I am in the process of selling my home in Beaufort and the estate agent has just e-mailed to advise that the buyers are switching property lawyer. I am told that this is due to the fact that the bank will only work with solicitors on their conveyancing panel. Why would a big named mortgage company only engage with certain solicitors rather the firm that they want to select to handle their conveyancing in Beaufort ?
UK lenders have always had panels of law firms they are willing to work with, but in the last few years big names such as Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 25 years.
Lending institutions blame a rise in fraud by way of justification for the pruning – 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 claims that it is hearing daily from firms that have been removed from panels. Some are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The purchasers are not going to have any impact on this.
Can I use your services to locate a Conveyancing solicitor in Beaufort even where I’m not buying or disposing of a house, for instance where I want to acquire a shop in Beaufort with a mortgage from Aldermore?
Our comparison service is predominantly used to help choose residential conveyancing solicitors in Beaufort but we have set out towards the end of this page some Beaufort commercial conveyancing firms. You will need to enquire with the company directly to check if they are also authorised to represent Aldermore
I bought my house on 3 January and the transaction details is yet to be on the land registry website. Should I be concerned? My conveyancing solicitor in Beaufort said it will be recorded in a couple of weeks. Are transfers in Beaufort uniquely lengthy to register?
As far as conveyancing in Beaufort is concerned, registration is no faster or slower than the rest of the country. Rather than based on location, timeframes can differ subject to who lodges the application, whether there are errors and if the Land registry communicate with any other persons or bodies. At present in the region of three quarters of such applications are fully dealt with within two weeks but some can be subject to protracted hold-ups. Registration takes place once the buyer has moved in to the premises thus an expedited registration is not typically primary concern yet if there is a degree of urgency associated with the registration then you or your solicitor should communicate with the Registry to express the reasoning for the application to be prioritised.
How does conveyancing in Beaufort differ for new build properties?
Most buyers of new build residence in Beaufort approach us having been asked by the housebuilder to sign contracts and commit to the purchase even before the property is finished. This is because developers in Beaufort tend to buy the site, 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 used to new build conveyancing in Beaufort or who has acted in the same development.
I decided to have a survey carried out on a house in Beaufort in advance of instructing solicitors. I have been advised that there is a flying freehold overhang to the house. The surveyor has said that some banks will refuse to issue a mortgage on this type of house.
It depends who your proposed lender is. Santander has different requirements from Halifax. Should you wish to call us we can check with the appropriate lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Beaufort. Conveyancing may be slightly more expensive based on your lender's requirements.
I am looking at a couple of flats in Beaufort which have about fifty years unexpired on the lease term. should I be concerned?
There is no doubt about it. A leasehold flat in Beaufort is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it adversely affects the salability of the property. For most buyers and lenders, leases with less than 75 years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises 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 property 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 Beaufort conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. 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.
Beaufort Leasehold Conveyancing - A selection of Queries before buying
-
The best form of lease arrangement is where the freehold reversion is in the ownership of the leaseholders. In this scenario the lessees enjoy being in charge if their destiny and although a managing agent is usually retained if it is larger than a house conversion, the managing agent retained by the leaseholders. Its a good idea to find out as much as possible regarding the managing agents as they will either make your living at the property much easier or uncomfortable. As the owner of a leasehold property you will be in the clutches of the managing agents from a financial perspective and when it comes to daily issues like the tidiness of the communal areas. Ask other tenants what they think of their management. Finally, be sure you understand the dates that the service charges are due to the appropriate party and precisely how they are spending that money. Can you inform me if there are any major works in the planning that will likely add a premium to the service costs?