My husband and I are planning to purchase a flat in Halesworth and have appointed a Halesworth conveyancing firm. Within the last couple of days our lawyer has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. The Mortgage Works have this afternoon contacted us to inform me that there is now an issue as our Halesworth solicitor is not on their approved list of lawyers. Is this a problem?
Where you are buying a property needing a mortgage it is normal for the purchasers' lawyers to also represent the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your property lawyer should contact your mortgage company and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You don't have to instruct a firm on the lender’s conveyancing panel as you are at liberty to use your preferred Halesworth lawyers, in which case your legal fees may increase, and it may delay matters as you have another set of people involved.
Can you explain why leasehold purchase conveyancing in Halesworth costs more?
Halesworth 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.
When looking at mumsnet.com for an online lawyer in Halesworth, most post that I must look for a CQS assured solicitor. Can you explain what CQS is?
Halesworth Conveyancing Quality Scheme law firms have achieved certification by the law Society The Law Society introduced CQS to promote high standards in the home moving process. CQS enables buyers and sellers to identify practices that provide a quality residential conveyancing. Halesworth is one of the many areas in England and Wales in which CQS are located. The scheme obliges law firms to undergo a strict assessment, compulsory training, self-reporting, spot checks and annual reviews in order to maintain CQS status. It is open only to members of the Law Society who meet the demanding standards set by the scheme and has the support of the Council of Mortgage Lenders.
I've recently found out that there is a flying freehold issue on a property I put an offer in two weeks back in what was supposed to be a simple, no chain conveyancing. Halesworth is where the house is located. Can you shed any light on this issue?
Flying freeholds in Halesworth are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Halesworth you must be sure that your lawyer goes through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Halesworth may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
Due to complete next month on a basement flat in Halesworth. Conveyancing lawyers assured me that they are sending me a report tomorrow. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Halesworth should include some of the following:
Responsibility for maintaining the window frames The length of the lease term. You should receive guidance as what happens when the lease expires, and aware of the importance of the 80 year mark Whether the landlord has obligations to ensure rights of quiet enjoyment over your premises and do you know what it means in practice? Details of the parties to the lease, e.g. these could be the lessee, head lessor, freeholder Ground rent - what is payable and what the invoice dates are, and be on notice if this is subject to change
Halesworth Conveyancing for Leasehold Flats - Examples of Questions you should consider before buying
How much is the ground rent and service charge? Please inform me if there are any major works anticipated that could increase the service fees? On the whole the cost for major works are not included within service charges, albeit that some managing agents in Halesworth ask tenants to pay into a reserve fund created for the specific intention of building a fund for major works.