I am progressing with the sale of my maisonette in Stansted and the EA has just called to say that the buyers are changing their law firm. I am told that this is due to the fact that the bank will only engage with property lawyers on their approved list. On what basis would a major mortgage company only engage with specific lawyers rather the firm that they want to select for their conveyancing in Stansted ?
Lenders have always had panels of law firms they are willing to work with, but in the last few years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.
Lenders blame a rise in fraud as the reason for the reduction – criteria have been stiffened as a smaller panel is easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is hearing daily from firms that have been removed from panels. Plenty of firms are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your purchasers are not going to have any sway in the decision.
Having sold my house in Stansted last July but the buyer keeps telephoning every few hours to say her conveyancer needs to hear from mine. What are the post completion sale legalities following completion?
Following your sale your solicitor is obliged to forward the transfer deeds and all supplemental paperwork to the purchaser's conveyancer. If applicable, your solicitor should also send confirmation that the legal charge in favour of the lender has been redeemed to the purchasers lawyers. There is unlikely to be post completion formalities specific conveyancing in Stansted.
Just had an offer accepted on a new build apartment in Stansted. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Set out below is a sample of a selection of leasehold new build questions that you should expect your new-build leasehold conveyancing in Stansted
The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Please supply evidence that the form of Lease proposed has been approved by the Land Registry. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme.
Over the last few months I have been searching for a ground for flat up to £245,000 and identified one round the corner in Stansted I like with amenity areas and station nearby, the downside is that it only has 52 years on the lease. There is not much else in Stansted in this price bracket, so just wondered if I would be making a mistake purchasing a short lease?
If you require a home loan the shortness of the lease 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 at least 2 years you may request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should consult your conveyancing solicitor about this matter.
I am a sole trader wishing to lease a unit on a shopping parade. Can you recommend solicitors offering fixed charges for commercial conveyancing in Stansted for less than 2k?
We are happy to recommend firms who host a wealth of experience of commercial conveyancing in Stansted, including the sale and acquisition of businesses as well as simply property. If you are intending to acquire or lease a shop, pub, restaurant, office, retail unit or a complete business we will find you the right solicitor. As for the costs these will vary based on the structure and nuances of the proposed transaction. Let us have your details or email so as to enable us to furnish you with a detailed commercial conveyancing quote.