Am I correct in assuming that the fact that my solicitor in Martlesham Heath is not listed on my mortgage company's solicitor panel that there is a problem with the standard of his conveyancing?
That is more than likely a wrong assumption to make. There are plenty of plausible explanations. Just recently a report by the solicitors regulator revealed that over three quarters of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) lack of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Should you be concerned you should simply call the Martlesham Heath conveyancing practice and ask them why they are no longer on the approved list for your bank.
Is it necessary to take out insurance to cover chancel repairs when purchasing a residence in Martlesham Heath?
Unless a prior purchase of the property completed post 12 October 2013 you may assume that lawyers handling conveyancing in Martlesham Heath to continue to recommend a chancel search and or chancel repair liability policy.
I'm buying a new build house in Martlesham Heath with a mortgage from Barclays Direct. The sellers would not move on the price so I negotiated £7000 of extras instead. The house builders rep suggested that I not disclose to my conveyancer about the side-deal as it could affect my mortgage with Barclays Direct. Is this normal?.
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.
Should I be concerned by brokers that I am dealing with are suggesting a nationwide conveyancing firm rather than a local Martlesham Heath conveyancing firm?
As with many service providers, often input from family and friends can be most helpful. But there are numerous players in a conveyancing matter; estate agents, financial adviser and lenders might all recommend solicitors to instruct. Sometimes these lawyers might be known to one of the organisations as one of the best in their field, but sometimes there exists a commercial relationship behind the endorsement. You have the right to appoint your preferred conveyancer. However, bear in mind that many banks specify a panel list of conveyancers you are obliged to use for the mortgage aspect of your house move.
I am on look out for some leasehold conveyancing in Martlesham Heath. Before diving in I require certainty as to the unexpired term of the lease.
Assuming the lease is recorded at the land registry - and almost all are in Martlesham Heath - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
Leasehold Conveyancing in Martlesham Heath - Examples of Queries Prior to Purchasing
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Who is in charge of the building? Be sure to discover if there is anything that is prohibited in the lease. By way of example it is fairly common in Martlesham Heath leases that pets are not allowed in certain buildings in Martlesham Heath. If you like the flatin Martlesham Heath but your dog can’t live with you then you will be faced hard determination. Does the lease have onerous restrictions?
We own a leasehold flat in Martlesham Heath. Conveyancing was finalised in last year. I have been told that I should not let the the remaining lease term to get too low. What is the reasoning?
Martlesham Heath leasehold properties are for a set term - usually ninety nine years when they are first granted. However a significant appartments in Martlesham Heath were constructed or converted 30 or more years ago and so such leases now have fewer than eighty years unexpired. This may sound like a long time however Banks, Building Societies and other mortgage institutions on the whole need leases to have a minimum of seventy five years unexpired to be mortgageable. Accordingly when you come to sell the property you will need a lease extension if you are nearing 75 years. To maximise the saleability of your property you should be thinking about whether or not to extend your lease well in advance of selling the property. Furthermore advantages to taking action before the lease reaches even 80 years as when the lease falls below 80 years the amount to be paid to extend starts to escalate.