My wife and I are planning to acquire a home in Cannington and are in fact using a Cannington conveyancing practice. Within the past 48 hours our property lawyer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Leeds Building Society have this afternoon contacted us to advise us that they have now hit a problem as our Cannington solicitor is not on their conveyancing panel. Please explain?
If you are buying a property with the assistance of a mortgage it is usual for the purchasers' solicitors to also act for the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your solicitor should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You are not legally obliged to appoint a law firm on the lender’s conveyancing panel and you may continue to use your own Cannington solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
Some advice if I may. My Cannington solicitor is informing me me that she is duty bound toorder Cannington conveyancing searches due to the fact thatthe firm are on the Santanderapproved lawyer panel. Is this really necessary?
Unfortunately both you and your lawyer have little choice here. As you are obtaining a mortgage with a bank your solicitor has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your property lawyer would have previously signed the Terms and Conditions of your lender’s conveyancing panel appointment which obliges them to follow the CML Handbook requirements . Even if you were a cash buyer you would be ill advised not to carry out Cannington conveyancing searches.
How do I check that the solicitor handling my conveyancing in Cannington is on the lender’sapproved panel? I am looking to avoid the situation of having one lawyer for me and one for Halifax thus spending £175.00 in further conveyancing costs.
You should make use of the find a lender approved solicitor tool on this page. Pick the lender and type ‘Cannington’ or your location and you will see a number of lawyer offices in Cannington or by proximity to you.
Just had an offer accepted on a new build apartment in Cannington. Conveyancing is a frightening process 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.
Set out below is a sample of a few leasehold new build questions that you may expect your new-build leasehold conveyancing in Cannington
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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. 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. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents.
I have been on the look out for a leasehold apartment up to £235,500 and found one close by in Cannington I like with amenity areas and station in the vicinity, however it's only got 49 years unexpired on the lease. I can't really find anything else in Cannington in this price bracket, so just wondered if I would be making a mistake acquiring a short lease?
If you need a mortgage the shortness of the lease will be problematic. Reduce the offer by the amount the lease extension will cost if not already taken into account. If the current proprietor has owned the premises for a minimum of 2 years you may ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should speak to your conveyancing lawyer about this matter.
I am tempted by the attractive purchase price for a couple of apartments in Cannington both have approximately forty five years unexpired on the leases. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Cannington. The lease is a legal document that entitles you to use the property for a prescribed time frame. As the lease gets shorter the saleability of the lease deteriorates and it becomes more costly to acquire a lease extension. This is why it is often a good idea to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease as mortgage lenders less inclined to grant a loan on properties of this type. Lease extension can be a protracted process. We recommend you get professional assistance from a conveyancer and surveyor with experience in this field.
I purchased a basement flat in Cannington, conveyancing having been completed 3 years ago. How much will my lease extension cost? Corresponding flats in Cannington with an extended lease are worth £190,000. The average or mid-range amount of ground rent is £65 levied per year. The lease ceases on 21st October 2086
With 61 years unexpired we estimate the price of your lease extension to span between £19,000 and £22,000 as well as plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to advice on the actual costs without more detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not take any other action based on this information before getting professional advice.