Why is leasehold purchase conveyancing in Audley is more expensive?
Audley leasehold properties involve far more paperwork than a freehold purchase, and therefore takes more time to examine and advise upon.Conveyancing will involve the lease having to be checked which is usually a lengthy document, queries raised to ensure that the covenants and conditions have been observed. If it is a flat there will be a management company in existence and the accounts of this will need to be checked and enquiries raised to ensure it is operating efficiently and that all monies due have been paid by the Seller to the company and if not ensuring that money is paid up to date or the appropriate undertakings obtained.
I had intended to instruct a conveyancing solicitor in Audley for our house purchase. Our broker has since notified us that our bank Halifax won't deal with them. Why is this not regarded as unfair competition?
Before the recession most lenders had an appetite for risk which was higher than today. Almost all Audley conveyancing firms would have been on most mortgage company panels. The financial services regulator in 2010 conducted a thematic investigation into mortgage fraud which concluded: know the conveyancing solicitors dealt with. Consequently, lenders are increasingly seeing more data from law firms concerning their operations and the individuals who work for them as well as set certain criteria such a completing on a minimum number of conveyancing. Many Audley conveyancing firms that have been excluded from lender panels have a 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Audley is amongst the hundreds of locations where the lawyers showing on our search results are are authorised to act for Halifax.
My wife and I purchased a semi-detached Edwardian house in Audley. Conveyancing practitioner represented me and Lloyds TSB Bank. I happened to do a free search for it on the Land Registry database and I saw a couple of entries: one for freehold, the second leasehold under the matching address. Is it worth asking Lloyds TSB Bank to clarify?
You should assess the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Audley and other locations in the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with lenders. You can also question the situation with your conveyancing solicitor who carried out the work.
How does conveyancing in Audley differ for newly converted properties?
Most buyers of new build premises in Audley contact us having been asked by the housebuilder to sign contracts and commit to the purchase even before the premises is constructed. This is because developers in Audley usually buy 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 Audley or who has acted in the same development.
I'm remortgaging my primary home to a buy to let mortgage with The Mortgage Works and intend to use the remaining equity as a down payment on further house. The area we are interested in is Audley. Will your lawyers be able to act for both sets of lenders and tie in the conveyances?
Make use of our search tool on this site to be sure that the solicitors are approved by both lenders. On the basis that they are the lawyer will be able to simultaneously deal with the two transactions but you should talk with you solicitor and specify your expectations and needs.