We are buying a 2 bedroom apartment in Lavenham with a mortgage. We like our Lavenham conveyancer, but the lender advise he's not on their "panel". It appears that we have little option but to instruct one of the lender panel conveyancing practices or keep our Lavenham lawyer as well as pay for one of their panel ones to represent them. This seems very unfair; is there anything we can do?
No, not really. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the lender’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your Lavenham conveyancing lawyer to apply to be on the conveyancing panel.
Are there restrictive covenants that are commonly picked up during conveyancing in Lavenham?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing 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…’
The estate agent has sent us the confirmation of our purchase of a new build flat in Lavenham. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Here is a sample of a selection of leasehold new build questions that you can expect your new-build leasehold conveyancing in Lavenham
Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Please provide evidence that the form of Lease proposed has been approved by the Land Registry. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal.
We're FTB’s - agreed a price, yet the selling agent has warned us that the owners will only go ahead if we instruct their chosen lawyers as they are insisting on an ‘expedited deal’. We would rather use a high street conveyancer who is accustomed to conveyancing in Lavenham
It is improbable the owners are behind this. Should the seller want ‘a quick sale', taking such a hostile approach to a serious purchaser is going to damage their objectives. Speak to the owners direct and explain that (a)you are keen to buy (b)you are ready to progress, with finances arranged © you are unencumbered (d) you intend to proceed fast (e)however you will continue to use your own,trusted Lavenham conveyancing solicitors - rather thanthe ones that will give the estate agent a referral fee or meet his conveyancing thresholds set by senior management.
Having checked my lease I have discovered that there are only Seventy years remaining on my flat in Lavenham. I now wish to get lease extension but my landlord is absent. What should I do?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the magistrate. You will be obliged to demonstrate that you or your lawyers have done all that could be expected to track down the landlord. In some cases a specialist would be useful to conduct investigations and prepare an expert document which can be used as evidence that the landlord is indeed missing. It is wise to seek advice from a property lawyer in relation to devolving into the landlord’s absence and the vesting order request to the County Court covering Lavenham.
I own a garden flat in Lavenham, conveyancing was carried out in 1996. Can you let me have an estimated range of the fair premium for a lease extension? Comparable properties in Lavenham with a long lease are worth £255,000. The ground rent is £45 yearly. The lease expires on 21st October 2092
With just 73 years unexpired we estimate the premium for your lease extension to be between £8,600 and £9,800 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to supply the actual costs in the absence of detailed due diligence. Do not use this information in tribunal or court proceedings. There may be other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action based on this information before getting professional advice.