My partner and I are hoping to purchase a property in Martlesham and are in fact using a Martlesham conveyancing firm. Within the last couple of days our lawyer has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. TSB have this morning contacted us to advise us that there is now an issue as our Martlesham conveyancer is not on their conveyancing panel. Is this a problem?
When purchasing a property with mortgage finance it is usual for the purchasers' lawyers to also act for the purchaser's lender. 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 Quality Scheme. Your solicitor should contact your mortgage company and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on the bank's conveyancing panel as you are at liberty to use your preferred Martlesham lawyers, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.
We are purchasing a flat and require a conveyancing solicitor in Martlesham who is on the Santander conveyancing panel. Could you point me in the right direction as regards a solicitor?
Our service is limited to being a directory service for firms who wish to be listed as being on the approved conveyancing panel for Santander . We don't recommend any particular firms conducting conveyancing in Martlesham.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Martlesham?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Martlesham. 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…’
Just had an offer accepted on a new build flat in Martlesham. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Here is a sample of a few leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Martlesham
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Please supply evidence that the form of Lease proposed has been approved by the Land Registry. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? There must be mutual enforceability of lessee’s covenants. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company?
I'm remortgaging my current house to a buy to let loan with Alliance & Leicester and intend to use the remaining equity towards further property. The area we are talking about is Martlesham. Will your solicitors be able to act for the two banks and link together the conveyances?
Do use our comparison tool on this site to ensure that the lawyers are approved by both banks. On the basis that they are the solicitor should be able to simultaneously deal with the two transactions but you should talk with you solicitor and specify your expectations and requirements.
I am looking at a couple of apartments in Martlesham which have in the region of fifty years remaining on the lease term. Will this present a problem?
There are no two ways about it. A leasehold flat in Martlesham is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it adversely affects the marketability of the premises. The majority of buyers and banks, leases with under eighty years become less and less marketable. 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 Martlesham 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. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. 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.
Leasehold Conveyancing in Martlesham - Examples of Queries Prior to buying
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Who is in charge of the building? Make sure you enquire if there is anything that is prohibited in the lease. By way of example plenty of leases prohibit pets being permitted in certain buildings in Martlesham. If you love the apartmentin Martlesham yet your cat can’t move with you then you will be faced difficult compromise.