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Find a Westbury On Trym Conveyancing Solictior on Your Lender’s Panel

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

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Recently asked questions about conveyancing in Westbury On Trym

My husband and I are planning to purchase a flat in Westbury On Trym and have instructed a Westbury On Trym conveyancing practice. Within the past 48 hours our solicitor has sent a preliminary report and documents to look through with a view to exchanging next week. Barclays Direct have this morning contacted us to advise us that there is now an issue as our Westbury On Trym solicitor is not on their conveyancing panel. What do we do from here?

If you are buying a property with the assistance of a mortgage it is standard for the purchasers' lawyers to also act for the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your property lawyer should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You don't have to instruct a firm on the lender’s conveyancing panel as you are at liberty to use your preferred Westbury On Trym lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.

I own a semi-detached Edwardian property in Westbury On Trym. Conveyancing solicitor represented me and Alliance & Leicester . I did a free Land Registry search last week and I saw a couple of entries: one for freehold, another for leasehold under the matching property. I'd like to know for sure, how can I find out??

You should review the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Westbury On Trym and other areas of the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with purchasers. You can also check the situation with your conveyancing solicitor who conducted the work.

How does conveyancing in Westbury On Trym differ for new build properties?

Most buyers of new build residence in Westbury On Trym approach us having been asked by the builder to sign contracts and commit to the purchase even before the house is ready to move into. This is because builders in Westbury On Trym typically buy the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Westbury On Trym or who has acted in the same development.

Do I need to be wary that third parties that I am dealing with are recommending a factory type conveyancing firm as opposed to a local Westbury On Trym conveyancing company?

As with many service providers, often referrals from connections can be extremely useful or valuable. Nevertheless there are many players in a conveyancing deal; estate agents, financial adviser and banks might all suggest solicitors to appoint. On occasion these conveyancers might be known to one of the organisations as experts in their field, but occasionally there might be a commercial relationship behind the recommendation. You are at liberty to select your preferred lawyer. You need to be aware that the majority of mortgage providers have an approved list of law firms you must use for the mortgage related work in your transaction.

I am looking at a couple of maisonettes in Westbury On Trym which have in the region of fifty years unexpired on the leases. should I be concerned?

There is no doubt about it. A leasehold flat in Westbury On Trym is a deteriorating asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it adversely affects the marketability of the premises. The majority of purchasers and mortgage companies, 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 Westbury On Trym 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. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. 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.

Westbury On Trym Leasehold Conveyancing - A selection of Questions you should ask before buying

    It is important to be aware if changing the roof or some other significant cost is due in the near future that will be shared between the leaseholders and could well dramatically increase the the maintenance fees or require a one time invoice. It would be prudent to find out as much as possible regarding the company managing the block as they will affect your use and enjoyment of the property. Being a leasehold owner you are frequently at the mercy of the managing agents both financially and when it comes to practical issues like the tidiness of the communal areas. Enquire of other people what they think of their management. Finally, find out the dates that the maintenance fees are due to the managing agents and specifically how they are spending that money. Is anyone aware of any major works in the planning that could increase the maintenance charges?

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