Me and my fiance are planning to buy a 3 bedroom flat in Market Rasen with a mortgage. We like our Market Rasen lawyer, however the mortgage company says she’s not on their "panel". It appears that we have no choice but to instruct one of the lender panel solicitors or retain our Market Rasen property lawyer as well as pay for one of their panel lawyers to act for them. This feels very unfair; is there anything we can do?
No, not really. Your mortgage offer 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. Another option that might be available is for your Market Rasen conveyancing solicitor to apply to be on the conveyancing panel.
My fiance and I are purchasing a newbuild flat in Market Rasen with a homeloan from Virgin Money.We have a Market Rasen conveyancing practitioner but Virgin Money says her practice is not listed on their "panel". We have to appoint a Virgin Money panel lawyer or keep our preferred solicitor and fork out for one of their panel ones to represent them. This seems very unfair; Can we not simply insist that Virgin Money use our lawyer?
No, not really. The loan offered to you contains terms and conditions, a common one being that lawyers needs to be on the Virgin Money approved list. Until recently, most banks had large numbers of solicitors 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. Another option that might be available is for your lawyer to apply to be on the conveyancing panel for Virgin Money
Due to the encouragement of my in-laws I had a survey completed on a property in Market Rasen prior to instructing lawyers. I have been informed that there is a flying freehold overhang to the house. My surveyor has said that some banks may refuse to issue a mortgage on a flying freehold home.
It depends who your proposed lender is. Lloyds has different requirements for example to Nationwide. If you call us we can check via the relevant lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Market Rasen. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Market Rasen to see if the conveyancing will be more expensive.
What does commercial conveyancing in Market Rasen cover?
Non domestic conveyancing in Market Rasen incorporates a wide array of guidance, supplied by qualified solicitors, relating to business premises. For instance, this type of conveyancing can cover the sale or purchase of freehold business premises or, more usually, the assignment of existing business tenancies or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial loans and the termination of tenancies.
Can you provide any advice for leasehold conveyancing in Market Rasen with the intention of saving time on the sale process?
- Much of the frustration in leasehold conveyancing in Market Rasen can be bypassed where you get in touch lawyers as soon as your agents start advertising the property and ask them to put together the leasehold information needed by the buyers’ conveyancers. If you have the benefit of shareholding in the freehold, you should make sure that you hold the original share certificate. Organising a re-issued share certificate is often a time consuming process and delays many a Market Rasen home move. If a new share is necessary, you should approach the company officers or managing agents (if relevant) for this as soon as possible. Many landlords or managing agents in Market Rasen charge for supplying management packs for a leasehold premises. You or your lawyers should find out the fee that they propose to charge. The management pack sought as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most frequent reason for frustration in leasehold conveyancing in Market Rasen. If you have carried out any alterations to the property would they have required Landlord’s permission? In particular have you installed wooden flooring? Market Rasen leases often stipulate that internal structural alterations or laying down wooden flooring necessitate a licence from the Landlord acquiescing to such works. Where you dont have the consents to hand do not communicate with the landlord without checking with your conveyancer first.
Leasehold Conveyancing in Market Rasen - Sample of Questions you should consider Prior to buying
-
Are any of leasehold owners in arrears of their service charge liability? You should be aware if it is no more than 80 years it will affect the value of the apartment. It is worth checking with your lender that they are happy with remaining years on the lease. Leases with less than 80 years remaining means that you will almost definitely have to extend the lease sooner rather than later and you need to have some idea of what this would cost. Remember, in most cases you would be required to have owned the property for two years in order to be entitled to carry out a lease extension.
Living abroad it is not practicable to attend my Market Rasen conveyancing practitioners office to execute documents connected to my conveyancing in Market Rasen – is this a problem?
You need not be concerned. Market Rasen conveyancing solicitors can undertake conveyancing transactions for clients from a distance. It is not necessary for you to be able to visit a Market Rasen conveyancers office. They can deal with all communications remotely from their Market Rasen premises.