I am nearing exchange of contracts for my flat in Kendal and the EA has just e-mailed to warn that the purchasers are appointing a new conveyancer. I am told that this is due to the fact that the bank will only work with solicitors on their approved list. Why would a big named lender only deal with certain lawyers rather the firm that they want to choose to handle their conveyancing in Kendal ?
Banks have always had an approved set of law firms they are content to work with, but in the past few years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for over 25 years.
Mortgage companies point to the increase in fraud by way of justification for the cull – criteria have been narrowed as a smaller panel is easier to keep an eye on. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels. Plenty of firms do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The purchasers are not going to have any impact on this.
We are purchasing a brand new apartment in Kendal and my solicitor is telling me that she has to the mortgage company to reveal incentives from the seller. The Estate Agents are hassling me to sign contracts and I have no desire to delay the conveyancing. Is my lawyer right?
You should not exchange unless you have been advised to do so by your conveyancing practitioner. A precondition to being on a bank panel is to comply with the UK Finance Lenders’ Handbook requirements. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
My wife and I own a 4 bedroom Edwardian property in Kendal. Conveyancing lawyer represented me and Nottingham Building Society. I did a free Land Registry search last week and I saw two entries: one for freehold, another for leasehold under the matching address. Is it worth asking Nottingham Building Society to clarify?
You should review the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Kendal and other locations in the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also enquire as to the position with the conveyancing lawyer who conducted the purchase.
About to purchase a new build apartment in Kendal. 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 conveyancing.
Set out below are examples of a few leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Kendal
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Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Please provide evidence that the form of Lease proposed has been approved by the Land Registry. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore.
Planning to sign contracts shortly on a garden flat in Kendal. Conveyancing lawyers assured me that they report fully next week. What should I be looking out for?
The report on title for your leasehold conveyancing in Kendal should include some of the following:
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Does the lease require carpeting throughout thus preventing wood flooring? Repair and maintenance of the premises Ground rent - what is due and what the invoice dates are, and also know whether this is subject to change What you can do if an adjoining owner breaches a clause of their lease?
Kendal Leasehold Conveyancing - Examples of Queries Prior to Purchasing
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Is anyone aware of any major works on the horizon that will add a premium to the maintenance fees? It would be prudent to find out as much as you can about the managing agents as they will impact your use and enjoyment of the property. As the owner of a leasehold property you are often in the clutches of the managing agents both financially and when it comes to daily issues like the tidiness of the communal areas. Don't be shy to ask prospective neighbours whether they are happy with their service. On a final note, investigate as to the dates that the service charges are due to the appropriate party and specifically what it includes. It would be prudent to enquire if there are any onerous prohibitions in the lease. For instance plenty of leases prohibit pets being permitted in certain buildings in Kendal. If you like the propertyin Kendal yet your cat can’t make the move with you then you will be presented with a difficult choice.
Our solicitor in Kendal has discovered a a problem with the lease for the property we are purchasing in Kendal. The other side have suggested defective title insurance as a solution. We are content with insurance and will cover the costs. Our solicitor has advised that as he is on the lender conveyancing panel he must be satisfied that the lender is happy with this solution. Who is the client here, us or the lender?
Just because you have a mortgage offer from the mortgage company does not mean to say that the property will be meet their requirements for the purposes of a mortgage. Your Kendal conveyancing lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook Requirements. You and the mortgage company are the client. The appropriate lender requirements must be adhered to by the bank conveyancing panel who has to balance acting for you and the bank