We are hoping to acquire a 2 bedroom flat in Frinton On Sea with a mortgage. We wish to retain our Frinton On Sea solicitor, however the lender says he's not on their "panel". We have to appoint one of the mortgage company panel conveyancing practices or continue with our Frinton On Sea solicitor and pay for one of their panel lawyers to act for them. This seems very unfair; is there anything we can do?
Unfortunately,no. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the bank’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 Frinton On Sea conveyancing lawyer to apply to be on the conveyancing panel.
Can the conveyancing lawyers that you recommend execute conveyancing in Frinton On Sea by way of an attended exchange?
We do have a number of conveyancing specialists carrying out personalised exchanges. Do contact us to get a fee calculation and details as to dates.
We are getting the release of further monies on our home loan from Aldermore as we wish to carry out alterations to our house in Frinton On Sea. Are we obliged to appoint a bricks and mortar Frinton On Sea solicitor on the Aldermore conveyancing panel to handle the paperwork?
Aldermore would not normally require a member of their approved list of lawyers to handle such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Aldermore list.
We were going to get a OIP from Lloyds this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Lloyds recommend any Frinton On Sea solicitors on the Lloyds conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Frinton On Sea solicitors independently although you'll need to choose one on the Lloyds conveyancing panel. The solicitor represents both you and Lloyds through the process.
I can not work out if my bank obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called into my local Frinton On Sea building society branch on numerous occasions and was told it does not affect the mortgage offer and they would lend. My Frinton On Sea conveyancing solicitor - who is on the bank conveyancing panel- called and was told they refuse to lend in accordance with their specific requirements. I simply don't know who is right.
Your lawyer must follow the Council of Mortgage Lenders’ Handbook section two specifications for your bank. Unless your lawyer obtains specific confirmation in writing that the bank 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 remaining.
Various online forums that I have frequented warn that are the primary reason for delay in Frinton On Sea conveyancing transactions. Is this right?
The Council of Property Search Organisations (CoPSO) published findings of a review by MoveWithUs that conveyancing searches do not figure amongst the most frequent causes of hindrances in the conveyancing process. Searches are unlikely to be the root cause of holding up conveyancing in Frinton On Sea.
Just had an offer accepted on a new build flat in Frinton On Sea. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Set out below are examples of a few leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Frinton On Sea
Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. Forfeiture - bankruptcy or liquidation must not apply under this provision. There must be mutual enforceability of lessee’s covenants.
I work for a reputable estate agency in Frinton On Sea where we have experienced a number of flat sales jeopardised due to leases having less than 80 years remaining. I have been given inconsistent advice from local Frinton On Sea conveyancing firms. Please can you clarify whether the vendor of a flat can start the lease extension process for the buyer?
Provided that 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. The benefit of this is that the buyer need not have to wait 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 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 purchaser.
Frinton On Sea Conveyancing for Leasehold Flats - A selection of Questions you should consider Prior to buying
Are any of leasehold owners in dispute over their service charge payments? The majority of Frinton On Sea leasehold properties will incur a service bill for maintenance of the block levied by the landlord. Should you acquire the flat you will have to pay this contribution, usually in instalments accross the year. This could vary from a few hundred pounds to thousands of pounds for bigger purpose-built buildings. There will also be a rentcharge for you to pay annual, this is usually not a large figure, say about £25-£75 but you need to check it because sometimes it could be many hundreds of pounds. Are there any major works in the near future that will increase the maintenance fees?