We are purchasing a 2 bedroom flat in Wolstanton with a loan from Leeds Building Society.We use our Wolstanton conveyancing solicitor but Leeds Building Society says he's not on their approved list of member firms. It seems we are left with little choice but to instruct a Leeds Building Society panel solicitor or keep our local solicitor and pay for a Leeds Building Society panel lawyer to act for them. This seems very unfair; Can we not simply insist that Leeds Building Society use our lawyer?
No, not really. The loan issued to you contains terms and conditions, a common one being that lawyers needs to be on the Leeds Building Society approved list. in the past, most lenders had large numbers of solicitors 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 solicitors to apply to be on the conveyancing panel for Leeds Building Society
How does conveyancing in Wolstanton differ for newly converted properties?
Most buyers of new build or newly converted property in Wolstanton contact us having been asked by the seller to exchange contracts and commit to the purchase even before the residence is completed. This is because builders in Wolstanton usually 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 Wolstanton or who has acted in the same development.
I have been on the look out for a leasehold apartment up to £245,000 and found one near me in Wolstanton I like with open areas and railway links in the vicinity, however it only has 52 remaining years left on the lease. I can't really find anything else in Wolstanton in this price bracket, so just wondered if I would be making a mistake acquiring a lease with such few years left?
Should you require a mortgage the remaining unexpired lease term may be a potential deal breaker. Reduce the offer by the amount the lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for at least 2 years you can request that they start the process of the extension and pass it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should speak to your conveyancing lawyer regarding this.
We're new to the buying process - had an offer accepted, but the agent has warned us that the vendor will only move forward if we use their recommended conveyancers as they want an ‘expedited deal’. We would rather use a high street solicitor accustomed to conveyancing in Wolstanton
It is highly unlikely the sellers are driving this. Should the seller want ‘a quick sale', taking such a hostile approach to a serious purchaser is likely to cause more damage than good. Speak to the owners direct and make sure they comprehend that (a)you are keen to buy (b)you are excited to move forward, with mortgage lined up © you are chain free (d) you wish to move quickly (e)but you will continue to instruct your own,trusted Wolstanton conveyancing solicitors - not the ones that will earn their estate agent a commission or meet his conveyancing thresholds set by senior management.
I own a leasehold house in Wolstanton. Conveyancing and Britannia mortgage are in place. I have received a letter from someone saying they have taken over the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1995. The conveyancing practitioner in Wolstanton who previously acted has long since retired. Any advice?
First contact HMLR to be sure that the individual purporting to own the freehold is indeed the new freeholder. It is not necessary to instruct a Wolstanton conveyancing lawyer to do this as it can be done on-line for a few pound. Rest assured that regardless, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
Wolstanton Leasehold Conveyancing - Sample of Queries before buying
How many of the leaseholders are in arrears for their maintenance charge payments? What is the name of the managing agents?