I am progressing with the sale of my home in Mudeford and the EA has just e-mailed to advise that the buyers are swapping property lawyer. The excuse is that the mortgage company will only deal with property lawyers on their approved list. Why would a major lender only work with certain lawyers rather the firm that they want to choose to handle their conveyancing in Mudeford ?
Lenders have always had panels of law firms that can act for them, but in the last few years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Banks blame a rise in fraud as the reason for the pruning – criteria have been narrowed as a smaller panel is easier to maintain. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels. Some are unaware that 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 not going to have any impact on this.
My son is in the process of securing a house that has just been built in Mudeford with a home loan from Leeds Building Society. His lawyer has advised him of a delay in receiving the ‘Disclosure of Incentive Form’. Who needs to receive the form?
The document is intended to provide information to the main parties engaged in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Leeds Building Society conveyancing panel as a standard part of the process, and to the surveyor 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 Leeds Building Society conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Can you explain why leasehold purchase conveyancing in Mudeford is more expensive?
Mudeford leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving applicable notices on the Landlord or managing agent, obtaining up-to-date service charge and management information, obtaining Landlord’s consents and reviewing management accounts and formation documents.
About to purchase a new build apartment in Mudeford. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Here is a sample of a selection of leasehold new build questions that you may expect your new-build leasehold conveyancing in Mudeford
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The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. 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. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company?
I have been on the look out for a ground for flat up to £195,000 and found one round the corner in Mudeford I like with open areas and railway links nearby, the downside is that it's only got 49 years on the lease. There is not much else in Mudeford for this price, so just wondered if I would be making a grave error buying a short lease?
If you require a mortgage the remaining unexpired lease term will likely be problematic. Discount the price by the expected lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for a minimum of twenty four months you could request that they start the process of the extension and pass it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should speak to your conveyancing solicitor regarding this matter.
Taking into account that I am about to spend £400,000 on 3 bedroom house in Mudeford I wish to have a conversation with the conveyancer concerning thehome move ahead of appointing the firm. Is this something that you can arrange?
This is something that we recommend - we would be happy to talk to you we do not take any clients on without you speaking to the lawyer due to be doing your property ownership legalities in Mudeford.There is no ‘factory style conveyancing’ - every client is an important individual, not a file reference. The practices that we put you in touch with believe that the figure you are calculated and presented to you for your conveyancing in Mudeford should be the figure that you are charged.