I am purchasing a leasehold flat in Neston. My lawyer is not on the lender conveyancing panel. Am I still permitted to retain my Neston conveyancing solicitor notwithstanding that they are excluded from the lender panel?
You have a couple of choices available to you here
- Complete the purchase with your existing Neston lawyer but your bank will no doubt appoint a solicitor from their approved panel. This will result in additional charges and probable interruption.
- Choose a fresh lawyer to conduct the conveyancing, making sure they are on the mortgage company conveyancing panel.
- Convince your conveyancing practitioner to do everything possible to get listed on the mortgage company panel of solicitors
When it comes to mortgage companies such as Coventry BS, do Neston solicitors face a yearly amount to be on the conveyancing panel?
We are unaware of any mortgage company fees to be on their list of approved firms, although some do charge an administration fee to deal with the processing of the conveyancing panel application.
How can we know in advance if a Neston conveyancing solicitor on the Virgin Money panel is any good?
When it comes to conveyancing in Neston obtaining recommendations is a sensible starting point. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one advertising the lowest fees. We would always advise that you speak with the solicitor carrying out your transaction.
The mortgage over my property is with Virgin Money for my property in Neston. Conveyancing was finalised a year ago. If I am intending to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Virgin Money?
You must advise Virgin Money in advance of letting out your property as this is likely to be a breach of Virgin Money’s mortgage conditions. It may be that Virgin Money will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Virgin Money directly. You need not do this via a Virgin Money conveyancing panel lawyer.
Over the last few months I have been searching for a ground for flat up to £245,000 and found one near me in Neston I like with open areas and transport links nearby, the downside is that it only has 51 years unexpired on the lease. I can't really find anything else in Neston in this price bracket, so just wondered if I would be making a mistake acquiring a lease with such few years left?
If you require a home loan the shortness of the lease may be a potential deal breaker. Discount the price by the anticipated lease extension will cost if not already taken into account. If the current proprietor has owned the property for a minimum of twenty four months you may ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer about this.
My uncle has suggested that I use his lawyers for conveyancing in Neston. Should I find my own conveyancer?
No doubt the best way to select a conveyancing lawyer is to seek referrals from friends or relatives who have used the firm that you are are thinking of instructing.
I am employed by a busy estate agent office in Neston where we have witnessed a few leasehold sales derailed due to leases having less than 80 years remaining. I have received inconsistent advice from local Neston conveyancing firms. Can you clarify whether the seller of a flat can commence the lease extension process for the purchaser on completion of the sale?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the disposal of the property.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
Neston Conveyancing for Leasehold Flats - Sample of Questions you should ask before Purchasing
It is important to be aware whether changing the roof or some other major work is anticipated to be shared between the leasehold owners and will dramatically increase the the service fees or necessitate a specific payment. Make sure you discover if the the lease includes any onerous restrictions in the lease. By way of example plenty of leases prohibit pets being allowed in certain buildings in Neston. If you like the propertyin Neston but your dog is not allowed to make the move with you then you have a very hard compromise. Are there any major works in the planning that will likely increase the service charges?