to agree the lease extension with the freeholder 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.
I acquired a 1 bedroom flat in Stansted, conveyancing was carried out 9 years ago. Can you please calculate a probable premium for a statutory lease extension? Equivalent flats in Stansted with a long lease are worth £179,000. The ground rent is £65 yearly. The lease ceases on 21st October 2083
With just 57 years left to run the likely cost is going to span between £26,600 and £30,800 as well as professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to provide the actual costs in the absence of detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There may be other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not take any other action based on this information without first getting professional advice.