We are purchasing a 1 bedroom apartment in Kimbolton with a mortgage. We would like to retain our Kimbolton solicitor, but the lender says she’s not on their "panel". It appears that we have no choice but to select one of the bank panel firms or continue with our Kimbolton conveyancing practitioner as well as pay for one of their panel firms to represent them. We regard this is inequitable; are we not able to require that the lender use our Kimbolton solicitor ?
Unfortunately,no. 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 Kimbolton conveyancing lawyer to apply to be on the conveyancing panel.
Can you clarify what the consequences are if my solicitor is expelled from the Virgin Money Conveyancing panel ahead of completing my conveyancing in Kimbolton?
The first thing to point out is that, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
Should my conveyancer be raising enquiries about flooding as part of the conveyancing in Kimbolton.
The risk of flooding is if increasing concern for lawyers specialising in conveyancing in Kimbolton. Some people will acquire a house in Kimbolton, completely expectant that at some time, it may be flooded. However, aside from the physical destruction, if a house is at risk of flooding, it may be difficult to get a mortgage, suitable building insurance, or sell the premises. Steps can be carried out during the course of a house purchase to forewarn the purchaser.
Lawyers are not qualified to offer advice on flood risk, but there are a number of searches that may be carried out by the purchaser or on a buyer’s behalf which will figure out the risks in Kimbolton. The standard completed inquiry forms sent to a purchaser’s lawyer (where the Conveyancing Protocol is adopted) includes a usual inquiry of the vendor to discover if the property has ever been flooded. In the event that the residence has been flooded in past and is not notified by the seller, then a purchaser could bring a claim for damages as a result of such an misleading answer. The buyer’s solicitors will also conduct an enviro report. This should reveal if there is any known flood risk. If so, further inquiries should be carried out.
How does conveyancing in Kimbolton differ for newly converted properties?
Most buyers of new build residence in Kimbolton contact us having been asked by the developer to sign contracts and commit to the purchase even before the property is finished. This is because builders in Kimbolton tend to acquire the land, 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 property lawyers 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 Kimbolton or who has acted in the same development.
I have been on the look out for a flat up to £305k and found one round the corner in Kimbolton I like with open areas and railway links in the vicinity, the downside is that it's only got 51 years unexpired on the lease. I can't really find anything else in Kimbolton in this price bracket, so just wondered if I would be making a mistake acquiring a lease with such few years left?
Should you need a home loan the shortness of the lease may be problematic. Discount the price by the amount the lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for at least 2 years you could ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor regarding this.
I've found a house that seems to be perfect, at a great figure which is making it more attractive. I have just been informed that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a leasehold house in Kimbolton. Conveyancing solicitors have are soon to be appointed. Will my lawyers set out the risks of buying a leasehold house in Kimbolton ?
The majority of houses in Kimbolton are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area who can help the conveyancing process. It is clear that you are purchasing in Kimbolton in which case you should be looking for a Kimbolton conveyancing solicitor and check that they have experience in dealing with leasehold houses. First you will need to check the number of years remaining. As a leaseholder you will not be entirely free to do whatever you want with the house. The lease will likely included provisions such as obtaining the landlord’sconsent to carry out alterations. It may be necessary to pay a service charge towards the upkeep of the communal areas where the house is located on an estate. Your lawyer will appraise you on the various issues.
Leasehold Conveyancing in Kimbolton - Sample of Questions you should consider before Purchasing
Are any of leasehold owners in dispute over their service charge payments? What prohibitions exist in the Kimbolton Lease?