I am not well enough to travel far from Ellesmere Port. What is the rationale as to why all Ellesmere Port property lawyers aren't automatically on all mortgage company panels?
Banks ordinarily impose restrictions on either the type or volume of conveyancing firms on their panel. Typical examples of such criteria being that a firm is required to have at least two partners. As well as restricting the type of firm, some banks decided to reduce the size of their panel they use to represent them. It is worth noting that lenders have no accountability for the standard of advice provided by any Ellesmere Port property lawyer on their panel. Increases in mortgage fraud was the key driver in the rationalisation of conveyancing panels from 2008 even though there are opposing thoughts concerning whether solicitors sat at the center of that fraud. Statistics published by HMLR exposes that thousands of conveyancing practices only conduct one or two conveyances annually. Those advocating conveyancing panel cuts question why law firms should have the right to remain on a lender panel when it is evident that property law is not their primary expertise?
My wife and I swapping mortgage lender for our penthouse in Ellesmere Port with Bank of Ireland. We have a son 19 who lives at home. Our solicitor requested us to identify anyone over the age of 17 other than ourselves who reside at the property. Our lawyer has now e-mailed a document for our son to sign, giving up any rights in the event that the flat is repossessed. I have a couple of questions (1) Is this document specific to the Bank of Ireland conveyancing panel as he never had to sign this form when we bought 5 years ago (2) Does our son by signing this extinguish his entitlement to inherit the property?
First, rest assured that your Bank of Ireland conveyancing panel solicitor is doing the right thing as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Bank of Ireland. This is solely used to protect Bank of Ireland if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave. It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Bank of Ireland had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
Just had an offer accepted on a new build apartment in Ellesmere Port. 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 conveyancing.
Set out below is a sample of a few leasehold new build questions that you can expect your new-build leasehold conveyancing in Ellesmere Port
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The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. 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. Forfeiture - bankruptcy or liquidation must not apply under this provision. Please supply a car parking plan.
I decided to have a survey completed on a property in Ellesmere Port ahead of instructing conveyancers. I have been told that there is a flying freehold overhang to the house. The surveyor advised that some lenders tend refuse to give a mortgage on such a premises.
It varies from the lender to lender. Lloyds has different requirements for example to Nationwide. Should you wish to call us we can investigate further via the relevant lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Ellesmere Port. Conveyancing may be slightly more expensive based on your lender's requirements.
I have been pointed in your direction by a number of estate agents in Ellesmere Port to select a conveyancer using your seach tool. Is there a financial inducement for Estate Agents to recommend your services rather than alternative conveyancing organisations?
We refuse to offer any financial incentive for sending work in our direction. We thought it would be too underhand a fee because members of the public would think, ‘How come the agent getting a kickback? Why am I not receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.
Can you provide any top tips for leasehold conveyancing in Ellesmere Port with the aim of speeding up the sale process?
- Much of the delay in leasehold conveyancing in Ellesmere Port can be bypassed if you appoint lawyers as soon as your agents start marketing the property and ask them to put together the leasehold documentation needed by the buyers’ representatives. In the event that you altered the property did you need the Landlord’s permission? In particular have you installed wooden flooring? Ellesmere Port leases often stipulate that internal structural alterations or installing wooden flooring require a licence from the Landlord acquiescing to such alterations. Should you fail to have the consents to hand do not communicate with the landlord without checking with your solicitor in the first instance. The majority of freeholders or Management Companies in Ellesmere Port charge for providing management packs for a leasehold property. You or your lawyers should find out the actual amount of the charges. The management pack sought on or before finding a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most common reason for delay in leasehold conveyancing in Ellesmere Port. You may think that you are aware of the number of years left on your lease but it would be advisable double-check by asking your solicitors. A purchaser's conveyancer will not be happy to advise their client to to exchange contracts if the lease term is less than 80 years. It is therefore important at an early stage that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.
Leasehold Conveyancing in Ellesmere Port - Examples of Queries before buying
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Be sure to investigate if there are any onerous prohibitions in the lease. For instance plenty of leases prohibit pets being permitted in in a block in Ellesmere Port. If you love the flatin Ellesmere Port yet your cat can’t live with you then you have a very difficult decision. How long is the Lease? The answer will be useful as a) areas can result in problems for the block as the communal areas may start to deteriorate if services remain unpaid b) if the tenants have a dispute with the managing agents you will need to know about it