My wife and I are intending to purchase a 1 bedroom apartment in Spilsby with a mortgage. We have a Spilsby conveyancer, but the lender advise he's not on their "panel". We have to appoint one of the bank panel conveyancing practices or retain our Spilsby property lawyer and pay for one of their panel lawyers to represent them. We feel that this is unjust; are we not able to require that the bank use our Spilsby conveyancer ?
No, not really. The mortgage offered to you 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 Spilsby conveyancing lawyer to apply to be on the conveyancing panel.
Due to complete my purchase in Spilsby next Friday. My solicitor now wants me to supply her with proof of content and building insurance for the property as he says that he has to check this in his capacity as lawyer for the bank. What risks does the bank expect the insurance to cover?
Any lawyer on acting for banks would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s UK Finance Lenders’ Handbook requirements. These requirements are not specific to conveyancing in Spilsby.
Is there a reason why leasehold purchase conveyancing in Spilsby costs more?
In summary, leasehold conveyancing in Spilsby and Lincolnshire usually requires extra work compared to freehold conveyancing. This includes lease investigation, liaising with the landlord concerning serving required notices, securing up-to-date service charge and management information, obtaining the landlord’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – no matter how many different proprietor have owned the lease since it was first granted.
Should I use a Spilsby conveyancing solicitor who is local to the property I am purchasing? I have an old university friend who can perform the legal work however they are based 200miles away.
The benefit of a high street Spilsby conveyancing practice is that you can attend the office to sign documents, hand in your ID and pester them where appropriate. Having local Spilsby know how is a bonus. That being said it's more important to get someone that will do a good and efficient job. If you know people who used your friend and the majority were content that must trump using an unknown Spilsby conveyancing lawyer just because they are based in the area.
I work for a busy estate agent office in Spilsby where we have experienced a few leasehold sales jeopardised as a result of short leases. I have received inconsistent advice from local Spilsby conveyancing solicitors. Please can you confirm whether the vendor of a flat can commence the lease extension process for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible to agree the lease extension with the freeholder 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 buyer.
Spilsby Leasehold Conveyancing - Examples of Questions you should consider Prior to buying
The prefered form of lease structure is a share of the freehold. In this arrangement the leaseholders benefit from control and notwithstanding that a managing agent is often retained if it is larger than a house conversion, the managing agent is directed by the tenants. Who is in charge of the building?