I plan on acquiring a leasehold flat in Dereham. My property lawyer is not listed on the bank solicitor panel. Can I still retain my Dereham conveyancing solicitor even though they are excluded from the mortgage company panel of approved conveyancing solicitors?
One must use a solicitor to deal with the formalities when you need a mortgage to purchase your property. The solicitor will conduct all the essential investigations on the property, make sure that you will be properly registered as the owner and ensure that all the required mortgage paperwork is in place. One could instruct a Dereham property lawyer of your choice. However, where the conveyancing practitioner appointed is not a member of the bank approved list supplemental charges will be incurred as separate legal representation will be need by the bank. Conveyancing panel applications can be submitted, so if your lawyer has not historically applied for membership they can do so.
The owners have rather pushy vendors who has insisted on a lock out agreement with a non-refundable deposit 10k. Are such agreements sensible?
There are two primary drawbacks with executing a lock out agreement (occasionally referred to as a no-shop agreement) is that it diverts attention away from making progress with the conveyancing transaction itself, so in the absence of it needing minimal or no negotiation then it may turn out to be a hindrance. It is not particularly popular by Dereham conveyancing solicitors for this reason. A supplemental concern is the extent of the remedies available - a jilted buyer should not expect to be granted an injunctive ruling by a court to stop the seller completing the sale to another buyer, so the only remedy available under the contract will be the reimbursement of wasted costs and, in restricted scenarios, the extra payment of penalties.
When it comes to mortgage companies such as HSBC, do Dereham property lawyers incur a fee to be on the list of approved solicitors?
We are unaware of any bank fees to be on their list of approved firms, although some do charge an administration fee to deal with the processing of the conveyancing panel submission.
I recently had an offer accepted on an apartment in Dereham. My mortgage broker recommended their conveyancers. I paid an advanced payment of £150. Not long after, the conveyancer called me to say that they were not on the Yorkshire BS conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Yorkshire BS panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
After shopping around on the internet I have found a Dereham solicitor having made sure that they are on the Lloyds conveyancing panel. Does my lawyer arrange the survey of the property?
Lloyds will need an independent valuation of the property. Your lawyer will not arrange this. Usually Lloyds will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Dereham surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
Just had an offer accepted on a new build apartment in Dereham. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Here are examples of a few leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Dereham
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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. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Forfeiture - bankruptcy or liquidation must not apply under this provision. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. Please provide evidence that the form of Lease proposed has been approved by the Land Registry.
I opted to have a survey completed on a property in Dereham in advance of retaining conveyancers. I have been told that there is a flying freehold element to the property. Our surveyor has said that some banks will not give a mortgage on such a home.
It depends who your proposed lender is. HSBC has different instructions from Halifax. Should you wish to telephone us we can check with the relevant lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Dereham. Conveyancing may be slightly more expensive based on your lender's requirements.
Expecting to exchange soon on a leasehold property in Dereham. Conveyancing lawyers inform me that they are sending me a report on Monday. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Dereham should include some of the following:
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Whether the lease restricts you from letting out the flat, or having a home office for business Rent payments - what is payable and what the invoice dates are, and be on notice if this will change in the future Advice concerning the obligations as set out in the lease to to contribute towards maintenance costs - in relation to the building, and the wider rights a tenant enjoys Changes to the flat Your solicitors should enable you to have an understanding of the insurance obligations
I purchased a ground floor flat in Dereham, conveyancing having been completed half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding properties in Dereham with an extended lease are worth £185,000. The average or mid-range amount of ground rent is £65 invoiced every year. The lease terminates on 21st October 2084
You have 60 years unexpired the likely cost is going to be between £20,000 and £23,000 plus professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. You should not use this information in tribunal or court proceedings. There may be other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before seeking the advice of a professional.