My husband and I are looking to acquire a house in Feltwell and are in fact using a Feltwell conveyancing firm. Within the past 48 hours our lawyer has sent a preliminary report and documents to look through with a view to exchanging next week. Skipton Building Society have this evening contacted us to advise us that there is now an issue as our Feltwell lawyer is not on their conveyancing panel. What do we do from here?
When purchasing a property with mortgage finance it is normal for the purchasers' lawyers to also represent the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your property lawyer should contact your mortgage company and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You don't have to instruct a firm on the lender’s conveyancing panel and you may continue to use your own Feltwell solicitors, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.
Last August we completed a house move in Feltwell. We have noticed several problems with the property which we consider were overlooked in the conveyancing searches. Is there anything we can do? Can you clarify the type of searches that should have been conducted as part of conveyancing in Feltwell?
The query is vague as what problems have arisen and if they are specific to conveyancing in Feltwell. Conveyancing searches and investigations initiated as part of the legal transfer of property are designed to help avoid problems. As part of the legal transfer of property, a seller completes a questionnaire referred to as a Seller’s Property Information Form. answers ends up being inaccurate, you may have a misrepresentation claim against the vendor for any losses that you have suffered. The survey should have identified any problems with the structure of the property. Assuming a detailed survey was carried out and the issues were not identified, you may have a claim against the surveyor. However, if you did not have a full survey, you may be responsible for fixing any defects that have now been noted. We would always encourage buyers to take every possible step to ensure they are completely aware of the condition of a property before purchase regardless of whether they are buying in Feltwell.
As I am unsure how the conveyancing bit works what is the most important advice you can impart about purchase conveyancing in Feltwell?
Not many law firms or advisers will tell you this but conveyancing in Feltwell or throughout England and Wales is often a confrontational process. Put another way, when it comes to conveyancing there is plenty of opportunity for confrontation between you and other parties involved in the house moving process. For example, the seller, property agent and sometimes the mortgage company. Appointing a law firm for your conveyancing in Feltwell is a critical decision as your conveyancer is your adviser, and is the ONE person in the legal process whose interest is to act in your legal interests and to protect you.
We are witnessing a distinct ongoing adversarial element to conveyancing- someone has to be at fault for the process taking so long. You your first instinct should be to trust your lawyer ahead of all other players when it comes to the legal assignment of property.
How does conveyancing in Feltwell differ for new build properties?
Most buyers of new build or newly converted property in Feltwell contact us having been asked by the developer to exchange contracts and commit to the purchase even before the property is constructed. This is because house builders in Feltwell typically acquire the site, 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 Feltwell or who has acted in the same development.
I am looking for a ground for flat up to £235,500 and found one close by in Feltwell I like with amenity areas and station nearby, the downside is that it's only got 49 years unexpired on the lease. I can't really find anything else in Feltwell for this price, so just wondered if I would be making a mistake acquiring a lease with such few years left?
If you require a mortgage that many years will likely be problematic. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for at least twenty four months you could request that they start the process of the extension and then assign it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should speak to your conveyancing lawyer concerning this.
There are only Sixty One years unexpired on my lease in Feltwell. I am keen to extend my lease but my landlord is can not be found. What options are available to me?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be lengthened by the Court. You will be obliged to prove that you or your lawyers have used your best endeavours to track down the freeholder. For most situations a specialist should be helpful to conduct investigations and to produce a report to be accepted by the court as proof that the landlord can not be located. It is advisable to get professional help from a property lawyer in relation to investigating the landlord’s disappearance and the application to the County Court covering Feltwell.
Feltwell Leasehold Conveyancing - Examples of Questions you should ask before Purchasing
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The answer will be useful as a) areas could result in problems in the building as the communal areas may start to deteriorate where services remain unpaid b) if the leasehold owners have an issue with the running of the building you will need to have all the details Its a good idea to find out as much as you can regarding the company managing the building as they will either make your life much easier or much more difficult. Being a leasehold owner you are often in the clutches of the managing agents both financially and when it comes to daily issues like the upkeep of the common parts. Enquire of other tenants what they think of them. In conclusion, be sure you discover the dates that the service charges are due to the managing agents and precisely what you get for your money. The prefered form of lease structure is if the freehold reversion is in the ownership of the leaseholders. In this scenario the leaseholders enjoy being in charge if their destiny and notwithstanding that a managing agent is usually employed if it is bigger than a house conversion, the managing agent is directed by the tenants.