I am nearing exchange of contracts for my maisonette in Attleborough and the estate agent has just e-mailed to warn that the purchasers are changing their solicitor. The excuse is that the mortgage company will only engage with property lawyers on their approved list. On what basis would a big named lender only work with certain solicitors rather the firm that they want to choose to handle their conveyancing in Attleborough ?
UK lenders have always had an approved set of law firms that can act for them, but in the past few years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for decades.
Mortgage companies point to the increase in fraud as the reason for the reduction – criteria have been narrowed as a smaller panel is easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels. Plenty of firms do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The buyers are not going to have any impact on this.
When it comes to lenders such as TSB, do Attleborough lawyers have to pay a fee to be on the conveyancing panel?
We are unaware of any bank fees to be on their panel, although some do levy an administration charge to deal with the processing of the conveyancing panel submission.
It is not clear whether my lender obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called into my local Attleborough building society branch on numerous occasions and was told it wasn't a problem and they would lend. My Attleborough conveyancing solicitor - who is on the bank conveyancing panel- telephoned to say that they refuse to lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. I have no idea who is right.
Provided that the conveyancer is on the bank approved list, she or he must adhere to the Council of Mortgage Lenders’ Handbook conditions for the bank. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
Our offer on a detached house in Attleborough has been agreed to, the vendors do however have a dependent purchase. The sellers have offered on a property, however it’s not yet agreed to, and are looking at other properties in the pipeline. I have selected a high street conveyancing solicitor in Attleborough. What do I do now? At what point should I apply for the mortgage with UBS?
It is understandable to have concerns where there is a chain as you are unlikely to want to incur costs too early (home loan application is in the region of one thousand pounds, then valuation, Attleborough conveyancing search charges, etc). First, you should ensure that your property lawyer is on the UBS conveyancing panel. Concerning the subsequent phase this very much depends on the uniqueness of your case, desire for this property and on the state of the market. During a hot market many home buyers would apply for a home loan with UBS and arrange for the valuation and only if it comes back ok would they request their conveyancing practitioner to move forward with the conveyancing in Attleborough.
How does conveyancing in Attleborough differ for newly converted properties?
Most buyers of new build property in Attleborough contact us having been asked by the seller to sign contracts and commit to the purchase even before the residence is completed. This is because developers in Attleborough 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 conveyancers 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 used to new build conveyancing in Attleborough or who has acted in the same development.
I've recently found out that there is a flying freehold element on a property I have offered on a fortnight ago in what was supposed to be a simple, chain free conveyancing. Attleborough is where the house is located. Is there any advice you can give?
Flying freeholds in Attleborough are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Attleborough you must be sure that your lawyer goes through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Attleborough may decide 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.
Can you provide any advice for leasehold conveyancing in Attleborough from the point of view of saving time on the sale process?
- Much of the delay in leasehold conveyancing in Attleborough can be bypassed if you get in touch lawyers as soon as your agents start marketing the property and request that they start to collate the leasehold documentation which will be required by the buyers’ conveyancers. You believe that you know the number of years left on your lease but it would be wise to verify this by asking your lawyers. A buyer’s conveyancer will not be happy to advise their client to to exchange contracts if the lease term is less than 80 years. In the circumstances it is important at an early stage that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale. The majority of landlords or managing agents in Attleborough levy fees for supplying management packs for a leasehold home. You or your lawyers should enquire as to the fee that they propose to charge. The management information sought on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most frequent reason for delay in leasehold conveyancing in Attleborough. If there is a history of any disputes with your freeholder or managing agents it is very important that these are resolved before the property is marketed. The purchasers and their solicitors will be warry about purchasing a flat where there is a current dispute. You may have to bite the bullet and pay any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the purchasers, but it is better to reveal the dispute as over rather than unresolved. In the event that you altered the property did you need the Landlord’s consent? In particular have you installed wooden flooring? Attleborough leases often stipulate that internal structural changes or laying down wooden flooring require a licence from the Landlord acquiescing to such works. If you dont have the paperwork to hand you should not contact the landlord without contacting your lawyer before hand.
Attleborough Conveyancing for Leasehold Flats - Examples of Queries Prior to Purchasing
-
Is anyone aware of any major works in the planning that will add a premium to the service charges? It would be wise to find out as much as possible regarding the managing agents as they will impact 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 day to day issues like the cleanliness of the communal areas. Enquire of prospective neighbours what they think of them. Finally, investigate as to the dates that you are obliged pay the maintenance charge to the managing agents and specifically what it includes.
I am considering using a web based solicitor ahead of a Attleborough conveyancing practice. Am I making a mistake?
Advantages do exist in being able to pop in to a local Attleborough conveyancing solicitor for example
- signing papers on short notice
- getting one on one explanations of issues that you need help with
- the ability to complain if matters are not going as expected
When comparing estimates, look out for hidden extras. Most decent Attleborough high street solicitors give an all-inclusive price. Often online companies seem to offer discounted fees, yet have burried 'extras' in the in the terms and conditions.