Can you clarify what the consequences are if my solicitor is expelled from the Nottingham Conveyancing panel ahead of completing my conveyancing in Canford Cliffs?
The first thing to point out is that, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
My conveyancer has informed me that lack of building regulations insurance is needed on my purchase. What is the typical level of cover needed for conveyancing in Canford Cliffs?
The appropriate level of lack of building regulations indemnity insurance should be dictated by who your lender. It would differ for example between Santander and Norwich and Peterborough Building Society. Conveyancing solicitors as opposed to borrowers take out such insurances.
I'm the single recipient of my late father’s will with all property in now in my sole name, including the my former home in Canford Cliffs. The Canford Cliffs property was put into my name in August. I plan to dispose of the property. I do know about the CML six month 'rule', which means that my property ownership will be treated the same way as if I'd bought the house in August. Is the property unsalable for six months?
The Council of Mortgage Lenders’ handbook obliges conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you might be affected by that. many lenders would take a practical view as this obligation primarily exists to pick up on the purchase and immediately sell or the quick reselling of properties.
I currently have a mortgage with Santander for my property in Canford Cliffs. Conveyancing has been completed 12 months ago. If I am intending to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Santander?
Your original mortgage agreement with Santander will provide that you need their approval prior to renting your property as this is likely to be a breach of Santander’s mortgage conditions. It may be that Santander 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 Santander directly. It should not be necessary to do this via a Santander conveyancing panel firm.
My wife and I own a 4 bedroom Edwardian property in Canford Cliffs. Conveyancing solicitor acted for me and Leeds Building Society. I happened to do a free search for it on the Land Registry database and there are two entries: one for freehold, another for leasehold with the matching address. If a house is not a freehold shouldn't I have been informed?
You should review the Freehold register you have again and check the Charges Register as there may be 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 Canford Cliffs and other areas of 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 buyers. You can also question the position with the conveyancing lawyer who conducted the conveyancing.
I've found a house that seems to be perfect, at a great figure which is making it more attractive. I have just discovered that it's a leasehold rather than freehold. I am assuming that there are particular concerns purchasing a leasehold house in Canford Cliffs. Conveyancing advisers have not yet been instructed. Will my lawyers set out the implications of buying a leasehold house in Canford Cliffs ?
The majority of houses in Canford Cliffs are freehold and not leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. It is clear that you are buying in Canford Cliffs in which case you should be looking for a Canford Cliffs conveyancing solicitor and be sure that they have experience in transacting on leasehold houses. First you will need to check the unexpired lease term. Being a tenant you will not be entirely free to do whatever you want with the house. The lease comes with conditions such as requiring the freeholder’spermission to carry out changes to the property. You may also be required to pay a service charge towards the upkeep of the estate where the house is part of an estate. Your conveyancer will appraise you on the various issues.
Canford Cliffs Conveyancing for Leasehold Flats - A selection of Queries Prior to buying
The best form of lease structure is where the freehold title is owned by the leaseholders. In this situation the tenants enjoy control and even though a managing agent is often employed where it is bigger than a house conversion, the managing agent retained by the leaseholders. Is anyone aware of any major works on the horizon that will likely increase the service charges? How many of the leaseholders are in arrears for their service charge payments?
One month into buying a property in Canford Cliffs. Conveyancing lawyer has told us the property is "Leasehold". Will this likely adversely affect our Santander valuation?
Canford Cliffs conveyancing does not ordinarily involve leasehold houses. The crucial factor here is the length of lease and the ground rent. If there are hundred of years years remaining with a peppercorn rent, it's virtually freehold, so it shouldn't impact the marketability too much.
At the other end of the spectrum, if it's, say, Sixty years it will have a material impact on the value, and most likely wouldn't be mortgageable. The length of lease and ground rent will be set out in the lease which should be made available to your lawyer.