Some advice if I may. My Lavenham solicitor is advising me that she is duty bound toapply for Lavenham conveyancing searches becausethe firm are on the Virgin Moneyapproved lawyer panel. Is my conveyancer right?
You have limited options available to you. Given that you are taking out a loan with a lender your property lawyer has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your conveyancing practitioner would have previously signed the Terms and Conditions of your lender’s conveyancing panel appointment which obliges them to follow the Council of Mortgage Lenders’ Handbook requirements . Even if you were a cash buyer you would be ill advised not to carry out Lavenham conveyancing searches.
In looking at online forums for a recommended solicitor in Lavenham, most post that I must use a CQS kitemarked solicitor. What is CQS?
The Conveyancing Quality Scheme (CQS) provides a recognised quality standard for residential conveyancing practices issued by the Law Society. Membership achievement establishes a level of credibility for member firms with stakeholders (regulators, lenders, insurers and consumers) based upon: * the integrity of the senior responsible officer and other key conveyancing staff * the firm's adherence to good practice management standards * compliance with best practice conveyancing procedures through the scheme protocol It covers numerous organisations who perform conveyancing in Lavenham.
Various online forums that I have frequented warn that are the number one cause of obstruction in Lavenham conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) released conclusions of research by MoveWithUs that conveyancing searches do not feature amongst the common causes of delays in the conveyancing process. Local searches are not likely to be the root cause of slowing down conveyancing in Lavenham.
Are there restrictive covenants that are commonly picked up during conveyancing in Lavenham?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Lavenham. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I am looking for a ground for flat up to £305k and found one close by in Lavenham I like with open areas and station in the vicinity, the downside is that it only has 51 years unexpired on the lease. There is not much else in Lavenham for this price, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you require a mortgage that many years will be an issue. Discount the offer by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the property for at least 2 years you may ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should speak to your conveyancing lawyer about this.