I am five weeks into the sale of my apartment in Brixworth and the estate agent has just text me to advise that the buyers are appointing a new conveyancer. The reason given is that the mortgage company will only deal with property lawyers on their conveyancing panel. Why would a leading mortgage company only work with certain solicitors rather the firm that they want to select for their conveyancing in Brixworth ?
Banks have always had panels of law firms they are content to work with, but in recent years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Mortgage companies point to the increase in fraud as the reason for the pruning – criteria have been narrowed as a smaller panel is easier to oversee. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms 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 buyers are unlikely to have any sway in the decision.
Our conveyancer has discovered a a legal deficiency with the lease for the property we are purchasing in Brixworth. The seller’s lawyers have put forward defective title insurance as a workaround. We are happy with insurance and will cover the costs. Our lawyer has advised that he must ensure that the lender is willing to move forward with this solution. Who is the client here, us or the bank?
Regardless of the fact that you have a mortgage offer from the mortgage company does not mean to say that the property will meet their conditions for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook conditions. You and the lender are the client. These conveyancing instructions must be adhered to.
It is 10 years ago since I purchased my property in Brixworth. Conveyancing lawyers have recently been instructed on the sale but I am unable to find the deeds. Will this jeopardise the sale?
You need not be too concerned. Firstly there is a chance that the deeds will be with your mortgage company or they could be archived with the conveyancers who oversaw the purchase. Secondly in most cases the land will be registered at the land registry and you will be able to prove you own the property by your conveyancing solicitors obtaining current official copies of the land registers. Most conveyancing in Brixworth involves registered property but in the rare situation where your home is not registered it is more of a problem but is not insurmountable.
Just had an offer accepted on a new build apartment in Brixworth. 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 conveyancing.
Here is a sample of a selection of leasehold new build questions that you can expect your new-build leasehold conveyancing in Brixworth
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Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Forfeiture - bankruptcy or liquidation must not apply under this provision. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Please provide evidence that the form of Lease proposed has been approved by the Land Registry. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease.
I have been on the look out for a ground for flat up to £245,000 and identified one near me in Brixworth I like with open areas and transport links in the vicinity, the downside is that it's only got 51 years on the lease. There is not much else in Brixworth in this price bracket, so just wondered if I would be making a grave error buying a short lease?
If you require a home loan the shortness of the lease will likely be a potential deal breaker. Discount the offer by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for at least twenty four months you can request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should speak to your conveyancing solicitor about this.
I am searching for a trustworthy conveyancing lawyer in Brixworth to purchase a flat. I I am fearful of by bill escalating out of control but with various Brixworth conveyancing practices to pick from...who's the best?
Where you’ve never instructed a property lawyer in the past, a trustworthy recommendation from relatives or friends is a great place to start and is often the best indicator of quality. As an alternative option, consult the Law Society’s online record of lawyers in Brixworth or make the most of our search facility to select a conveyancing lawyer in Brixworth.