I am purchasing a brand new duplex in Bungay and my conveyancer is informing me that she is duty bound to the mortgage company to disclose incentives from the developer. I am nearing the developer’s deadline to exchange contracts and I have no desire to delay deal. Is my lawyer right?
You should not exchange unless you have been advised to do so by your solicitor. A precondition to being on a lender panel is to comply with the UK Finance Lenders’ Handbook conditions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
When it comes to lenders such as Co-operative, do Bungay conveyancers have to pay an annual charge to be on the conveyancing panel?
We are unaware of any lender fees to register on their list of approved firms, although some do levy an administration charge to deal with the processing of the conveyancing panel application.
We had instructed conveyancers locally in Bungay on the UBS solicitor approved list. They have just invoiced me a separate charge for handling the UBS mortgage. Is this a supplemental conveyancing fee set by UBS?
As unfair as it may seem, as long as it’s in their Terms and Conditions or Quote then yes your lawyer is entitled to levy a fee for this. This charge is not set by UBS but by your Bungay property lawyer. Plenty of firms on the UBS panel will levy an ‘acting for lender’ fee and others do not.
It is not clear whether my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date. I have telephoned my Bungay bank branch on numerous occasions and was told it wasn't an issue and they would lend. My Bungay conveyancing solicitor - who is on the lender conveyancing panel- telephoned and was told they refuse to lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. Who do I believe?
Your conveyancing practitioner has to comply with the Council of Mortgage Lenders’ Handbook Part 2 specifications for your lender. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years remaining.
My wife and I own a renovated Georgian property in Bungay. Conveyancing lawyer acted for me and Accord Mortgages Ltd. I did a free Land Registry search last week and I saw two entries: the first freehold, the second leasehold under the matching property. Is it worth asking Accord Mortgages Ltd 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 owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Bungay and other areas of the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with buyers. You can also check the position with the conveyancing solicitor who conducted the purchase.
We're new on the property ladder - agreed a price, yet the property agent advised that the vendor will only issue a contract if we appoint their preferred conveyancers as they need an ‘expedited deal’. Our preferred option is to instruct a local solicitor with experience of conveyancing in Bungay
We suspect that the seller is unaware of this requirement. Should the owner desire ‘a quick sale', taking such a hostile approach to a serious purchaser is counter productive. Avoid the agents and go straight to the owners and explain that (a)you are keen to buy (b)you are excited to move forward, with finances arranged © you do not need to sell (d) you intend to proceed fast (e)however you intend to instruct your preferred Bungay conveyancing solicitors - as opposed tothe ones that will give their estate agent a introducer fee or hit his conveyancing thresholds set by head office.
Looking forward to sign contracts shortly on a studio apartment in Bungay. Conveyancing lawyers inform me that they are sending me a report next week. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Bungay should include some of the following:
-
Whether your lease has a provision for a slush account for major repairs? What options are open to you if a neighbour is in violation of a provision in their lease? Alterations to the premises Who has the liability to repair and maintain the building. It is important that you know which party is duty bound to repair and maintenance of every part of the building Setting out your legal entitlements in relation to the communal areas in the block.For example, does the lease contain a right of way over a path or staircase?
Leasehold Conveyancing in Bungay - Examples of Queries before buying
-
Where a Bungay lease has no more than 80 years it will have adverse implications on the salability of the flat. It is worth checking with your lender that they are willing to lend given the lease term. Leases with fewer than 80 years remaining means that you will most likely require a lease extension at some point and you need to have some idea of how much this would cost. Remember, in most cases you would be required to have owned the premises for 24 months in order to be eligible to extend the lease. Its a good idea to find out as much as you can about the company managing the block as they will affect your use and enjoyment of the property. Being a leasehold owner you are frequently at the mercy of the managing agents from a financial perspective and when it comes to every day matters such as the cleanliness of the common parts. You should not be afraid to ask other people what they think of them. On a final note, investigate as to the dates that the maintenance fees are due to the appropriate party and specifically what it includes. How long is the Lease?
How does one as executor remove a departed person's details from the title deeds for a house in Bungay?
If a Bungay property is jointly owned and one of the owners dies, their name will not immediately be removed from the Land Registry title. You are not required to remove their name as when it comes to a disposal your conveyancer would simply be asked to supply proof as to the reason the co proprietor is missing from the transfer, such as the probate documents.
With the aim of making the sale conveyancing smoother in the future you can apply to have the deceased party removed from the title entries by applying to the land registry with evidence of the death. There is no fee from the Registry for this service.