I can't travel far from Braunstone. What is the rationale as to why all Braunstone conveyancers are not on all bank panels?
Before the recession most mortgage companies had an attitude to risk which differs from the current day. The financial regulator in 2010 carried out a thematic review into fraud which in summary warned lenders: know the property lawyers on your panel. Consequently, banks have subsequently requiredmore information from law firms regarding their processes and the staff employed by them and set certain criteria such as completing a minimum volume of transactions. Hundreds of firms have found themselves removed from lender panels even though they had an exemplary track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Many firms found it impossible meet the minimum amount of transactions the mortgage companies required.
I am about to put a bid on a leasehold flat in Braunstone. The property agents assure me that it is the norm for flats in Braunstone to have less than 75 years left on the lease. I am expecting a mortgage with Bank of Ireland. Will the property be mortgageable given that the lease has 69 years remaining.
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are obtaining a mortgage then your lender may insist that the lease be extended before competition. Bank of Ireland have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 18/9/2022 the requirements read as follows :
Various web forums that I have visited warn that are the number one cause of stalling in Braunstone house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) released findings of research by MoveWithUs that conveyancing searches do not feature amongst the common causes of delays in the conveyancing process. Local searches are not likely to be the root cause of holding up conveyancing in Braunstone.
How does conveyancing in Braunstone differ for new build properties?
Most buyers of new build residence in Braunstone come to us having been asked by the developer to sign contracts and commit to the purchase even before the residence is ready to move into. This is because new home sellers in Braunstone usually purchase 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 property lawyers 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 accustomed to new build conveyancing in Braunstone or who has acted in the same development.
Due to the guidance of my in-laws I had a survey completed on a house in Braunstone ahead of instructing conveyancers. I have been informed that there is a flying freehold aspect to the property. The surveyor has said that some banks may not grant a loan on a flying freehold house.
It depends who your proposed lender is. Santander has different instructions for example to Nationwide. Should you wish to call us we can check via the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Braunstone. Conveyancing may be slightly more expensive based on your lender's requirements.
I am looking into buying my first house which is in Braunstone and I am already nervous. I couldn't find anything specific about Braunstone. Conveyancing will be needed in due course but do you know about the Braunstone area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Braunstone. In the meantime here are some basic statistics that we found