We wanted to use a property lawyer in Prescot for our house move. Our financial adviser informed us that our mortgage company TSB won't deal with them. Surely this is unfair competition?
Mortgage Companies in the main imposes restrictions either the category or the volume of conveyancing firms on their approved list of lawyers. Typical examples of such restriction(s) being that a firm must not be a sole practitioner. As well as restricting the type of firm, a few lenders have decided to limit the amount of solicitor practices they allow to act for them. You should note that TSB have no responsibility for the quality of advice provided by any member of TSB Conveyancer Panel. Mortgage fraud was a key driver in the rationalisation of solicitor panels since 2008 even though there are differing views concerning the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that hundreds of law firms, including some in or near Prescot only execute one or two conveyances per annum.
I decided to have a survey carried out on a property in Prescot prior to retaining conveyancers. I have been informed that there is a flying freehold overhang to the house. The surveyor has said that some mortgage companies tend refuse to grant a mortgage on this type of premises.
It depends who your proposed lender is. Bank of Scotland has different instructions from Nationwide. If you e-mail us we can investigate further via the relevant lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Prescot. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Prescot to see if the conveyancing will be more expensive.
I am selling my home. My former lawyers closed down. I would be grateful for any recommendation of a conveyancing firm. Im based in Prescot if that makes a difference.
Please use our search tool to help you find a solicitor for your conveyancing in Prescot. We have connected thousands of home buyers and sellers with regulated solicitors to ensure that the legalities of their house move runs with a minimum of fuss.
Is it best to instruct a Prescot conveyancing solicitor in close proximity to the house I am buying? An old friend can handle the conveyancing however his firm is located 200miles away.
The benefit of a high street Prescot conveyancing firm is that you can attend the office to execute documents, present your identification documents and apply pressure on them where appropriate. They will also have local intelligence which is a benefit. That being said it's more important to get someone that will pull out all the stops for you. If if people you trust instructed your friend and on the whole were impressed that must trump using an unknown Prescot conveyancing lawyer just because they are Prescot based.
I am looking at a couple of flats in Prescot both have approximately fifty years unexpired on the leases. Should I regard a short lease as a deal breaker?
There are no two ways about it. A leasehold flat in Prescot is a wasting asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it reduces the salability of the property. For most purchasers and banks, leases with under eighty years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Prescot conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Leasehold Conveyancing in Prescot - A selection of Questions you should consider Prior to Purchasing
How much is the maintenance charge and ground rent on the apartment? If a Prescot lease has less than eighty years it will impact the value of the apartment. It is worth checking with your lender that they are happy with the length of the lease. Leases with less than 80 years remaining means that you will almost definitely require a lease extension sooner rather than later and it is worth discovering how much this would cost. Remember, in most cases you will be required to have been the owner of the property for 24 months before you are legally able to extend the lease. It would be a good idea to investigate if the the lease contains any adverse restrictions in the lease. By way of example some leases prohibit pets being allowed in in a block in Prescot. If you love the flatin Prescot however your dog is not allowed to live with you then you will be faced difficult choice.