Me and my fiance are purchasing a 3 bedroom apartment in Willen with a mortgage. We would like to retain our Willen conveyancer, but the lender says she’s not on their "panel". It seems we have little option but to use one of the lender panel solicitors or continue with our Willen conveyancer and pay for one of their panel lawyers to act for them. We regard this is unjust; are we not able to insist that the bank use our Willen property lawyer ?
No, not really. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the bank’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 Willen conveyancing lawyer to apply to be on the conveyancing panel.
Will my lawyer be asking questions regarding flooding during the conveyancing in Willen.
The risk of flooding is if increasing concern for lawyers conducting conveyancing in Willen. There are those who acquire a property in Willen, fully expectant that at some time, it may suffer from flooding. However, aside from the physical destruction, if a property is at risk of flooding, it may be difficult to obtain a mortgage, suitable insurance cover, or sell the property. There are steps that can be taken as part of the conveyancing process to forewarn the buyer.
Lawyers are not best placed to give advice on flood risk, however there are a number of checks that may be initiated by the purchaser or on a buyer’s behalf which will give them a better understanding of the risks in Willen. The conventional set of property information forms given to a buyer’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a usual question of the owner to discover if the property has suffered from flooding. In the event that flooding has previously occurred which is not notified by the owner, then a buyer may issue a claim for damages stemming from an misleading reply. The buyer’s solicitors may also commission an environmental report. This should higlight whether there is any known flood risk. If so, additional inquiries should be conducted.
Are there restrictive covenants that are commonly identified as part of conveyancing in Willen?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Willen. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I've recently found out that there is a flying freehold element on a house I put an offer in a fortnight ago in what was supposed to be a straight forward, no chain conveyancing. Willen is the location of the property. Can you offer any assistance?
Flying freeholds in Willen are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Willen you must be sure that your lawyer goes through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Willen may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
I am attracted to a two maisonettes in Willen both have about forty five years left on the lease term. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Willen. The lease is a legal document that entitles you to use the property for a prescribed time frame. As the lease gets shorter the saleability of the lease reduces and it becomes more expensive to acquire a lease extension. This is why it is generally wise to extend the lease term. Sometimes it is difficult to sell a property with a short lease as mortgage companies may be unwilling to lend money on such properties. Lease enfranchisement can be a difficult process. We advise that you seek professional assistance from a conveyancer and surveyor with experience in this arena.
Willen Leasehold Conveyancing - Sample of Queries before Purchasing
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Is anyone aware of any major works on the horizon that will increase the service fees? You should want to find out as much as possible about the company managing the block as they will impact your use and enjoyment of the property. Being a leasehold owner you will be in the clutches of the managing agents from a financial perspective and when it comes to practical matters such as the tidiness of the communal areas. Enquire of prospective neighbours if they are happy with their management. Finally, find out the dates that you are obliged pay the service charge to the appropriate party and specifically what it includes. Is the freehold reversion owned jointly by the leaseholders?
My nephew is about to join the property ladder, the home loan was agreed last week in principle. One the seller agreed the offer on the flat we contacted the mortgage institution to issue the formal offer. We were very surprised to hear that banks do not accept all lawyer, they need to be on their approved list, is this correct?
Lenders normally restrict either the type or the number of conveyancing firms on their approved list of lawyers. Typical examples of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that banks have no responsibility for the quality of advice provided by any Willen property lawyer on their panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, conveyancing is not their speciality. To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime? Unlikely.