I am progressing with the sale of my ground floor flat in Beaufort and the EA has just telephoned to advise that the buyers are switching property lawyer. The excuse is that the lender will only engage with property lawyers on their conveyancing panel. Why would a leading lender only work with certain solicitors rather the firm that they want to select for their conveyancing in Beaufort ?
UK lenders have always had an approved set of law firms they are willing to work with, but in the last few years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for many years.
Mortgage companies point to the increase in fraud as the reason for the pruning – criteria have been tightened as a smaller panel is easier to monitor. 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 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. Your purchasers are unlikely to have any sway in the decision.
Finally the sale completed on my house in Beaufort last August but our buyer keeps Skype messaging every few hours to moan that her lawyer is waiting to hear from mylawyer. What should have happened following completion?
Following your disposal your solicitor should deliver the transfer documentation and all additional paperwork to the buyer’s conveyancer. If applicable, your conveyancer must also send confirmation that the legal charge in favour of the lender has been repaid to the buyers lawyers. There are no post completion requirements unique to conveyancing in Beaufort.
Me and my brother purchased a renovated Georgian property in Beaufort. Conveyancing lawyer acted for me and HSBC Bank. I happened to do a free search for it on the Land Registry database and I saw a couple of entries: the first freehold, the second leasehold under the exact same property. Is it worth asking HSBC Bank to clarify?
You need to assess the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Beaufort and other locations in the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with purchasers. You can also enquire as to the situation with your conveyancing lawyer who conducted the purchase.
I have been on the look out for a ground for flat up to £245,000 and identified one close by in Beaufort I like with a park and transport links in the vicinity, however it's only got 51 years on the lease. There is not much else in Beaufort for this price, so just wondered if I would be making a grave error acquiring a short lease?
Should you require a home loan that many years will likely be an issue. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for a minimum of 2 years you may request that they commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should consult your conveyancing solicitor about this.
My husband and I are new to the buying process - agreed a price, yet the estate agent advised that the seller will only issue a contract if we use their preferred lawyers as they need a ‘quick sale’. We would rather use a high street solicitor used to conveyancing in Beaufort
We suspect that the owner is unaware of this request. Should the vendor desire ‘a quick sale', alienating a motivated buyer is counter productive. Bypass the agents and go straight to the owners and explain that (a)you are keen to buy (b)you are ready to go, with finances in place © you are unencumbered (d) you wish to move quickly (e)however you will continue to instruct your own,trusted Beaufort conveyancing solicitors - not the ones that will earn the estate agent a referral fee or achieve conveyancing figures demanded by head office.
Can you provide any top tips for leasehold conveyancing in Beaufort with the aim of speeding up the sale process?
- A significant proportion of the delay in leasehold conveyancing in Beaufort can be avoided if you instruct 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 purchasers’ representatives. Many landlords or managing agents in Beaufort levy fees for providing management packs for a leasehold premises. You or your lawyers should find out the actual amount of the charges. The management pack can be applied for on or before finding a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most usual reason for delay in leasehold conveyancing in Beaufort. If you hold a share in a the Management Company, you should ensure that you hold the original share certificate. Arranging a re-issued share certificate is often a lengthy process and delays many a Beaufort home move. Where a duplicate share is required, you should approach the company director and secretary or managing agents (if applicable) for this at the earliest opportunity. If you have carried out any alterations to the premises would they have required Landlord’s consent? Have you, for example installed wooden flooring? Beaufort leases often stipulate that internal structural alterations or addition of wooden flooring require a licence issued by the Landlord consenting to such changes. If you fail to have the approvals to hand you should not contact the landlord without checking with your lawyer first. You may think that you are aware of the number of years left on your lease but you should verify this by asking your solicitors. A purchaser's conveyancer will not be happy to advise their client to to exchange contracts if the remaining number of years is less than 80 years. In the circumstances it is essential at an early stage that you consider whether the lease requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.
Leasehold Conveyancing in Beaufort - Sample of Questions you should ask before buying
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It is important to be aware if fixing the lift or some other significant cost is due shortly to be shared by the tenants and may well materially impact the level of the maintenance fees or require a specific payment. You will want to discover as much as possible about the managing agents as they will affect your use and enjoyment of the property. Being a leasehold owner you will be in the clutches of the managing agents from a financial perspective and when it comes to day to day issues like the cleanliness of the communal areas. Enquire of other people what they think of them. In conclusion, find out the dates that you are obliged pay the maintenance charge to the relevant party and specifically what you get for your money. What restrictions are there in the Beaufort Lease?