Me and my partner are intending to purchase a 2 bedroom flat in Burnley with a mortgage. We would like to retain our Burnley conveyancer, however the mortgage company says she’s not on their "panel". We have to appoint one of the bank panel conveyancing practices or keep our Burnley solicitor as well as pay for one of their panel firms to act for them. We consider that this is inequitable; can we not insist that the mortgage company use our Burnley solicitor ?
Unfortunately,no. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the lender’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your Burnley conveyancing lawyer to apply to be on the conveyancing panel.
How does conveyancing in Burnley differ for newly converted properties?
Most buyers of new build premises in Burnley contact us having been asked by the housebuilder to sign contracts and commit to the purchase even before the house is built. This is because builders in Burnley tend to purchase the real estate, 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 Burnley or who has acted in the same development.
Over the last few months I have been searching for a flat up to £245,000 and identified one near me in Burnley I like with open areas and railway links in the vicinity, however it's only got 51 years on the lease. There is not much else in Burnley for this price, so just wondered if I would be making a mistake purchasing a lease with such few years left?
Should you need a mortgage the remaining unexpired lease term will be a potential deal breaker. Discount the offer by the expected lease extension will cost if not already taken into account. If the current owner has owned the premises for at least 2 years you can ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should consult your conveyancing lawyer regarding this matter.
My business partner and I are looking to take an assignment of a lease of a shop on the high street. Can you recommend lawyers offering no-sale-no costs for commercial conveyancing in Burnley for less than £2000?
We can recommend firms who host a wealth of experience of commercial conveyancing in Burnley, including the sale and acquisition of businesses as well as simply premises. If you are looking to buy or sell a shop, pub, restaurant, office, retail premises or a complete business we can find you the right lawyer. As for the fees this will depend on the structure and terms of the proposed transaction. Please provide us with your contact information or email us so that we can supply you with a fixed commercial conveyancing quote.
My uncle has suggested that I instruct his conveyancing solicitors in Burnley. Should I find my own solicitor?
There are no two ways about it the ideal way to select a conveyancing solicitor is to get recommendations from friends or family who have actually experience in using the firm you're considering.
I've recently bought a leasehold property in Burnley. Do I have any liability for service charges for periods before my ownership?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Leasehold Conveyancing in Burnley - Examples of Questions you should ask Prior to Purchasing
Is the freehold owned collectively by the tenants? What is the maintenance charge and ground rent on the apartment? How many years remain on the lease?