It has come to my attention via my estate agent that my Wroxham lawyer is not on the lender Solicitor panel. How can I be certain if this is indeed the case?
The first thing you need to do is to call your Wroxham conveyancer. You lawyer should notify you of the situation. Where they are not on the panel they could put your in touch with solicitors on the approved list of lawyers for your bank.
My wife and I are soon to complete buying a property in Wroxham but as a consequence of damage from the recent storms I have managed to agree recompense from the vendor of £3k in the form of a reduction in the price. This was going to be addressed as part of a side agreement yet Aldermore are not allowing this. Should they have been informed?
The lawyer that is on the Aldermore approved list is duty bound to inform Aldermore of any variations to the sale price. If you were to refuse your property lawyer to report the price change to Aldermore then they would have to discontinue acting for you. In addition, Aldermore and you would have to appoint a new lawyer for your conveyancing in Wroxham.
Last month we had a mortgage agreed in principle with Bank of Ireland. Wroxham conveyancing lawyers are selected. What is the average time that one could expect to receive a mortgage offer from Bank of Ireland?
Some lenders take longer than others. Have Bank of Ireland done the survey? Have you informed Bank of Ireland as to your lawyers' details and checked that your lawyers are on the Bank of Ireland conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
I have a mortgage with Aldermore for my property in Wroxham. Conveyancing has been completed some time ago. Should I wish to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Aldermore?
Your original mortgage agreement with Aldermore will provide that you need their approval before renting your property as this is likely to be a breach of Aldermore’s mortgage conditions. It may be that Aldermore will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Aldermore directly. It should not be necessary to do this via a Aldermore conveyancing panel solicitor.
It is not clear whether my bank requires a lease extension. I have telephoned my Wroxham building society branch on various occasions and was advised it wasn't an issue and they will lend. My Wroxham conveyancing solicitor - who is on the lender conveyancing panel- telephoned to say that they refuse to lend in accordance with their specific requirements. Who do I believe?
As long as the property lawyer is on the lender panel, they must follow the CML Handbook specifications for the lender. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years remaining.
I have been told that property searches are a common reason for stalling in Wroxham conveyancing transactions. Is this right?
The Council of Property Search Organisations (CoPSO) released conclusions of research by MoveWithUs that conveyancing searches do not feature within the common causes of delays in the conveyancing process. Searches are unlikely to feature in any delay in conveyancing in Wroxham.
About to purchase a new build apartment in Wroxham. Conveyancing is necessary evil 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 legal work.
Here are examples of a few leasehold new build questions that you may expect your new-build leasehold conveyancing in Wroxham
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Forfeiture - bankruptcy or liquidation must not apply under this provision. The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Please confirm the Lease plans are surveyor prepared.
Can you provide any top tips for leasehold conveyancing in Wroxham from the perspective of expediting the sale process?
- Much of the frustration in leasehold conveyancing in Wroxham can be bypassed if you get in touch lawyers as soon as your agents start advertising the property and ask them to collate the leasehold documentation which will be required by the buyers’ solicitors. If you have had any disputes with your freeholder or managing agents it is very important that these are resolved prior to the flat being put on the market. The buyers and their solicitors will be nervous about purchasing a flat where there is a current dispute. You will have to accept that you will have to pay any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the buyers, but it is better to present the dispute as over rather than ongoing. If you have the benefit of shareholding in the Management Company, you should make sure that you hold the original share document. Organising a replacement share certificate is often a time consuming formality and frustrates many a Wroxham conveyancing transaction. Where a duplicate share is needed, you should approach the company officers or managing agents (if applicable) for this at the earliest opportunity. You believe that you know the number of years left on your lease but it would be wise to double-check via your lawyers. A purchaser's lawyer will not be happy to advise their client to proceed with the purchase of a leasehold property the remaining number of years is below 75 years. In the circumstances it is essential at an as soon as possible that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale. Many freeholders or Management Companies in Wroxham charge for supplying management packs for a leasehold property. You or your lawyers should discover the fee that they propose to charge. The management information sought on or before finding a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most usual reason for frustration in leasehold conveyancing in Wroxham.
Wroxham Conveyancing for Leasehold Flats - A selection of Queries before buying
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How many of the leaseholders are in arrears for their service charge payments? The prefered form of lease arrangement is a share of the freehold. In this situation the lessees benefit from being in charge if their destiny and notwithstanding that a managing agent is usually retained if it is larger than a house conversion, the managing agent is directed by the tenants. Please note if it is fewer than eighty years it will have adverse implications on the value of the flat. Check with your lender that they are willing to go ahead with the loan given the lease term. Leases with less than 80 years remaining means that you will most likely require a lease extension sooner rather than later and you need to have some idea of what this would cost. Remember, in most cases you will need to own the premises for a couple of years before you are eligible to carry out a lease extension.