Do banks and building societies provide you with an approved list of Chelmsford conveyancing solicitors? How do you know who is on the RBS conveyancing panel?
Chelmsford conveyancing firms themselves provide us confirmation that they are on the RBS conveyancing panel as opposed to being supplied with a list from RBS directly.
We wanted to use a property lawyer in Chelmsford for our home move. Our financial adviser has since advised us that our bank Lloyds TSB Bank won't deal with them. Why is this not regarded as unfair competition?
Pre- 2008 most lenders had a different appetite for risk. Almost all Chelmsford conveyancing firms would have been on many bank panels. The financial services regulator in 2010 conducted a thematic investigation into mortgage fraud which come to the conclusion: mortgage lenders should know the conveyancing solicitors dealt with. Consequently, lenders are increasingly seeing more information from law firms concerning their operations and the individuals who work for them as well as set certain criteria such a completing on a minimum number of transactions. Many Chelmsford conveyancing firms that have been excluded from lender panels have a 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Chelmsford is amongst the many areas where the conveyancers we recommend are on the panel for Lloyds TSB Bank.
The estate agent has sent us the confirmation of our purchase of a new build apartment in Chelmsford. Conveyancing is necessary evil 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 few leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Chelmsford
Please confirm the Lease plans are surveyor prepared. 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. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? There must be mutual enforceability of lessee’s covenants.
I am looking for a ground for flat up to £245,000 and identified one near me in Chelmsford I like with amenity areas and transport links nearby, however it's only got 49 remaining years left on the lease. I can't really find anything else in Chelmsford suitable, so just wondered if I would be making a grave error acquiring a lease with such few years left?
Should you require a home loan that many years will be an issue. Reduce the offer by the amount the lease extension will cost if not already taken into account. If the existing 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 solicitor about this.
My partner has suggested that I use his conveyancers in Chelmsford. Should I choose my own property lawyer?
There are no two ways about it it’s preferable to find a conveyancing practitioner is to have recommendations from friends or relatives who have actually previously instructed the conveyancer you're considering.
What makes a Chelmsford lease unmortgageable?
There is nothing unique about leasehold conveyancing in Chelmsford. Most leases are individual and drafting errors can result in certain provisions are erroneous. The following missing provisions could result in a defective lease:
Maintenance charge proportions which don’t add up to the correct percentage Clauses dealing with recovering service charges for expenditure on the building or common parts.
A defective lease will likely cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. National Westminster Bank, Leeds Building Society, and Bank of Ireland all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, forcing the purchaser to withdraw.
Chelmsford Leasehold Conveyancing - A selection of Questions you should ask before buying
Does the lease have onerous restrictions? The prefered form of lease structure is a share of the freehold. In this situation the leaseholders have control and notwithstanding that a managing agent is frequently retained if it is larger than a house conversion, the managing agent acts for the leaseholders themselves.