I am acquiring a ground floor flat in Much Wenlock. My Conveyancer is not on the bank approved list. Am I still permitted to use my Much Wenlock conveyancing solicitor even though they are not on the mortgage company panel?
You have numerous choices open to you here
- Carry on with your chosen Much Wenlock lawyer but your bank will need to retain a solicitor from their conveyancing panel. The net result is additional charges and potential interruption.
- Get a fresh conveyancer to act in the purchase, ensuring that they are on the lender conveyancing panel.
- Appeal to your lawyer to apply to join the mortgage company panel
My son-in-law is about to exchange on a newly built flat in Much Wenlock with a home loan from Co-operative. His conveyancer has advised him of a delay in completing the ‘Disclosure of Incentive Form’. Who needs to receive the form?
The form is intended to provide information to the main parties involved in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Co-operative conveyancing panel as a standard part of the process, and to the valuer when requested. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Co-operative conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
How does conveyancing in Much Wenlock differ for new build properties?
Most buyers of new build residence in Much Wenlock contact us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the premises is finished. This is because new home sellers in Much Wenlock typically purchase the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Much Wenlock or who has acted in the same development.
I am looking for a flat up to £305k and identified one round the corner in Much Wenlock I like with a park and station nearby, however it's only got 52 remaining years left on the lease. I can't really find anything else in Much Wenlock in this price bracket, so just wondered if I would be making a mistake acquiring a short lease?
Should you require a mortgage the remaining unexpired lease term may be problematic. Reduce the price by the anticipated lease extension will cost if it has not already been discounted. If the existing owner has owned the property for at least twenty four months you may request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should consult your conveyancing lawyer about this matter.
How can the Landlord & Tenant Act 1954 impact my commercial property in Much Wenlock and how can your lawyers assist?
The 1954 Act gives security of tenure to business lessees, granting the dueness to make a request to court for a continuation of occupancy when the lease comes to an end. There are limited grounds where a landlord can refuse a lease renewal and the rules are involved. We are happy to direct you to commercial conveyancing solicitors who use the act to your advantage and handle your commercial conveyancing in Much Wenlock
I own a leasehold house in Much Wenlock. Conveyancing and HSBC Bank mortgage organised. I have received a letter from someone claiming to own the freehold. Attached was a demand for arrears of ground rent dating back to 1993. The conveyancing solicitor in Much Wenlock who previously acted has now retired. Do I pay?
First contact HMLR to be sure that the individual claiming to own the freehold is in fact the registered owner of the freehold reversion. It is not necessary to instruct a Much Wenlock conveyancing lawyer to do this as you can do this on the Land Registry website for a few pound. You should note that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
Leasehold Conveyancing in Much Wenlock - A selection of Queries Prior to Purchasing
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Can you inform me if there are any major works anticipated that could increase the service charges? The best form of lease structure is a share of the freehold. In this scenario the tenants enjoy control and notwithstanding that a managing agent is often employed where the building is larger than a house conversion, the managing agent employed by the leaseholders.