I am not well enough to travel far from Ashbourne. I would like to know the reason why all Ashbourne conveyancers aren't automatically on all lender panels?
A decade ago most banks exhibited an approach to risk which differs from the current day. The FSA in 2010 carried out a thematic review into fraud which concluded: know the conveyancers on your panel. Consequently, lenders have subsequently soughtmore information from law firms regarding their processes and the staff who work for them and set certain criteria such as completing a minimum volume of transactions. Thousands of law practices have been excluded from lender panels even though they had an exemplary disciplinary record, no complaints and zero claims and didn't just 'dabble' in conveyancing. Many firms found it impossible satisfy the criteria of volume of transactions the mortgage companies set.
How does conveyancing in Ashbourne differ for newly converted properties?
Most buyers of new build property in Ashbourne contact us having been asked by the seller to sign contracts and commit to the purchase even before the premises is built. This is because new home sellers in Ashbourne typically acquire the land, 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 Ashbourne or who has acted in the same development.
Due to the input of my in-laws I had a survey completed on a property in Ashbourne ahead of appointing lawyers. I have been told that there is a flying freehold element to the property. Our surveyor advised that some lenders may not grant a mortgage on a flying freehold house.
It depends who your proposed lender is. Santander has different instructions for example to Halifax. If you e-mail us we can investigate further via the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Ashbourne. Conveyancing will be smoother if you use a solicitor in Ashbourne especially if they regularly deal with such properties in Ashbourne.
I am looking at a two maisonettes in Ashbourne both have about forty five years unexpired on the leases. Do I need to be concerned?
There are no two ways about it. A leasehold flat in Ashbourne is a wasting asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it reduces the marketability of the premises. For most buyers and banks, leases with under 75 years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Ashbourne conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Ashbourne Conveyancing for Leasehold Flats - Examples of Queries Prior to buying
The best form of lease arrangement is if the freehold reversion is owned by the leaseholders. In this situation the leaseholders benefit from control and notwithstanding that a managing agent is often retained if it is bigger than a house conversion, the managing agent is directed by the tenants. How many years are left on the lease? The answer will be important as a) areas may result in problems for the building as the common areas may begin to deteriorate if maintenance remain unpaid b) if the leasehold owners have an issue with the running of the building you will need to have all the details
I see that you have a search directory identifying firms on the mortgage company conveyancing panel. Do Ashbourne conveyancing firms pay you a referral fee if I instruct them for my own conveyancing?
We are a listing service only for law firms wishing to communicate if they are on the lender conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint for your conveyancing in Ashbourne.