I am nearing exchange of contracts for my ground floor flat in Walton on the Naze and the EA has just called to say that the buyers are appointing a new solicitor. The excuse is that the mortgage company will only deal with property lawyers on their approved list. On what basis would a leading lender only engage with certain solicitors rather the firm that they want to select for their conveyancing in Walton on the Naze ?
Mortgage companies have always had panels of law firms they are willing to work with, but in recent years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for decades.
Lenders point to the increase in fraud as the reason for the cull – criteria have been narrowed as a smaller panel is easier to maintain. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels. Some are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your purchasers are not going to have any sway in the decision.
Last November we completed a house move in Walton on the Naze. We have noticed several issues with the property which we believe were missed in the conveyancing searches. What action can we take? Can you clarify the nature of searches that should have been conducted for conveyancing in Walton on the Naze?
It is not clear from the question as to the nature of the problems and if they are relate to conveyancing in Walton on the Naze. Conveyancing searches and due diligence undertaken during the buying process are supposed to help avoid problems. As part of the legal transfer of property, the vendor answers a form known as a SPIF. If the information turns out to be incorrect, then you may have a claim against the owner for any losses that you have suffered. The survey should have identified any problems with the structure of the property. Assuming a detailed survey was carried out and the issues were not identified, you may have a claim against the surveyor. However, if you did not have a full survey, you may be responsible for fixing any defects that have now been noted. We would always encourage buyers to take every possible step to ensure they are completely aware of the condition of a property before purchase regardless of whether they are buying in Walton on the Naze.
We are selling our home in Walton on the Naze and the buyers lawyers are claiming that there is a possibility that the property was constructed on contaminated land. Any high street Walton on the Naze conveyancer would know this is not the case. It does beg the question why the purchasers instructed a web based conveyancing firm rather than a conveyancing solicitor in Walton on the Naze. Having lived in Walton on the Naze for six years we know that this is a non issue. Is it a good idea to get in touch with our local Authority to get clarification that the buyers are looking for.
It would appear that you have a conveyancing lawyer currently acting for you. Are they able to advise? You must enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same sickness)
Just had an offer accepted on a new build flat in Walton on the Naze. Conveyancing is a frightening process 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.
Here are examples of a selection of leasehold new build questions that you can expect your new-build leasehold conveyancing in Walton on the Naze
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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. There must be mutual enforceability of lessee’s covenants. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Please confirm the Lease plans are architect prepared.
Over the last few months I have been searching for a ground for flat up to £245,000 and found one near me in Walton on the Naze I like with amenity areas and railway links nearby, however it only has 52 years on the lease. I can't really find anything else in Walton on the Naze suitable, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you require a mortgage the shortness of the lease will be a potential deal breaker. Reduce the price by the anticipated lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for at least 2 years you can ask them to start the process of the extension and pass it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should consult your conveyancing lawyer about this matter.
I have been recommended by a few selling agents in Walton on the Naze to get a quote from a conveyancer using your seach tool. What’s the financial advantage for Estate Agents to market your services over and above another?
We refuse to give any financial incentive for sending work to this site. We thought it would be too underhand to pay a commission as a client could think, ‘How come the agent getting a kickback? Why aren’t I receiving any benefit too?’ So we decided to step away from that.