I am nearing exchange of contracts for my flat in Williton and the estate agent has just text me to advise that the buyers are swapping solicitor. The reason given is that the lender will only deal with property lawyers on their conveyancing panel. On what basis would a major mortgage company only engage with specific law firms rather the firm that they want to appoint for their conveyancing in Williton ?
Lenders have always had an approved set of law firms they are willing to work with, but in the past few years big names such as Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for over 25 years.
Lending institutions point to the increase in fraud by way of justification for the cull – criteria have been stiffened as a smaller panel is easier to oversee. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is being contacted daily by practices that have been removed from panels. Some do not even realise 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 sway in the decision.
I have a decision in principle. The bank mentioned the loan came with free conveyancing. Does this mean I have to instruct their panel lawyer as I would much rather use a local conveyancing solicitor in Williton?
You should check but the chances are that give you one of their panel conveyancers should you accept the "fee-free" deal. Call the lender to ask if they allow a cash alternative. Some banks have previously offered a £250 cashback as a further option in which case you could put that amount towards your preferred conveyancing solicitor near Williton.
How does conveyancing in Williton differ for newly converted properties?
Most buyers of new build or newly converted property in Williton come to us having been asked by the housebuilder to sign contracts and commit to the purchase even before the residence is ready to move into. This is because house builders in Williton usually acquire 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 property lawyers 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 Williton or who has acted in the same development.
I decided to have a survey done on a property in Williton ahead of instructing lawyers. I have been informed that there is a flying freehold aspect to the property. The surveyor advised that some banks may refuse to issue a mortgage on a flying freehold home.
It varies from the lender to lender. Santander has different requirements from Nationwide. Should you wish to call us we can investigate further with the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Williton. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Williton to see if the conveyancing will be more expensive.
There are only Fifty years unexpired on my flat in Williton. I now wish to get lease extension but my freeholder is absent. What are my options?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the Court. However, you will be required to demonstrate that you or your lawyers have used your best endeavours to find the freeholder. On the whole an enquiry agent would be useful to conduct investigations and prepare an expert document which can be accepted by the court as evidence that the landlord can not be located. It is advisable to get professional help from a property lawyer in relation to proving the landlord’s absence and the application to the County Court covering Williton.
Leasehold Conveyancing in Williton - Sample of Queries Prior to Purchasing
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You should be aware if it is fewer than 80 years it will have adverse implications on the value of the flat. It is worth checking with your mortgage company that they are content with residual term of the lease. A short lease means that you will probably require a lease extension sooner rather than later and it is worth discovering what this will be. For most Willitonlease extensions you will need to own the property for a couple of years in order to be eligible to exercise a lease extension. The prefered form of lease arrangement is a share of the freehold. In this situation the tenants enjoy being in charge if their destiny and notwithstanding that a managing agent is usually employed if the building is larger than a house conversion, the managing agent acts for the leaseholders themselves. Plenty Williton leasehold flats will incur a service bill for the upkeep of the block set on behalf of the landlord. If you purchase the apartment you will have to meet this liability, normally in instalments throughout the year. This can vary from a couple of hundred pounds to thousands of pounds for bigger purpose-built buildings. In all probability there will be a ground rent for you to pay yearly, this is usually not a significant figure, say about £25-£75 but you should to enquire it because on occasion it could be many hundreds of pounds.
How much will conveyancing in Williton cost?
The total sum charged for conveyancing in Williton are likely to be calculated at:
- a standard fee; or
- an hourly rate (i.e. the time spent on the particular case).
In practice very few Williton conveyancing practices charge by the clock