We are hoping to acquire a 1 bedroom apartment in Whittlesey with a mortgage. We have a Whittlesey conveyancer, however the bank advise he's not on their "panel". We have to appoint one of the bank panel conveyancing practices or keep our Whittlesey lawyer as well as pay for one of their panel lawyers to represent them. This feels very unfair; are we not able to demand that the bank use our Whittlesey solicitor ?
Unfortunately,no. 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. A further alternative is for your Whittlesey conveyancing solicitor to apply to be on the conveyancing panel.
My Whittlesey conveyancer has uncovered a discrepancy when comparing the information in the valuation survey and what is in the legal papers for the property. My solicitor says that he must ensure that the lender is happy with this discrepancy and is still content to lend. Is my conveyancer’s course or action appropriate?
Your lawyer must comply with the UK Finance Lenders’ Handbook specifications which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
My Solicitor in Whittlesey is not on the Britannia Conveyancing Panel. Can I still continue with my prefered solicitor notwithstanding that they are not on the Britannia panel of approved conveyancing solicitors?
Your options are as follows:
- Complete the purchase with your existing Whittlesey solicitors but Britannia will need to retain a lawyer on their list of acceptable firms. This will result in additional total conveyancing fees as well as cause delays.
- Get an alternative lawyer to act in the conveyancing, not forgetting to check they are Britannia approved.
- Try to convince your Britannia based solicitor to seek to join the Britannia panel
How does conveyancing in Whittlesey differ for new build properties?
Most buyers of new build property in Whittlesey approach us having been asked by the seller to exchange contracts and commit to the purchase even before the property is ready to move into. This is because builders in Whittlesey usually buy the real estate, 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 conveyancing solicitors 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 Whittlesey or who has acted in the same development.
I have been on the look out for a ground for flat up to £235,500 and identified one close by in Whittlesey I like with a park and railway links nearby, the downside is that it's only got 49 remaining years left on the lease. I can't really find anything else in Whittlesey for this price, so just wondered if I would be making a grave error buying a lease with such few years left?
Should you require a mortgage the shortness of the lease may be a potential deal breaker. Reduce the price by the amount the lease extension will cost if it has not already been discounted. If the existing owner has owned the property for at least 2 years you can ask them to start the process of the extension and then assign 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 concerning this.
I am on look out for some leasehold conveyancing in Whittlesey. Before I set the wheels in motion I want to be sure as to the unexpired term of the lease.
If the lease is registered - and 99.9% are in Whittlesey - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
Whittlesey Conveyancing for Leasehold Flats - Sample of Queries before Purchasing
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The answer will be useful as a) areas could cause problems in the building as the common areas may start to deteriorate if repairs remain unpaid b) if the tenants have an issue with the running of the building you will want to have all the details In the main the outlay for major works tend not to be included within maintenance charges, although there some managing agents in Whittlesey ask leaseholders to contribute towards a reserve fund and this is used to offset against larger works. Please note if it is less than 80 years it will affect the value of the apartment. Check with your lender that they are willing to lend given the lease term. Leases with fewer than 80 years remaining means that you will most likely require a lease extension at some point and you need to have some idea of what this would cost. Remember, in most cases you would need to own the residence for 24 months in order to be eligible to carry out a lease extension.