Me and my partner are buying a 3 bedroom apartment in Stoke Sub Hamdon with a mortgage. We like our Stoke Sub Hamdon lawyer, however the lender advise she’s not on their "panel". We have to appoint one of the bank panel firms or retain our Stoke Sub Hamdon property lawyer as well as pay for one of their panel lawyers to represent them. We regard this is unjust; can we not demand that the mortgage company use our Stoke Sub Hamdon property lawyer ?
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. Another option that might be available is for your Stoke Sub Hamdon conveyancing lawyer to apply to be on the conveyancing panel.
Finally the sale completed on my house in Stoke Sub Hamdon last April but our buyer keeps texting daily complaining that her lawyer is waiting to hear from mine. What are the post completion sale legalities following completion?
Following your sale your conveyancer is obliged to forward the transfer deeds and all of the paperwork to the purchaser's solicitors. If applicable, your lawyer should also confirm that the home loan has been repaid to the purchasers conveyancers. There is unlikely to be post completion tasks peculiar conveyancing in Stoke Sub Hamdon.
I am considering applying for a Kent Reliance mortgage for purchase of a newly converted (under development) in Stoke Sub Hamdon with 70% LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Kent Reliance ?
In theory, you could use a solicitor that is not on the Kent Reliance conveyancing panel, but Kent Reliance would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same conveyancing matter.
I just acquired a flat at auction in Stoke Sub Hamdon. Conveyancing is needed. What happens now?
Now that you are legally bound yourself to purchase you will need to appoint a conveyancing lawyer soon as you will have a fast approaching a drop dead date to complete the transaction. Every auction property will have an associated legal set of papers. This should include evidence of title and search results. If you have purchased leasehold premises the conveyancing papers may provide a copy of the lease, management information and a sellers leasehold information form and associated conveyancing paperwork pertinent to leasehold premises. You need to give this to the conveyancer instructed by you at the earliest opportunity. You also need to ensure that you have funds in order to complete the transaction on the set completion date.
Please help - my lawyer says that lack of building regulations insurance is necessary on my purchase. What is the level of cover for Stoke Sub Hamdon conveyancing?
The right level of lack of building regulations indemnity insurance should be dictated by who your lender. It would differ for example between HSBC Bank and Bank of Scotland. Conveyancing solicitors as opposed to members of the public take out such policies.
Is there a list of Aldermore panel conveyancers in Stoke Sub Hamdon on the Building Society Association’s Website?
No. There is no such tool on the Council of Mortgage Lenders or Building Society Association websites. Very few lending institutions make their panel listings visible over the internet. Where you are seeking to appoint a Stoke Sub Hamdon conveyancer on the Aldermore please make the most of our facility.
Yesterday I discovered that there is a flying freehold issue on a property I put an offer in last month in what should have been a quick, no chain conveyancing. Stoke Sub Hamdon is where the house is located. What do you suggest?
Flying freeholds in Stoke Sub Hamdon are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Stoke Sub Hamdon you must be sure that your lawyer goes through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Stoke Sub Hamdon may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
I am employed by a busy estate agent office in Stoke Sub Hamdon where we have witnessed a few flat sales jeopardised as a result of short leases. I have received contradictory information from local Stoke Sub Hamdon conveyancing solicitors. Can you confirm whether the owner of a flat can initiate the lease extension formalities for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible 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 purchaser.
Leasehold Conveyancing in Stoke Sub Hamdon - Examples of Questions you should consider Prior to buying
-
Most Stoke Sub Hamdon leasehold properties will have a service charge for maintenance of the block levied on behalf of the freeholder. Where you purchase the apartment you will have to pay this contribution, usually in instalments during the year. This could differ from several hundred pounds to thousands of pounds for buildings with lifts and large communal areas. In all likelihood there will be a rentcharge for you to pay annual, this is usually not a significant sum, say about £50-£100 but you should to check as on occasion it can be prohibitively expensive. It would be wise to discover as much as possible concerning the managing agents as they will impact your use and enjoyment of the property. Being a leasehold owner you will be at the mercy of the managing agents from a financial perspective and when it comes to daily matters such as the cleanliness of the common parts. Ask prospective neighbours what they think of them. Finally, investigate as to the dates that the maintenance charges are due to the managing agents and precisely what you get for your money. It is important to be aware whether a new roof is being put on or some other major work is pending that will be shared amongst the leasehold owners and will dramatically impact the level of the maintenance fees or result in a one off payment.