Me and my fiance are purchasing a 2 bedroom apartment in Freezywater with a mortgage. We like our Freezywater conveyancer, but the bank advise he's not on their "panel". We have to appoint one of the bank panel firms or retain our Freezywater property lawyer as well as pay for one of their panel lawyers to act for them. We feel that this is inequitable; can we not insist that the lender use our Freezywater lawyer ?
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. A further alternative is for your Freezywater conveyancing lawyer to apply to be on the conveyancing panel.
I am told that my conveyancing solicitors will need to check that the building insurance for my purchase of a house in Freezywater. My lender is The Mortgage Works
The Mortgage Works have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 20/11/2020, the requirements read as follows :
I am purchasing a 4 bedroom semi-detached house in Freezywater. Our aim is to an extension at the rear at the property.Will legal work on the property include enquiries to determine if these works were previously refused?
Your solicitor will review the registered title as conveyancing in Freezywater will on occasion identify restrictions in the title deeds which prohibit categories of changes or require the consent of another owner. Many extensions require local authority planning consent and approval under the building regulations. Some locations are designated conservation areas and special planning restrictions apply which frequently prevent or impact extensions. You should check these issues with a surveyor ahead of any purchase.
We previously instructed conveyancing lawyers with offices in Freezywater on the Santander solicitor panel. They have just invoiced me a further fee for the legal aspects of the Santander mortgage. Is this an additional conveyancing fee set by Santander?
As unfair as it may appear, as long as it’s in their Terms and Conditions or Quote then yes your solicitor is entitled to levy a fee for this. This fee is not dictated by Santander but by your Freezywater property lawyer. Some firms on the Santander panel will levy an ‘acting for lender’ fee and others do not.
The mortgage over my property is with Principality for my property in Freezywater. Conveyancing was finalised months ago. In the event that I decide to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Principality?
Principality must be informed of your intention in advance of renting your property as this is likely to be a breach of Principality’s mortgage conditions. In many cases banks or building societies will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Principality directly. It should not be necessary to do this via a Principality conveyancing panel lawyer.
Are there restrictive covenants that are commonly identified during conveyancing in Freezywater?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Freezywater. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
Just had an offer accepted on a new build apartment in Freezywater. Conveyancing is a frightening process 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 questions that you should expect your new-build leasehold conveyancing in Freezywater
Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? 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.
I work for a reputable estate agent office in Freezywater where we have witnessed a few flat sales jeopardised as a result of leases having less than 80 years remaining. I have received contradictory information from local Freezywater conveyancing solicitors. Can you clarify whether the vendor of a flat can initiate the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the sale.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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 purchaser.
I am the proprietor of a a ground floor purpose built flat in Freezywater. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal make a decision on the sum due for a lease extension?
Where there is a missing landlord or if there is disagreement about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the Leasehold Valuation Tribunal to determine the premium.
An example of a Vesting Order and Purchase of freehold case for a Freezywater premises is Ground Floor Flat 4A Baronet Road in February 2010. Following a vesting order by Edmonton County Court on 23rd December 2008 (case number 8ED064) the Tribunal decided that the price that the Applicant for the freehold interest should pay is £8,689.00 This case was in relation to 2 flats. The unexpired residue of the current lease was 80.01 years.