My partner and I are looking to purchase a home in Cranfield and are in fact using a Cranfield conveyancing firm. Within the last couple of days our property lawyer has sent a preliminary report and documents to look through with a view to exchanging next week. Platform Home Loans Ltd have this evening contacted us to advise us that there is now an issue as our Cranfield lawyer is not on their conveyancing panel. Is this a problem?
Where you are buying a property needing a mortgage it is conventional for the purchasers' lawyers to also represent 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 Accreditation Scheme. Your property lawyer should contact your lender 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 Cranfield solicitors, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.
I am hoping to move into my new home in Cranfield next Friday. I have now been asked to send a copy of my building insurance schedule by my solicitor as as she informs me that she is duty bound to validate that it is in order for the lender. What does the insurance need to cover?
Any lawyer on acting for mortgage companies would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s Part 2 conditions. These requirements are not specific to conveyancing in Cranfield.
Do I need to pay for insurance to protect me from financial exposure to chancel repairs when buying a house in Cranfield?
Unless a previous purchase of the house took place post 12 October 2013 you could assume that lawyers conducting conveyancing in Cranfield to remain encouraging a chancel search and or chancel repair liability policy.
Just had an offer accepted on a new build apartment in Cranfield. 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 legal work.
Here are examples of a few leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Cranfield
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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? Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Please supply a car parking plan. 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. Please provide evidence that the form of Lease proposed has been approved by the Land Registry.
Is it possible to switch conveyancer as I have to instruct a firm on the Barclays conveyancing panel. I hired a local conveyancing solicitor in Cranfield five minutes from me but he is not approved by Barclays
We will our best to assist in finding you a conveyancing solicitor in Cranfield on the Barclays panel. Please note that the property lawyers that we on the directory do not pay us a referral fee if you instruct them and are under regulation of the Solicitors Regulation Authority who oversee all conveyancing solicitors in Cranfield. In utilising search facility on this site, you can compare and instruct different solicitors and conveyancers both nationally and in Cranfield.
I am a negotiator for a busy estate agent office in Cranfield where we have witnessed a few flat sales derailed as a result of leases having less than 80 years remaining. I have received contradictory information from local Cranfield conveyancing firms. Could you clarify whether the owner of a flat can instigate the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the sale.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
Leasehold Conveyancing in Cranfield - Sample of Questions you should consider Prior to buying
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Be sure to enquire if there is anything that is prohibited in the lease. For instance it is reasonably common in Cranfield leases that pets are not permitted in certain buildings in Cranfield. If you love the apartmentin Cranfield but your dog is not allowed to make the move with you then you will be faced hard choice. Does the lease contain onerous restrictions? Its a good idea to find out as much as possible concerning the managing agents as they can either make your life much simpler or uncomfortable. Being a leasehold owner you are frequently at the mercy of the managing agents both financially and when it comes to practical matters like the tidiness of the communal areas. You should not be afraid to ask prospective neighbours if they are happy with their management. On a final note, find out the dates that the service charges are due to the managing agents and specifically how they are spending the funds.