Is there a reason why leasehold purchase conveyancing in The Meadows is more expensive?
The conveyancing fees for a leasehold premises in The Meadows is inevitably higher as compared to a freehold acquisition or disposal. This is because there is an amount of additional time required in corresponding with the freeholder and managing agents to obtain information concerning whether the rent and maintenance charges have been paid and whether there are any large sums expected to be spent in the foreseeable future on repairs or maintenance of the building.
When looking at consumer advice sites for an affordable solicitor in The Meadows, most advise that I must use a CQS accredited solicitor. Can you explain what CQS is?
The Meadows Conveyancing Quality Scheme solicitors have been granted certification by the law Society The Law Society established CQS to establish evidence of quality standards in the in the legal transfer of properties. CQS helps consumers to identify solicitor firms who provide a quality residential conveyancing. The Meadows is one of locations in England and Wales in which accredited firms are located. The scheme requires practices to undergo a strict assessment, compulsory training, self-certification, random audits and annual reviews in order to maintain CQS status. It is open only to members of the Law Society who meet the demanding standards set by the scheme and has the support of the Association of British Insurers.
How does conveyancing in The Meadows differ for new build properties?
Most buyers of new build or newly converted property in The Meadows contact us having been asked by the builder to exchange contracts and commit to the purchase even before the residence is completed. This is because house builders in The Meadows tend to buy the site, 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 property lawyers 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 used to new build conveyancing in The Meadows or who has acted in the same development.
Over the last few months I have been searching for a ground for flat up to £305k and found one close by in The Meadows I like with amenity areas and transport links nearby, the downside is that it only has 61 remaining years left on the lease. I can't really find anything else in The Meadows suitable, so just wondered if I would be making a mistake acquiring a lease with such few years left?
Should you require a mortgage the remaining unexpired lease term will likely be problematic. Discount the offer by the expected lease extension will cost if not already taken into account. If the existing owner has owned the premises for a minimum of twenty four months you may request that they commence the lease extension formalities and pass it to you. You can add 90 years to the current lease with a zero ground rent applied. You should consult your conveyancing solicitor regarding this matter.
Should I be wary about 3rd parties that I am dealing with are suggesting a factory type conveyancing firm as opposed to a local The Meadows conveyancing company?
As is the case with lots of professional services, often suggestions from connections can be extremely useful or valuable. Nevertheless there are many players in a conveyancing matter; estate agents, financial adviser and banks might all recommend conveyancers to select. On occasion the lawyers might be known to one of the organisations as experts in their field, but occasionally there might be a financial incentive behind the recommendation. You are free to select your own lawyer. You need to be aware that some mortgage providers have an approved list of law firms you have to use for the lender aspect of your home move.
My 20yr old son is just in the process of moving home, he had his mortgage in principle. After the seller agreed the offer on the apartment we contacted the mortgage institution to progress the mortgage application. I was shocked to hear that banks do not accept all property lawyer, they must be on their panel, is this legal?
Mortgage Companies ordinarily imposes restrictions either the type or the number of conveyancing firms on their panel. A common example of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that banks have no responsibility for the quality of advice provided by any The Meadows property lawyer on their panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, conveyancing is not their speciality. To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime? Probably not.