I require conveyancing for a flat in a relatively new development (seven years built) in Essington. 95% of the appartments have already been occupied. Is it really necessary to order conveyancing searches for my conveyancing in Essington?
You would be putting yourself at risk in not carrying out Essington conveyancing searches. Without searches you have no clarity over flooding, environmental etc which may mean you walk away due to potential problems down the line. If you are buying mortgage free there is no legal requirement to have them, but we would absolutely advise in the strongest possible terms that you have them. Where timings and driving down costs are primary concerns you should discuss with your solicitor about the viability of search insurance
My Conveyancer in Essington is not on the HSBC Bank Conveyancing Panel. Is it possible for me to use my prefered solicitor even though they are excluded from the HSBC Bank panel?
Your options are as follows:
- Complete the purchase with your preferred Essington solicitors but HSBC Bank will need to instruct a lawyer on their panel. This will inevitably rack up the total conveyancing charges and cause frustration.
- Find an alternative solicitor to to deal with the purchase, not forgetting to check they are HSBC Bank approved.
- Try to convince your HSBC Bank based solicitor to seek to join the HSBC Bank panel
Me and my partner are purchasing a house in Essington. It might be a silly question but how we can trust a solicitor? On completion day we will need to put funds 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 can not fathom if my lender requires a lease extension. I have telephoned my Essington building society branch on numerous occasions and was advised it wasn't a problem and they would lend. My Essington conveyancing solicitor - who is on the bank conveyancing panel- called to say that they refuse to lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. I have no idea who is right.
As long as the solicitor is on the bank approved list, they must follow the Council of Mortgage Lenders’ Handbook conditions for the lender. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I was told four weeks ago that my mortgage has been agreed to by Skipton. Is it usual for Skipton to only issue the offer once my solicitor in Essington is approved on their conveyancing panel? Skipton have asked my solicitor to see a copy of their PI Insurance.
A lender would not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Skipton to deal with your lawyer's application to be on the Skipton conveyancing panel. There's no guarantee that your solicitor will be accepted.
I bought my apartment on 2 April and the transaction details is not yet registered. Need I be worried? My conveyancing solicitor in Essington expressed confidence that it will be concluded inside ten days. Are transfers in Essington particularly slow to register?
As far as conveyancing in Essington registration is no faster or slower than the rest of England and Wales. Rather than based on location, timeframes can adjust according to the party submitting the application, whether it is in order and if the Land registry must send notices to any third parties. As of today in the region of 80% of such applications are fully addressed in less than three weeks but occasionally there can be longer hold-ups. Historically registration occurs after the buyer is living at the property so 'speed' is not typically primary concern yet where it is urgent that the the registration takes place urgently then you or your solicitor must contact the land registry and explain the circumstances.
Due to the guidance of my in-laws I had a survey completed on a house in Essington ahead of retaining conveyancers. I have been advised that there is a flying freehold overhang to the house. The surveyor has said that some lenders may not grant a loan on a flying freehold property.
It depends who your proposed lender is. Santander has different requirements for example to Birmingham Midshires. Should you wish to call us we can check with the relevant lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Essington. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Essington to see if the conveyancing costs will increase in light of this.
Can you provide any top tips for leasehold conveyancing in Essington from the point of view of expediting the sale process?
- Much of the delay in leasehold conveyancing in Essington can be reduced where you appoint lawyers as soon as your agents start marketing the property and request that they start to collate the leasehold documentation needed by the buyers’ conveyancers. A minority of Essington leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain financial (bank) and professional references. The bank reference should make it clear that the buyer is able to meet the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their lawyers. The majority of landlords or Management Companies in Essington levy fees for supplying management packs for a leasehold home. You or your lawyers should discover the actual amount of the charges. The management information can be applied for as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Essington. If you have the benefit of shareholding in the Management Company, you should make sure that you are holding the original share certificate. Organising a duplicate share certificate can be a lengthy process and frustrates many a Essington home move. Where a reissued share certificate is required, you should approach the company officers or managing agents (where relevant) for this sooner rather than later. If there is a history of any disputes with your freeholder or managing agents it is essential that these are resolved prior to the flat being put on the market. The purchasers and their solicitors will be nervous about purchasing a flat where there is a current dispute. You will have to accept that you will have to pay any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the purchasers, but it is clearly preferable to present the dispute as historic rather than unresolved.
Essington Leasehold Conveyancing - Sample of Queries Prior to Purchasing
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Who is in charge of the building? Best to be warned if redecorating or some other significant cost is pending that will be shared by the leaseholders and could well materially impact the level of the maintenance fees or result in a one off payment. Generally speaking the cost for major works are not incorporated into the maintenance charges, although a few managing agents in Essington require tenants to contribute towards a reserve fund created for the specific purpose of establishing a fund for major works.