Me and my fiance are buying a 3 bedroom apartment in Alford with a mortgage. We would like to retain our Alford lawyer, but the bank says he's not on their "panel". We have to appoint one of the bank panel firms or continue with our Alford property lawyer as well as pay for one of their panel firms to represent them. We regard this is unjust; can we not demand that the bank use our Alford conveyancing practitioner ?
No, not really. The mortgage offered to you 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. A further alternative is for your Alford conveyancing lawyer to apply to be on the conveyancing panel.
The vendors of the property we are looking to purchase have instructed a conveyancing firm in Alford who has recommended a preliminary contract with a non-refundable deposit 6,000. Are such arrangements the norm for Alford conveyancing transactions?
There are two main downsides with entering into any lock out agreement (occasionally known as a shut-out contract) is that it takes away the focus from making progress with the conveyancing process, so in the absence of it needing minimal or no negotiation then it could turn out to be a hindrance. It is not promoted amongst Alford conveyancing practitioners as a result. The other main concern is the extent of the remedies available - an aggrieved purchaser should not expect to be granted injunctive relief to bar the vendor completing the sale to a third party, so the only remedy available under the contract will be the recovery of abortive costs and, in rare scenarios, the extra payment of damages.
I decided to have a survey carried out on a property in Alford in advance of appointing lawyers. I have been informed that there is a flying freehold element to the house. Our surveyor advised that some banks will refuse to grant a mortgage on a flying freehold premises.
It depends who your proposed lender is. Bank of Scotland has different requirements from Nationwide. Should you wish to call us we can check with the relevant bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Alford. Conveyancing may be slightly more expensive based on your lender's requirements.
I need to retain a conveyancing solicitor for remortgage conveyancing in Alford. I happened to discover a site which appears to be the ideal solution If it is possible to get all formalities done via web that would be preferable. Should I be concerned? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
I today plan to offer on a house that appears to be perfect, at a reasonable price which is making it more attractive. I have just been informed that the title is leasehold rather than freehold. I would have thought that there are particular concerns purchasing a leasehold house in Alford. Conveyancing advisers have not yet been instructed. Will my lawyers set out the risks of buying a leasehold house in Alford ?
Most houses in Alford are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. We note that you are buying in Alford in which case you should be looking for a Alford conveyancing practitioner and be sure that they have experience in dealing with leasehold houses. First you will need to check the number of years remaining. Being a tenant you will not be at liberty to do whatever you want to the property. The lease will likely included provisions such as requiring the freeholder’spermission to conduct changes to the property. You may also be required to pay a contribution towards the upkeep of the communal areas where the house is part of an estate. Your lawyer should report to you on the legal implications.
I inherited a ground floor flat in Alford, conveyancing having been completed half a dozen years ago. Can you work out an approximate cost of a lease extension? Similar properties in Alford with a long lease are worth £185,000. The average or mid-range amount of ground rent is £65 invoiced every year. The lease ceases on 21st October 2079
With 60 years left to run we estimate the price of your lease extension to span between £20,000 and £23,000 plus professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not take any other action based on this information before seeking the advice of a professional.