I am nearing exchange of contracts for my apartment in Lavenham and the estate agent has just called to say that the buyers are switching property lawyer. I am told that this is due to the fact that the lender will only work with property lawyers on their conveyancing panel. On what basis would a leading lender only deal with certain solicitors rather the firm that they want to appoint to handle their conveyancing in Lavenham ?
UK lenders have always had panels of law firms that can act for them, but in the past few years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 15 years.
Lenders blame a rise in fraud as the reason for the cull – criteria have been narrowed as a smaller panel is easier to monitor. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels. Plenty of firms are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The buyers are not going to have any impact on this.
My wife and I buying a terrace house in Lavenham. We would like to carry out an extension to the side at the property.Will legal work on the property include enquiries to see if these works are permitted?
Your solicitor will check the deeds as conveyancing in Lavenham will on occasion identify restrictions in the title documents which prohibit categories of changes or require the permission of another owner. Some extensions need local authority planning consent and approval in compliance with building regulations. Many locations are designated conservation areas and special planning restrictions apply which often prevent or impact extensions. You should check these things with a surveyor ahead of any purchase.
I currently have a mortgage with Coventry BS for my property in Lavenham. Conveyancing has been completed 12 months ago. If I am intending to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Coventry BS?
Your original mortgage agreement with Coventry BS will provide that you need their approval prior to renting your property as this is likely to be a breach of Coventry BS’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 Coventry BS directly. It should not be necessary to do this via a Coventry BS conveyancing panel firm.
My sealed bid on a semi in Lavenham has been accepted, the sellers do nevertheless have a tied purchase. The sellers have offered on a property, but it’s not yet agreed to, and are looking at other apartments in the pipeline. I have selected a nearby conveyancing solicitor in Lavenham. What do I do now? When do I get the mortgage application with Principality going?
It is normal to have apprehensions where there is a chain as you are unlikely to want to be too out of pocket prematurely (home loan application is in the region of £1k, then valuation, Lavenham conveyancing search costs, etc). First, you should check that your lawyer is on the Principality approved list. Regarding the subsequent steps this very much depends on the circumstances of your case, desire for the property and on the state of the market. In a buoyant market many home buyers would apply for a home loan with Principality and pay for the valuation and only if it comes back ok would they request their solicitor to press on with the conveyancing in Lavenham.
About to purchase a new build flat in Lavenham. Conveyancing is necessary evil 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 selection of leasehold new build questions that you may expect your new-build leasehold conveyancing in Lavenham
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The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Forfeiture - bankruptcy or liquidation must not apply under this provision. The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Please provide evidence that the form of Lease proposed has been approved by the Land Registry.
Are there any apps to help identify a Lavenham solicitor on the Alliance & Leicester conveyancing panel? I am a keen cyclist and am prepared to travel upto 10kilometers to meet the solicitor.
You can use the search on this website. Please choose the lender and your location and you will see a number of Lavenham conveyancing lawyers located nearest you. We have detailed some Lavenham conveyancing firms at the bottom of this page and you can contact them to verify if they are on the Alliance & Leicester member panel
Having had my offer accepted I require leasehold conveyancing in Lavenham. Before I set the wheels in motion I require certainty as to the remaining lease term.
If the lease is registered - and almost all are in Lavenham - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I acquired a 1 bedroom flat in Lavenham, conveyancing was carried out 10 years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Similar properties in Lavenham with a long lease are worth £185,000. The ground rent is £65 invoiced annually. The lease comes to an end on 21st October 2087
With only 61 years unexpired the likely cost is going to be between £18,100 and £20,800 as well as costs.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first getting professional advice.
Are all Lavenham property lawyers on every lender conveyancing panel?
You can use our search tool or you can go into your high street lender branch in Lavenham. Chances are that they will be in a position to recommend some approved conveyancing solicitors in Lavenham