Me and my wife are acquiring property in Ware. My property lawyer is not on the mortgage company conveyancing list. Is it possible for me to retain my Ware conveyancing solicitor even though they are excluded from the mortgage company panel of approved conveyancing solicitors?
Your options include
- Carry on with your chosen Ware conveyancer but your mortgage company will undoubtedly instruct a solicitor on their approved list. The net result is additional charges together with probable frustration.
- Get a new lawyer to act in the purchase, ensuring that they are on the mortgage company conveyancing panel.
- Convince your property lawyer to pull out all the stops to get accepted on the bank’s panel of solicitors
My husband and I are acquiring a newly built duplex in Ware and my conveyancer is advising me that she has to the mortgage company to disclose incentives from the builder. I am on a tight deadline to exchange contracts and I would rather not delay deal. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your lawyer. A precondition to being on a bank panel is to comply with the UK Finance Lenders’ Handbook provisions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Are the BSA intent on creating a online directory to to identify practices on the Norwich and Peterborough Building Society conveyancing panel for example in Ware?
We would not expect to be advised of any plans on the part of the BSA to promote such a register.
It has been four months since my purchase conveyancing in Ware took place. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Due to the advice of my in-laws I had a survey completed on a property in Ware prior to retaining solicitors. I have been informed that there is a flying freehold element to the house. The surveyor has said that some banks tend refuse to grant a loan on such a premises.
It varies from the lender to lender. Santander has different requirements from Birmingham Midshires. If you call us we can look into this further with the relevant lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Ware. Conveyancing may be slightly more expensive based on your lender's requirements.
There are only Fifty years left on my lease in Ware. I now want to extend my lease but my landlord is can not be found. What options are available to me?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the magistrate. You will be obliged to prove that you or your lawyers have used your best endeavours to track down the freeholder. For most situations a specialist may be useful to try and locate and prepare a report which can be used as evidence that the freeholder is indeed missing. It is advisable to get professional help from a property lawyer both on proving the landlord’s absence and the vesting order request to the County Court overseeing Ware.
Ware Leasehold Conveyancing - A selection of Questions you should consider Prior to buying
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Please note if it is less than eighty years it will affect the marketability of the property. Check with your mortgage company that they are willing to lend given the lease term. A short lease means that you will most likely need a lease extension sooner rather than later and it is worth finding out how much this will be. Remember, in most cases you will be required to have been the owner of the premises for two years in order to be eligible to extend the lease. Are any of leasehold owners in dispute over their service charge liability? Are there any major works anticipated that will increase the service costs?