Unfortunately I am unable to travel far from Wythenshawe. I would like to know the understand why all Wythenshawe property lawyers aren't included on all mortgage company panels?
As unjust as it may seem for mortgage companies to limit who can represent them, from the public’s or conveyancer’s viewpoint, the flip side is that banks are increasingly anxious and feel it imperative to defend themselves against illegal activities. As a consequence of this concern mortgage companies are limiting their panel of approved conveyancing lawyers to a manageable size.
My conveyancer has discovered a a problem with the lease for the flat we are purchasing in Wythenshawe. The other side have offered defective title insurance as a workaround. We are content with insurance and will cover the costs. Our property lawyer has advised that he must be satisfied that the mortgage company is content with this solution. Who is the client here, us or the bank?
Notwithstanding that you have a mortgage offer from the lender does not mean to say that the property will meet their requirements for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook provisions. You and the lender are the client. These conveyancing instructions must be adhered to.
We're in Wythenshawe, FTBs buying with a mortgage (lender is Yorkshire BS , and our lawyer is on the Yorkshire BS conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Yorkshire BS conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no property lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
I've recently found out that there is a flying freehold element on a house I put an offer in two weeks back in what should have been a quick, chain free conveyancing. Wythenshawe is where the house is located. Can you shed any light on this issue?
Flying freeholds in Wythenshawe are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Wythenshawe you must be sure that your lawyer goes through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Wythenshawe may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
I work for a reputable estate agency in Wythenshawe where we have witnessed a few flat sales put at risk due to leases having less than 80 years remaining. I have received contradictory information from local Wythenshawe conveyancing firms. Please can you confirm whether the seller of a flat can commence the lease extension formalities for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, 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.
Wythenshawe Leasehold Conveyancing - Sample of Questions you should consider before buying
Plenty Wythenshawe leasehold flats will have a service bill for maintenance of the block set by the landlord. Where you acquire the flat you will have to pay this liability, normally in instalments during the year. This could differ from a few hundred pounds to thousands of pounds for blocks with lifts and large communal areas. In all likelihood there will be a rentcharge to be met yearly, this is usually not a large sum, say about £50-£100 but you should to enquire as occasionally it can be many hundreds of pounds. You should want to discover as much as possible regarding the managing agents as they will either make your living at the property much simpler or uncomfortable. Being a leasehold owner you are often at the mercy of the managing agents both financially and when it comes to every day issues like the tidiness of the communal areas. Don't be afraid to ask prospective neighbours whether they are happy with their management. In conclusion, investigate as to the dates that you are obliged pay the maintenance charge to the managing agents and precisely what it includes. Is there a share of the freehold?