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Recently asked questions about conveyancing in Gnosall

My wife and I own a 4 bedroom Edwardian property in Gnosall. Conveyancing solicitor acted for me and Bank of Ireland. I happened to do a free search for it on the Land Registry database and I saw two entries: the first freehold, the second leasehold under the matching address. If a house is not a freehold shouldn't I have been informed?

You need to 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 Gnosall and other areas of the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with buyers. You can also check the position with your conveyancing lawyer who conducted the purchase.

How does conveyancing in Gnosall differ for newly converted properties?

Most buyers of new build residence in Gnosall contact us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the house is constructed. This is because developers in Gnosall 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 conveyancing solicitors 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 Gnosall or who has acted in the same development.

I have been on the look out for a flat up to £305k and identified one close by in Gnosall I like with open areas and transport links in the vicinity, the downside is that it's only got 52 remaining years left on the lease. I can't really find anything else in Gnosall in this price bracket, so just wondered if I would be making a mistake purchasing a short lease?

Should you require a mortgage the remaining unexpired lease term will be an issue. Reduce the price by the anticipated lease extension will cost if not already taken into account. If the existing proprietor has owned the property for at least twenty four months you could request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should consult your conveyancing solicitor regarding this matter.

I have been sourcing a conveyancing solicitor in Gnosall for my purchase. Is it possible to review a solicitor's record with the legal regulator?

Members of the public may find presented Solicitor Regulator Association (SRA) determinations resulting from investigations from 2008 onwards. Go to Check a solicitor's record. To find records about the period before 1 January 2008, or to check a solicitors record, call 0870 606 2555, 08.00 - 18.00 Monday, Wednesday, Thursday, Friday and 09.30 - 18.00 Tuesday. For callers outside the UK, dial +44 (0)121 329 6800. The regulator sometimes recorded call for training requirements.

What makes a Gnosall lease defective?

There is nothing unique about leasehold conveyancing in Gnosall. All leases are unique and legal mistakes in the legal wording can sometimes mean that certain sections are erroneous. The following missing provisions could result in a defective lease:

    A duty to insure the building Service charge per centages that don't add up correctly leaving a shortfall

You will encounter difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Nationwide Building Society, Barnsley Building Society, and Aldermore all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to provide security, forcing the buyer to pull out.

Leasehold Conveyancing in Gnosall - Sample of Queries before buying

    Is the freehold owned collectively by the tenants? If a Gnosall lease has no more than eighty years it will affect the value of the property. Check with your bank that they are willing to go ahead with the loan given the lease term. A short lease means that you will almost definitely require a lease extension at some point and it is worth finding out what this will be. Remember, in most cases you would need to own the premises for two years in order to be entitled to carry out a lease extension.

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Find out more about how flying freehold can affect your the value of a property.