I was informed yesterday by my IFA that my Selsey solicitor is not on the bank Solicitor panel. How can I be certain that this is indeed the case?
Your first step should be to call your Selsey lawyer directly. You lawyer should notify you of the situation. If they are not on the panel they may be able to suggest a Selsey conveyancing practice that is on the conveyancing panel for your bank.
I am purchasing a house without a mortgage in Selsey. I have been living for the previous 20 years in Selsey. Conveyancing searches are exorbitant. As I have knowledge of the road and vicinity very well must I have all the conveyancing searches?
In the absence of a home loan, then the vast majority of the Selsey conveyancing searches are optional. Your solicitor will try and steer you, no-doubt strongly, that you should have searches done, but he is duty bound to do this. Do take into account; if you are likely to dispose of the house at a future date, it could be of interest to your future buyer what the searches contain. On occasion premises with no practical issues can still show up unexpected search results. A good conveyancing solicitor in Selsey will be able to give you some sensible guidance in this regard.
Should I be wary that brokers that I am dealing with are recommending a national conveyancing firm rather than a High Street Selsey conveyancing company?
As is the case with many professional services, often recommendations from connections can be extremely useful or valuable. Yet there are numerous people with a vested interest in a conveyancing matter; estate agents, mortgage brokers and mortgage companies might all suggest conveyancers to appoint. Sometimes the solicitors might be known to one of the organisations as experts in their field, but occasionally there is an underlying financial incentive behind the endorsement. You are at liberty to appoint your preferred lawyer. Don't forget that some banks have an approved list of solicitors you must use for the lender related work in your conveyancing.
I am looking at a couple of apartments in Selsey which have about 50 years remaining on the leases. Will this present a problem?
There are plenty of short leases in Selsey. The lease is a legal document that entitles you to use the premises for a period of time. As a lease shortens the marketability of the lease deteriorates and results in it becoming more costly to acquire a lease extension. This is why it is generally wise to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease because mortgage companies less inclined to grant a loan on such properties. Lease extension can be a difficult process. We advise that you get professional assistance from a conveyancer and surveyor with experience in this area.
Leasehold Conveyancing in Selsey - Sample of Queries before Purchasing
The prefered form of lease structure is a share of the freehold. In this scenario the lessees enjoy control and notwithstanding that a managing agent is usually retained if the building is larger than a house conversion, the managing agent retained by the leaseholders. What is the name of the managing agents? How much is the yearly maintenance fee and ground rent?
My parents cant seem to find their Selsey land registry title on the site. They have a vague recollection fifty years ago when they purchased the bungalow there were complications concerning Selsey not being identified on some systems.
Nearly all premises in Selsey should be revealed. Have you tried a search to simply the postcode. Normally it should mention all the premises within that postcode. Assuming the property is registered it will show up with a title number. Where they bought back in the 70’s it's conceivable it may be unregistered. The address may still be revealed but with the title number shown 'na'. In this scenario you will need to track down the original title papers which could be with your parent’s lender.