My fiance and I are planning to buy a home in Lee On The Solent and have appointed a Lee On The Solent conveyancing practice. Within the past 48 hours our lawyer has sent a preliminary report and documents to look through with a view to exchanging next week. Barclays Direct have this afternoon contacted us to inform me that they have now hit a problem as our Lee On The Solent solicitor is not on their approved list of lawyers. What do we do from here?
When purchasing a property with mortgage finance it is conventional for the purchasers' solicitors to also represent the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your solicitor should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You don't have to instruct a firm on the lender’s conveyancing panel and you may continue to use your own Lee On The Solent solicitors, in which case your legal fees may increase, and it may delay matters as you have another set of people involved.
I have Fifty Six years unexpired on my lease and need a lease extension for my flat in Lee On The Solent. Conveyancing solicitors on the Platform panel can deal with such extensions right?
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are getting a mortgage then your lender may insist that the lease be extended before competition. Platform have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 13/10/2021 the requirements read as follows :
I require fast conveyancing in Lee On The Solent as I am faced with an ultimatum to sign on the dotted line within one month. A mortgage is not required. Can I decline from having conveyancing searches to save fees and time?
As you are not getting a mortgage you have the choice not to do searches although no law firm would suggest that you don't. Drawing on our experience of conveyancing in Lee On The Solent the following are instances of what can be revealed and adversely affect future mortgageability: Enforcement Actions, Overdue Fees, Outstanding Grants, Unadopted Roads,...
Are there restrictive covenants that are commonly picked up during conveyancing in Lee On The Solent?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Lee On The Solent. 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…’
I am buying a new build house in Lee On The Solent benefiting from help to buy. The sellers refused to reduce the price so I negotiated 6k of additionals instead. The sale representative advised me not disclose to my solicitor about this extras as it would affect my mortgage with Nationwide Building Society. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I've found a house that seems to be perfect, at a reasonable figure which is making it more attractive. I have just discovered that the title is leasehold as opposed to freehold. I would have thought that there are issues purchasing a leasehold house in Lee On The Solent. Conveyancing lawyers have not yet been instructed. Will they explain the issues?
The majority of houses in Lee On The Solent are freehold and not leasehold. This is one of the situations where having a local solicitor who is familiar with the area who can help the conveyancing process. it is apparent that you are buying in Lee On The Solent in which case you should be shopping around for a Lee On The Solent conveyancing solicitor and be sure that they are used to advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a leaseholder you will not be at liberty to do whatever you want to the property. The lease will likely included provisions such as requiring the landlord’spermission to carry out alterations. You may also be required to pay a service charge towards the upkeep of the estate where the property is located on an estate. Your conveyancer should report to you on the legal implications.
Lee On The Solent Conveyancing for Leasehold Flats - Sample of Queries Prior to Purchasing
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This information is important as a) areas could cause problems for the building as the common areas may begin to deteriorate if maintenance remain unpaid b) if the leasehold owners have a dispute with the managing agents you will wish to have all the details How long is the Lease? It is important to be aware if fixing the lift or some other significant cost is due shortly to be shared between the leaseholders and will dramatically impact the level of the maintenance charges or require a one time payment.