Unfortunately I am unable to travel far from Urmston. Is there a reason why all Urmston conveyancing practitioners aren't included on all bank panels?
Even though it may seem unfair for banks to limit who can act for them, from the public’s or conveyancer’s perspective, the the contrary view is that lending institutions are becoming ever more anxious and feel it vital to shield themselves from mortgage fraud. As a consequence of this concern banks have restricted their conveyancing panel to a size that they are happy to control.
At what point does exchange of contracts occur in sale conveyancing in Urmston and am I required to be at the lawyers branch?
Where you are round the corner to one of the conveyancing solicitors in Urmston you are welcome to attend to sign documents. However, the firms we work with offer a nationwide conveyancing service and provide as equally diligent and professional a job for you when communicating with you by post or email. The signing of the sale agreement is not the point of no return. Signing on the dotted line is just a prerequisite for the conveyancer to exchange contracts at the appropriate time, which is ordinarily shortly after signing. The procedure is is usually a five minute process, although where a lengthy "chain" is involved, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Urmston)to be in the office available at the end of the phone to exchange contracts.
I have 70 years left on my lease and need a lease extension for my flat in Urmston. Conveyancing solicitors on the The Mortgage Works panel can deal with such extensions right?
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are obtaining a mortgage then your lender may insist that the lease be extended before competition. The Mortgage Works have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 5/12/2018 the requirements read as follows :
NEW BUILD PROPERTIES (includes office conversions)
The following are not acceptable:
- The unexpired lease term on a new build flat is less than 125 years
- The unexpired lease term on a new build house is less than 250 years
- Starting ground rent is more than 0.1% of the property value
The lease must be amended to comply with the above. If not the case cannot proceed. Please advise us where the case cannot proceed.
Ground rents and event fees:
Ground rent and other event fees must be reasonable at all times during the lease term. For example, it is acceptable for ground rent escalation to be linked to RPI (Retail Price Index) or a similar index and where this is the case we do not need to be advised. However, unreasonable multipliers of ground rent will not be permitted, for example, doubling every 5, 10 or 15 years. These must be referred to us and we will advise if our mortgage offer remains valid. If you are unsure as to whether the terms of a lease are unreasonable, please refer the details to us.
Are there restrictive covenants that are commonly identified as part of conveyancing in Urmston?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Urmston. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
My partner has urged me to appoint his conveyancers in Urmston. Should I use them?
There are no two ways about it it’s preferable to choose a conveyancing solicitor is to get referrals from friends or family who have actually previously instructed the firm that you are contemplating using.