Am I correct in assuming that the fact that my solicitor in Stowmarket is not identified on my bank's solicitor panel that there is a problem with the standard of her conveyancing?
That would most likely be a wrong assumption to make. There are plenty of plausible explanations. A recent report by the solicitors regulator indicated that over three quarters of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) lack of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Where you are concerned you should contact the Stowmarket conveyancing practice and enquire why they are no longer on the approved list for your mortgage company.
Do the conveyancing lawyers identified via your search tool carry out auction conveyancing in Stowmarket?
There are a few niche lawyers we can put you in touch with those who can conduct auction conveyancing. Stowmarket is one of our areas of in which our lawyers have a presence.
I acquired my home on 1 June and the transaction details are still not on the land registry website. Need I be worried? My conveyancing solicitor in Stowmarket said it will be registered inside ten days. Are properties in Stowmarket particularly slow to register?
There is nothing unique about conveyancing in Stowmarket registration formalities. As opposed to being determined by geographic area, timeframes can vary subject to the party submitting the application, whether it is in order and if the Land registry have to notify any other persons or bodies. At present approximately 80% of such applications are fully dealt with in less than three weeks but some can be subject to extensive hold-ups. Registration occurs after the purchaser has moved in to the premises therefore an expedited registration is not usually top priority yet where there is a degree of urgency associated with the registration then you or your lawyers can communicate with the Registry to express the reasoning for an expedited registration.
I am buying a new build apartment in Stowmarket. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Set out below are examples of a selection of leasehold new build questions that you may expect your new-build leasehold conveyancing in Stowmarket
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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? Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Please supply evidence that the form of Lease proposed has been approved by the Land Registry. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company?
I've recently found out that there is a flying freehold issue on a property I have offered on last month in what should have been a straight forward, no chain conveyancing. Stowmarket is the location of the property. Can you offer any advice?
Flying freeholds in Stowmarket are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Stowmarket you would need to get your solicitor to go through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Stowmarket 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 residence.
Are there frequently found problems that you come across in leases for Stowmarket properties?
There is nothing unique about leasehold conveyancing in Stowmarket. Most leases are unique and legal mistakes in the legal wording can sometimes mean that certain provisions are missing. The following missing provisions could result in a defective lease:
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A provision for the recovery of money spent for the benefit of another party.
A defective lease can cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Lloyds TSB Bank, Norwich and Peterborough Building Society, and Bank of Ireland all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, obliging the buyer to withdraw.
Leasehold Conveyancing in Stowmarket - Sample of Questions you should ask Prior to Purchasing
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The prefered form of lease arrangement is where the freehold title is in the ownership of the leaseholders. In this situation the leaseholders have control and although a managing agent is usually employed where it is bigger than a house conversion, the managing agent retained by the leaseholders. It is important to be aware if redecorating or some other major work is coming up to be shared amongst the leasehold owners and could well dramatically impact the level of the maintenance fees or necessitate a specific payment. Is the freehold owned collectively by the tenants?