My husband and I are purchasing a 2 bedroom apartment in Fakenham with a mortgage. We like our Fakenham conveyancer, however the mortgage company says he's not on their "panel". It seems we have little choice but to use one of the mortgage company panel firms or keep our Fakenham conveyancer and pay for one of their panel ones to act for them. This feels very unfair; is there anything we can do?
No, not really. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the lender’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your Fakenham conveyancing lawyer to apply to be on the conveyancing panel.
We're in Fakenham, First timers buying with a mortgage (lender is UBS , and our solicitor is on the UBS conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the UBS conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancing practitioner should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
Do commercial conveyancing searches disclose proposed roadworks that may impact a commercial site in Fakenham?
Its becoming the norm that commercial conveyancing solicitors in Fakenham will execute a SiteSolutions Highways report as it dramatically cuts the time that conveyancers expend in researching accurate data on highways that impact buildings and development assets in Fakenham. The report provides definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Fakenham.
For each commercial conveyancing transaction in Fakenham it is crucial to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been addressed adequately may cause delays to Fakenham commercial conveyancing transactions as well as present a risk to future plans for the site. These searches are not ordered for domestic conveyancing in Fakenham.
How does conveyancing in Fakenham differ for newly converted properties?
Most buyers of new build residence in Fakenham contact us having been asked by the housebuilder to sign contracts and commit to the purchase even before the house is built. This is because builders in Fakenham tend to purchase the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Fakenham or who has acted in the same development.
I was pointed in your direction by a number of selling agents in Fakenham to get a quote from a conveyancer using your seach tool. Is there a financial incentive for Estate Agents to offer your lawyers over and above a competitor’s?
We refuse to offer any financial incentive for sending work our way. We found it would be just too difficult a fee because a client could think, ‘Why is the agent getting a kickback? Why aren’t I getting any benefit too?’ We would prefer to grow our business on genuine recommendations.
I am employed by a long established estate agent office in Fakenham where we have witnessed a few flat sales put at risk due to short leases. I have received conflicting advice from local Fakenham conveyancing firms. Could you confirm whether the vendor of a flat can instigate the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has owned the lease 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 proposed purchaser need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the disposal of the property.
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 buyer.
I purchased a split level flat in Fakenham, conveyancing formalities finalised 5 years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Similar properties in Fakenham with an extended lease are worth £185,000. The average or mid-range amount of ground rent is £65 yearly. The lease expires on 21st October 2086
With 60 years remaining on your lease we estimate the price of your lease extension to be between £20,000 and £23,000 as well as costs.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed due diligence. Do not use this information in tribunal or court proceedings. There may be additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you move forward based on this information without first getting professional advice.