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Find a Shenley Brook End Conveyancing Solictior on Your Lender’s Panel

Ready to buy a new home in Shenley Brook End? Failing to check that a lawyer is on your lender’s list of approved solicitors can put your Shenley Brook End transaction at risk of delay or failure.

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Recently asked questions about conveyancing in Shenley Brook End

My aunt passed away last year and as sole heir and executor I was left the house in Shenley Brook End. The house had a relatively small loan left on it of around £8000. I want to transfer the title deeds into my name whilst I re-mortgage to Nottingham, pay off the mortgage. Is this allowed?

If you plan to re-mortgage then Nottingham will require that you use a conveyancer on the Nottingham 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 Nottingham 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 Nottingham mortgage is registered as a charge at the Land Registry.

What is the difference between a licensed conveyancer and conveyancing solicitor in Shenley Brook End

Two types of professional can do conveyancing in Shenley Brook End namely licenced conveyancers or solicitors. Both professionals provide conveyancing services that you need to complete the disposal or purchase of property. They are both required to carry out Shenley Brook End conveyancing to the same quality and guidelines so you can be safe in the knowledge that your conveyancing will be professionally carried out and that all requisite procedures should be correctly followed.

I am expecting a OIP from Lloyds this week so we can work out what to offer on a property we like as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Lloyds recommend any Shenley Brook End solicitors on the Lloyds conveyancing panel, or is it better to go independently?

You will need to appoint Shenley Brook End solicitors independently although you'll need to choose one on the Lloyds conveyancing panel. The solicitor represents both you and Lloyds through the process.

My sealed bid on a property in Shenley Brook End has been agreed to, the owners do however have a tied purchase. The owners have offered on on an apartment, but it’s not yet tied up, and have viewings of other flats in the pipeline. I have instructed a local conveyancing solicitor in Shenley Brook End. What do I do now? When do I get the mortgage application with Skipton started?

It is normal to have anxieties where there is a chain as you are unlikely to want to be too out of pocket prematurely (mortgage application is in the region of one thousand pounds, then valuation, Shenley Brook End conveyancing search fees, etc). The first thing to do is ensure that your conveyancing practitioner is on the Skipton approved list. As to the next steps this very much dictated by the circumstances of your transaction, motivation for the property and on the state of the market. During a hot market some home buyers would apply for the mortgage with Skipton and arrange for the valuation and only if it comes back ok would they ask their conveyancer to move forward with searches.

My father-in-law has suggested that I appoint his conveyancers in Shenley Brook End. Should I use them?

No doubt it’s preferable to find a conveyancing lawyer is to have guidance from friends or relatives who have actually experience in using the conveyancer that you are contemplating using.

I am tempted by the attractive purchase price for a couple of apartments in Shenley Brook End both have approximately fifty years left on the leases. Do I need to be concerned?

There are no two ways about it. A leasehold flat in Shenley Brook End is a deteriorating 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 less than eighty years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property 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 a residence 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 Shenley Brook End conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend 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 any new 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 Shenley Brook End - A selection of Questions you should consider before Purchasing

    It would be wise to discover as much as possible concerning the managing agents as they will impact your use and enjoyment of the property. Being a leasehold owner you will be in the clutches of the managing agents from a financial perspective and when it comes to every day issues like the cleanliness of the common parts. Ask prospective neighbours if they are happy with their service. Finally, be sure you know the dates that the service fees are due to the managing agents and specifically what it includes. Plenty Shenley Brook End leasehold apartments will be liable to pay a service bill for the upkeep of the block levied by the freeholder. If you buy the property you will have to pay this amount, normally periodically throughout the year. This can differ from two or three hundred pounds to thousands of pounds for large purpose-built buildings. In all likelihood there will be a ground rent for you to pay annual, this is usually not a large amount, say approximately £50-£100 but you need to check as occasionally it could be many hundreds of pounds. The prefered form of lease arrangement is a share of the freehold. In this scenario the leaseholders benefit from control and even though a managing agent is usually retained if the building is bigger than a house conversion, the managing agent acts for the leaseholders themselves.

My 20yr old son is embarking on her first house purchase, he had his mortgage in principle. One the seller agreed the offer on the apartment we called the lender to move forward with his. I was disappointed to hear that banks do not accept all property lawyer, they need to be on their approved list, is this legal?

Lenders normally imposes restrictions either the type or the number of conveyancing solicitors on their panel. Typical examples of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that lenders have no responsibility for the quality of advice provided by any Shenley Brook End lawyer on their panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, conveyancing is not their speciality. To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime? Unlikely.

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