I am not well enough to travel far from Aintree. What is the rationale as to why all Aintree property lawyers aren't automatically on all mortgage company panels?
Lenders normally restrict either the type or volume of conveyancing solicitors on their approved list of lawyers. Frequent examples of such restriction(s) being that the firm is required to have at least two partners. In addition to restricting the type of firm, some lenders made a decision to reduce the size of their panel they allow to represent them. It is worth noting that banks have no liability for the accuracy of advice given by any Aintree property lawyer on their panel. Property fraud was the key driver in the culling of solicitor panels in the last decade notwithstanding that there are opposing views concerning the extent of solicitor involvement in some of that fraud. Statistics published by the Land Registry exposes that thousands of conveyancing organisations only transact less than three conveyances annually. Those advocating conveyancing panel consolidation question why conveyancing firms deserve claim to be on a bank panel when it is apparent that conveyancing is not their speciality?
We are purchasing a newly built flat in Aintree and my solicitor is telling me that she has to the mortgage company to disclose incentives from the seller. I am under pressure to sign contracts and I would rather not prolong matters. Is my lawyer right?
You should not exchange unless you have been advised to do so by your lawyer. A precondition to being on a bank panel is to comply with the UK Finance Lenders’ Handbook requirements. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
We are planning to buy with Darlington Building Society. We have called around locally but cant to find a Aintree conveyancing firm on the Darlington Building Society panel. Please you assist?
Please do make the most of the find a lender approved solicitor tool on this web page. Please choose the mortgage company and type Aintree or your location and you will see a number of lawyer offices in Aintree or by proximity to you.
I am looking for a ground for flat up to £305k and identified one near me in Aintree I like with open areas and railway links nearby, however it only has 51 years unexpired on the lease. I can't really find anything else in Aintree in this price bracket, so just wondered if I would be making a grave error acquiring a short lease?
Should you require a mortgage that many years may be problematic. Reduce the offer by the anticipated lease extension will cost if not already taken into account. If the current owner has owned the property for a minimum of 2 years you could request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should speak to your conveyancing lawyer regarding this matter.
I've recently bought a leasehold property in Aintree. Am I liable to pay service charges for periods before my ownership?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Aintree Conveyancing for Leasehold Flats - A selection of Queries Prior to Purchasing
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How much is the ground rent and service charge? Is the freehold owned jointly by the tenants? Generally speaking the outlay for major works tend not to be wrapped into the service charges, albeit that a few managing agents in Aintree require tenants to pay into a sinking fund created for the specific purpose of building a fund for major repairs or maintenance.
My partner and I plan to acquire our first home in Aintree. Conveyancing solicitor already instructed. The financial consultant advised that a survey is not appropriate as the house was only built in 2002.
The bare minimum you need a Home Buyer's Report. Given the property is over ten years old the property will be without a warranty, so you would be well advised not to take a risk. Where a property of this age shows no signs of problems a Home Buyer's report could suffice. They will highlight any obvious problems and suggest further investigation where appropriate. If there are any indications of problems obtain a full Building Survey from the beginning.