Unfortunately I am unable to travel far from Bridport. Can you please explain the reason why all Bridport conveyancers are not on all lender panels?
Before the recession most mortgage companies demonstrated an attitude to risk which is different from today. The FSA in 2010 conducted a thematic review into property fraud which in summary warned lenders: know the conveyancing practitioners on your panel. Accordingly, lenders have since looked to extract more information from law firms regarding their operations and the individuals who work for them and set certain criteria such as completing a minimum number of transactions. Hundreds of firms have been excluded from lender panels even though they had 100% healthy disciplinary record, no complaints and zero claims and didn't just 'dabble' in conveyancing. Many firms found it impossible satisfy the criteria of amount of transactions the lenders set.
Will my conveyancing lawyers need to check that the building insurance for my purchase of a house in Bridport. My lender is Virgin
Virgin have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 8/1/2022, the requirements read as follows :
The estate agent has sent us the confirmation of our purchase of a new build flat in Bridport. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Here are examples of a few leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Bridport
The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Please confirm the Lease plans are architect prepared. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal.
I've recently found out that there is a flying freehold element on a house I have offered on two weeks back in what was supposed to be a quick, chain free conveyancing. Bridport is where the house is located. Can you shed any light on this issue?
Flying freeholds in Bridport are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Bridport you would need to get your solicitor to go through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Bridport 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 residence.
What are your top tips when it comes to appointing a Bridport conveyancing firm to deal with our lease extension?
If you are instructing a conveyancer for your lease extension (regardless if they are a Bridport conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you make enquires with several firms including non Bridport conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. The following questions might be useful:
What are the charges for lease extension work? How many lease extensions have they carried out in Bridport in the last year?
Bridport Conveyancing for Leasehold Flats - A selection of Questions you should ask before buying
In the main the cost for major works are not included within service charges, albeit that some managing agents in Bridport ask tenants to pay into a reserve fund created for the specific purpose of establishing a fund for larger repairs or maintenance. Can you inform me if there are any major works in the near future that could increase the service costs? The prefered form of lease arrangement is a share of the freehold. In this scenario the tenants benefit from control and notwithstanding that a managing agent is often employed if the building is bigger than a house conversion, the managing agent acts for the leaseholders themselves.
How and when do I pay stamp duty payable for my purchase in Bridport?
The property lawyer will complete a Land Transaction Return Form for you during your Bridport conveyancing transaction for you to sign. On completion your conveyancer will submit your STL application to the Inland Revenue and - assuming they have the funds - settle any land tax liability for you.