We are hoping to buy a 3 bedroom apartment in Markfield with a mortgage. We like our Markfield solicitor, but the mortgage company advise he's not on their "panel". It appears that we have little choice but to select one of the mortgage company panel conveyancing practices or retain our Markfield conveyancer and pay for one of their panel lawyers to represent them. We regard this is inequitable; can we not require that the lender use our Markfield conveyancing practitioner ?
No, not really. 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. Another option that might be available is for your Markfield conveyancing solicitor to apply to be on the conveyancing panel.
Our conveyancer has uncovered a defect with the lease for the property we are buying in Markfield. The seller’s lawyers have offered title insurance as a workaround. We are content with insurance and will pay for it. Our solicitor has advised that he must be satisfied that the bank is willing to move forward with this solution. Are we the client or is the bank?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the mortgage company are the client. Your property lawyer must comply with the UK Finance Lenders’ Handbook provisions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the mortgage company can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your solicitor will have no choice but to discontinue acting for you.
When does exchange of contracts occur in residential conveyancing in Markfield and do I need to be at the conveyancers office?
Where you are near to one of the conveyancing solicitors in Markfield you are welcome to attend to sign documents. That being said, the lender approved solicitors we recommend provide countrywide coverage for conveyancing and give just as diligent and professional a job for you when dealing with you electronically. The executing of the sale agreement is not the point of no return. A signed contract is just a prerequisite for the firm to officially exchange at the suitable time, which is ordinarily shortly after signing. The procedure is nowadays normally dealt with by telephone and can be very rapid, although where a long "chain" is in the mix, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Markfield)to be in the office available at the end of the phone to exchange contracts.
Am I better off to choose a Markfield conveyancing practitioner who is local to the property I am purchasing? We have a good friend who can carry out the legal formalities however his firm is located approximately 350kilometers drive away.
The primary upside of using a local Markfield conveyancing practice is that you can visit the firm to execute documents, present your identification documents and apply pressure on them where appropriate. Having local Markfield know how is a plus. However it's more important to get someone that will do a good and efficient job. If other friends have instructed your friend and the majority were impressed that should surpass using an unfamiliar Markfield conveyancing solicitor solely due to them being round the corner.
I am employed by a long established estate agency in Markfield where we see a few flat sales jeopardised due to leases having less than 80 years remaining. I have received contradictory information from local Markfield conveyancing firms. Could you clarify whether the owner of a flat can instigate the lease extension formalities for the buyer?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the sale.
An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I invested in buying a split level flat in Markfield, conveyancing was carried out half a dozen 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? Corresponding properties in Markfield with over 90 years remaining are worth £201,000. The ground rent is £45 levied per year. The lease ends on 21st October 2088
With 65 years remaining on your lease we estimate the price of your lease extension to span between £13,300 and £15,400 plus legals.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to advice on the actual costs without more comprehensive investigations. You should not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action based on this information without first getting professional advice.
My aim is to acquire a ground floor maisonette in Markfield. Conveyancing lawyer is waiting for, from the seller, building insurance paperwork. This afternoon I was advised that the seller must send the insurance schedule for the flat above as well. Why would my lawyer need to review the insurance for the flat above? Is it really necessary? We have been stalled for the previous month…
It is not impossible in leasehold conveyancing in Markfield to discover Conveyancing in Markfield in a minority of cases reveals that the lease requires the leasehold owners to insure their individual flats as opposed to the freeholder insuring the whole property - which is clearly preferable. You should contact your conveyancing practitioner but it would appear that your lawyer is attempting to verify that the whole building is insured. Insuring your flat is no help when it comes to rebuilding after a fire if the 1st floor cannot be reinstated for lack of insurance cover.