I plan on buying property in Lyndhurst. My lawyer has never been on on the mortgage company conveyancing list. Is it possible for me to retain my Lyndhurst conveyancing solicitor even though they are excluded from the lender panel of approved conveyancing solicitors?
You will need to have a conveyancing practitioner to complete the formalities when you require a loan to purchase your property. The lawyer will conduct all the appropriate due diligence on the property, ensuring that you’re registered as proprietor and ensure that all the required mortgage paperwork is in place. One may instruct a Lyndhurst solicitor of your choice. Nevertheless, if the conveyancing practitioner appointed is not on the bank approved list supplemental costs will be levied as separate legal representation will be need by the bank. Bank panel applications can be submitted, so if your conveyancer has not in the past sought membership they should take the opportunity to apply.
It is is a decade since I acquired my home in Lyndhurst. Conveyancing lawyers have recently been retained on the sale but I can't track down the title documents. Will this jeopardise the sale?
Don’t worry too much. Firstly the deeds may be with the mortgage company or they could still be with the conveyancers who handled your purchase. Secondly in most cases the property will be registered at the land registry and you will be able to prove you are the registered owner by your conveyancing lawyers acquiring up to date copy of the land registers. Most conveyancing in Lyndhurst involves registered property but in the rare situation where your home is unregistered it adds to the complexity but is resolvable.
My grandmother passed away six months ago and as sole heir and executor I was left the house in Lyndhurst. The house had a small mortgage left on it of around £4500. I want to transfer the title deeds into my name whilst I re-mortgage to Coventry BS, pay off the mortgage. Is this allowed?
Given you plan to refinance then Coventry BS will insist on your using a conveyancer on the Coventry BS conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Coventry BS conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Coventry BS mortgage is registered as a charge at the Land Registry.
Yesterday I discovered that there is a flying freehold element on a property I put an offer in last month in what was supposed to be a simple, chain free conveyancing. Lyndhurst is where the house is located. Can you offer any opinion?
Flying freeholds in Lyndhurst are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Lyndhurst you must be sure that your lawyer goes through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Lyndhurst 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.
I am attracted to a couple of maisonettes in Lyndhurst both have in the region of fifty years left on the leases. Will this present a problem?
A lease is a right to use the property for a prescribed time frame. As a lease gets shorter the value of the lease deteriorates and it becomes more costly to acquire a lease extension. For this reason it is advisable to extend the lease term. More often than not it is difficult to sell a property with a short lease as mortgage lenders may be unwilling to lend money on such properties. Lease enfranchisement can be a difficult process. We advise that you seek professional help from a solicitor and surveyor with experience in this area.
Lyndhurst Conveyancing for Leasehold Flats - A selection of Questions you should consider Prior to buying
Are any of leasehold owners in arrears of their service charge payments? If a Lyndhurst lease has no more than 80 years it will impact the marketability of the flat. Check with your bank that they are happy with the length of the lease. Leases with fewer than 80 years remaining means that you will probably need a lease extension at some point and you need to have some idea of what this would cost. Remember, in most cases you will be required to have been the owner of the premises for a couple of years in order to be entitled to extend the lease. Most Lyndhurst leasehold apartments will incur a service bill for the upkeep of the building set on behalf of the freeholder. Should you acquire the apartment you will have to meet this contribution, normally in instalments accross the year. This can be anything from a couple of hundred pounds to thousands of pounds for large purpose-built blocks. In all likelihood there will be a ground rent to be met annual, this is usually not a significant figure, say about £25-£75 but you need to check as sometimes it could be surprisingly expensive.