We are planning to purchase a 2 bedroom apartment in West Molesey with a mortgage. We like our West Molesey conveyancer, but the bank advise she’s not on their "panel". It seems we have no choice but to instruct one of the lender panel conveyancing practices or keep our West Molesey lawyer as well as pay for one of their panel ones to represent them. We regard this is unjust; are we not able to insist that the lender use our West Molesey 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 West Molesey conveyancing lawyer to apply to be on the conveyancing panel.
Me and my partner are due to complete buying a house in West Molesey but as a result of damage from a small fire at the property I have managed to agree compensation from the vendor of £3k in the form of a reduction in the price. This was going to be addressed as part of the conveyancing process but Yorkshire BS will not permit this. Why were they involved?
The lawyer being on a Yorkshire BS approved list is required to advise Yorkshire BS of any changes to the purchase price. If you were to refuse your conveyancer to disclose the price change to Yorkshire BS then they would have to discontinue acting for you. In addition, Yorkshire BS and you would have to appoint a new lawyer for your conveyancing in West Molesey.
How up to date is your search tool for West Molesey conveyancing solicitors on the Aldermore conveyancing panel? Do Aldermore send you an updated list?
West Molesey conveyancing firms themselves provide us confirmation that they are on the Aldermore conveyancing panel as opposed to being supplied with a list from Aldermore directly.
I am buying a new build apartment in West Molesey. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Here are examples of a few leasehold new build questions that you should expect your new-build leasehold conveyancing in West Molesey
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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. Forfeiture - bankruptcy or liquidation must not apply under this provision. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Please supply a car parking plan. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents.
How can the Landlord & Tenant Act 1954 affect my commercial property in West Molesey and how can you help?
The 1954 Act gives protection to business tenants, giving them the legal entitlement to make a request to court for a continuation of occupancy when the lease reaches an end. There are certain specified grounds where a landlord can refuse a lease renewal and the rules are complex. We are happy to direct you to commercial conveyancing firms who use the act for protection and handle your commercial conveyancing in West Molesey
I own a leasehold flat in West Molesey. Conveyancing was finished in 21012. I have heard that I mustn’t let the lease length fall too short. What is the reasoning?
West Molesey domestic long term leases are for a prescribed term - often 99 years when they commenced. However many appartments in West Molesey were built or converted in the 70’s80’s and so these leases now have fewer than 80 years left to run. That may sound like plenty of time however Banks, Building Societies and other mortgage companies on the whole require leases to have a minimum of 75 years left to adequate security. Accordingly when you come to sell the property you will need a lease extension if you are nearing seventy five years. To maximise your property value you should be thinking about whether to extend your lease well in advance of selling the property. Furthermore significant benefits to taking action before the lease hits 80 years as when the lease is less than 80 years the amount you have to pay to extend starts to get a lot more expensive.