I am progressing with the sale of my maisonette in Marlow and the EA has just called to advise that the buyers are switching property lawyer. The reason given is that the bank will only deal with property lawyers on their conveyancing panel. On what basis would a leading mortgage company only engage with certain lawyers rather the firm that they want to appoint to handle their conveyancing in Marlow ?
Banks have always had panels of law firms they are willing to work with, 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 many years.
Lenders attribute this action to a rise in fraud as the reason for the pruning – criteria have been tightened as a smaller panel is easier to oversee. Banks tend not to reveal 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. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your purchasers are unlikely to have any sway in the decision.
My colleague suggested that where I am purchasing in Marlow I should ask my conveyancer to execute a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
A search of this type is sometimes included in the estimate for your Marlow conveyancing searches. It is a large document of about 40 pages, listing and setting out significant information about Marlow around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Marlow Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average House Prices, Crime statistics, Local Education with maps and statistics, Local Amenities and other useful information concerning Marlow.
I am buying a new build house in Marlow benefiting from help to buy. The developers would not budge the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The sale representative suggested that I not disclose to my conveyancer about this side-deal as it will put at risk my loan with The Mortgage Works. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder 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 am a sole trader looking to take an assignment of a lease of an office on the high street. Can you recommend conveyancers offering no-sale-no fees for commercial conveyancing in Marlow for under 1500k?
We can recommend firms who have an in-depth of experience of commercial conveyancing in Marlow, including the sale and purchase of businesses as well as simply premises. Whether you are hoping to purchase or sell a shop, pub, restaurant, office, retail premises or a complete business we can put you in touch with the right lawyer. Regarding the costs this will depend on the structure and heads of terms of the deal. Let us have your contact information or email us so that we can provide you with a fixed commercial conveyancing calculation.
I am attracted to a couple of apartments in Marlow which have about fifty years left on the lease term. should I be concerned?
There are no two ways about it. A leasehold flat in Marlow is a wasting asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it reduces the value of the premises. For most buyers and mortgage companies, leases with less than eighty years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Marlow conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Marlow Leasehold Conveyancing - Examples of Queries before buying
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The prefered form of lease arrangement is a share of the freehold. In this scenario the leaseholders enjoy being in charge if their destiny and although a managing agent is frequently retained if it is larger than a house conversion, the managing agent retained by the leaseholders. The answer will be useful as a) areas can result in problems for the block as the communal areas may begin to deteriorate where maintenance remain unpaid b) if the tenants have an issue with the managing agents you will need to have complete disclosure For many Marlow leaseholds the cost for major works are not included within maintenance charges, although some managing agents in Marlow ask tenants to contribute towards a reserve fund and this is used to offset against larger works.
I previously told by my lender that their approved conveyancers work on no completion no charge basis for conveyancing in Marlow. I had a purchase fall through nevertheless the lawyers have requested search fees! They say the fees are seperate!
Marlow conveyancing search charges are disbursements not solicitors costs as these are payable to independent parties.