Why is leasehold purchase conveyancing in Long Buckby is more expensive?
Long Buckby 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.
Please explain the implications if my lawyer’s firm is suspended from the HSBC Conveyancing panel ahead of completing my conveyancing in Long Buckby?
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 uncle advised me that in purchasing a property in Long Buckby there could be various restrictions preventing external alterations to the property. Is this right?
We are aware of a number of properties in Long Buckby which have some sort of restriction or requirement of consent to execute external variations. Part of the conveyancing in Long Buckby should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
My husband and I are spending time viewing flats in Long Buckby and I am now considering a potential offer. Is it too early to have a solicitor in place? I intend to finance via a mortgage with Skipton.
You should start obtaining conveyancing estimates from solicitors ASAP. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and pass their details on to the selling agent. As you are seeking a mortgage with Skipton, ask your prospective lawyers if they are on the Skipton conveyancing panel otherwise they can't do the mortgage legal work.
I can not fathom if my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my Long Buckby building society branch on various occasions and was told it wasn't a problem and they will lend. My Long Buckby conveyancing solicitor - who is on the bank conveyancing panel- called and was told they refuse to lend in accordance with their published requirements. Who do I believe?
Provided that the solicitor is on the mortgage company panel, she or he must adhere to the Council of Mortgage Lenders’ Handbook specifications for the lender. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years remaining.
My wife and I have a terraced Victorian property in Long Buckby. Conveyancing solicitor acted for me and Platform Home Loans Ltd. I did a free Land Registry search last week and I saw a couple of entries: the first freehold, another for leasehold with the exact same property. Is it worth asking Platform Home Loans Ltd to clarify?
You need to review 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 owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Long Buckby and other areas of the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also question the situation with your conveyancing practitioner who conducted the conveyancing.
We're novice buyers - agreed a price, yet the property agent told us that the owners will only move forward if we instruct their recommended conveyancers as they want a ‘quick sale’. My instinct tells me that we should use a high street solicitor with experience of conveyancing in Long Buckby
We suspect that the seller is unaware of this requirement. Should the seller want ‘a quick sale', turning down a serious buyer is counter productive. Speak to the owners direct and make the point that (a)you are keen to buy (b)you are ready to progress, with mortgage lined up © you are unencumbered (d) you intend to proceed fast (e)however you will continue to use your own,trusted Long Buckby conveyancing lawyers - not the ones that will give their estate agent a kickback or meet his conveyancing thresholds demanded by senior management.