My husband and I are buying a 2 bedroom flat in Northfield with a mortgage. We like our Northfield solicitor, but the mortgage company advise he's not on their "panel". We have to appoint one of the lender panel conveyancing practices or retain our Northfield conveyancing practitioner as well as pay for one of their panel lawyers to represent them. This feels very unfair; can we not demand that the bank use our Northfield conveyancing practitioner ?
No, not really. Your mortgage offer 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 Northfield conveyancing solicitor to apply to be on the conveyancing panel.
Do the Building Society Association intend to launch a search tool with a view to list solicitors on the Norwich and Peterborough Building Society conveyancing panel for example in Northfield?
We would not expect to be advised of any intention on the part of the BSA to promote such a register.
How does conveyancing in Northfield differ for new build properties?
Most buyers of new build premises in Northfield contact us having been asked by the seller to sign contracts and commit to the purchase even before the house is finished. This is because new home sellers in Northfield tend to acquire the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Northfield or who has acted in the same development.
Over the last few months I have been searching for a flat up to £245,000 and found one round the corner in Northfield I like with open areas and transport links in the vicinity, however it only has 49 years on the lease. I can't really find anything else in Northfield for this price, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you need a mortgage the remaining unexpired lease term will be problematic. Discount the price by the amount the lease extension will cost if not already taken into account. If the existing owner has owned the premises for a minimum of twenty four months you can ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should consult your conveyancing lawyer concerning this matter.
Having had my offer accepted I require leasehold conveyancing in Northfield. Before diving in I require certainty as to the number of years remaining on the lease.
If the lease is registered - and most are in Northfield - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
Leasehold Conveyancing in Northfield - Sample of Queries before Purchasing
The answer will be useful as a) areas may result in problems in the block as the common areas may start to deteriorate if services remain unpaid b) if the leasehold owners have an issue with the managing agents you will wish to have full disclosure It would be wise to discover as much as you can regarding the managing agents as they can either make living at the property much simpler or uncomfortable. As the proprietor of a leasehold property you are often at the mercy of the managing agents both financially and when it comes to practical matters such as the cleanliness of the communal areas. Ask other people if they are happy with their service. In conclusion, investigate as to the dates that you are obliged pay the maintenance charge to the relevant party and specifically what it includes. How many of the leaseholders are in arrears for their maintenance charge payments?