I am in the process of selling my flat in Willen and the EA has just called to warn that the buyers are appointing a new property lawyer. The excuse is that the lender will only work with property lawyers on their approved list. Why would a leading lender only work with specific solicitors rather the firm that they want to select to handle their conveyancing in Willen ?
UK lenders have always had an approved set of law firms they are willing to work with, but in recent years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Lenders attribute this action to a rise in fraud by way of justification for the pruning – criteria have been stiffened as a smaller panel is easier to monitor. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels. Plenty of firms 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. The buyers are not going to have any impact on this.
I need some fast conveyancing in Willen as I have pressure to sign on the dotted line within one month. Fortunately I do not need a mortgage. Can I decline from having conveyancing searches to save fees and time?
If.Given you are are a cash buyer you are at free not to have searches conducted although no lawyer would advise that you don't. With lots of history conveyancing in Willen the following are examples of what can arise and therefore affect future mortgageability: Enforcement Notices, Overdue Charges, Overdue Grants, Road Schemes,...
I purchased a semi-detached Edwardian property in Willen. Conveyancing lawyer acted for me and Accord Mortgages Ltd. I happened to do a free search for it on the Land Registry database and I saw a couple of entries: the first freehold, the second leasehold under the exact same property. Is it worth asking Accord Mortgages Ltd to clarify?
You should review the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Willen and other locations in the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also enquire as to the position with your conveyancing lawyer who conducted the purchase.
Over the last few months I have been searching for a flat up to £305k and identified one round the corner in Willen I like with open areas and station in the vicinity, however it's only got 52 years on the lease. I can't really find anything else in Willen suitable, so just wondered if I would be making a grave error buying a short lease?
If you need a mortgage the shortness of the lease may be an issue. Discount the offer by the expected lease extension will cost if it has not already been discounted. If the current owner has owned the property for at least twenty four months you can ask them to start the process of the extension and then assign it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should consult your conveyancing solicitor about this.
As co-executor for the will of my uncle I am selling a residence in Monmouth but live in Willen. My solicitor (based 200 miles from meneeds me to sign a statutory declaration before completion. Could you suggest a conveyancing lawyer in Willen who can witness this legal document for me?
Technically speaking you should not need to have the documents witnessed by a conveyancing solicitor. Ordinarily or notary public or qualified solicitor will suffice regardless of whether they are located in Willen
I am attracted to a couple of maisonettes in Willen which have in the region of fifty years remaining on the lease term. should I be concerned?
A lease is a right to use the premises for a prescribed time frame. As a lease shortens the saleability of the lease decreases and it becomes more expensive to extend the lease. This is why it is generally wise to extend the lease term. More often than not it is difficult to sell a property with a short lease as mortgage lenders less inclined to grant a loan on such properties. Lease enfranchisement can be a protracted process. We advise that you get professional help from a conveyancer and surveyor with experience in this area.
Leasehold Conveyancing in Willen - Examples of Queries before buying
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You should be aware if it is less than 80 years it will impact the marketability of the flat. It is worth checking with your mortgage company that they are willing to lend given the lease term. A short lease means that you will probably need a lease extension at some point and it is worth finding out what this will be. For most Willenlease extensions you would need to own the premises for 24 months in order to be legally able to exercise a lease extension. What prohibitions exist in the Willen Lease? Make sure you find out if the the lease contains any onerous restrictions in the lease. By way of example it is very common in Willen leases that pets are not permitted in in a block in Willen. If you like the flatin Willen but your cat is not allowed to make the move with you then you will be faced difficult determination.