How do I discover of the solicitor carrying out my conveyancing in Cross Hands is on the lender’sapproved panel? I am looking to avoid the situation of having one lawyer for me and one for TSB thus paying £192.00 in additional conveyancing invoice.
Feel free to take advantage of the find a conveyancing panel solicitor tool on this site. Pick the mortgage company and type ‘Cross Hands’ or your preferred area and you will be presented with numerous solicitors located in Cross Hands or by proximity to you.
We are buying a house in Cross Hands. I might seem paranoid but how we can trust a conveyancer? On completion day we will need to put money into their account. What is the protection we have from them run away with our monies?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
I have been advised by my conveyancer that chancel insurance is needed on my purchase. What is the level of cover for Cross Hands conveyancing?
The right level of chancel indemnity insurance depends on who your lender is. It would differ for example between National Westminster Bank and Barnsley Building Society. Conveyancing practitioners as opposed to borrowers take out such insurances.
I am purchasing a property in Cross Hands. A rare aspect is that the roof has a solar panel. Virgin Money have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
Given that you are obtaining a mortgage with Virgin Money your lawyer must comply with the formal instructions contained in Part two of UK Finance Lenders’ Handbook for Virgin Money. The CML Handbook stipulates minimum requirements for solar panel roof-space leases, and property lawyers are required to report to Virgin Money where a lease does not satisfy these specifications. The specifications relate to the installation of panels on properties in England and Wales and is not isolated to Cross Hands.
Various internet forums that I have visited warn that are the number one reason for hinderance in Cross Hands conveyancing transactions. Is this right?
The Council of Property Search Organisations (CoPSO) published determinations of a review by MoveWithUs that conveyancing searches do not figure within the most frequent causes of hindrances in the conveyancing process. Searches are not likely to feature in any slowing down conveyancing in Cross Hands.
Are there restrictive covenants that are commonly picked up during conveyancing in Cross Hands?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Cross Hands. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I decided to have a survey done on a house in Cross Hands before instructing lawyers. I have been informed that there is a flying freehold element to the property. My surveyor has said that some banks will not grant a loan on this type of house.
It depends who your proposed lender is. HSBC has different requirements from Birmingham Midshires. If you contact us we can check via the relevant bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Cross Hands. Conveyancing may be slightly more expensive based on your lender's requirements.
I am tempted by the attractive purchase price for a two maisonettes in Cross Hands which have approximately fifty years remaining on the lease term. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold apartment in Cross Hands is a wasting asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it adversely affects the salability of the premises. For most buyers and mortgage companies, leases with less than 75 years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Cross Hands conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Leasehold Conveyancing in Cross Hands - Examples of Questions you should ask Prior to buying
How is the lease structured? In the main the cost for major works tend not to be wrapped into the service charges, although a few managing agents in Cross Hands obliged leaseholders to contribute towards a reserve fund created for the specific intention of building a fund for major repairs or maintenance. You should be aware that where the lease has less than eighty years it will impact the salability of the apartment. 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 probably require a lease extension at some point and it is worth discovering how much this will be. Remember, in most cases you would be be obliged to have owned the premises for two years before you are legally able to carry out a lease extension.