Me and my partner are buying a 1 bedroom apartment in Petersfield with a mortgage. We wish to retain our Petersfield lawyer, but the mortgage company says he's not on their "panel". It seems we have little choice but to appoint one of the bank panel solicitors or keep our Petersfield solicitor and pay for one of their panel ones to act for them. This feels very unfair; are we not able to require that the bank use our Petersfield lawyer ?
Unfortunately,no. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your Petersfield conveyancing solicitor to apply to be on the conveyancing panel.
Please explain the implications if my solicitor is expelled from the Kent Reliance Solicitor panel ahead of completing my conveyancing in Petersfield?
First, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
I am purchasing a 4 bedroom semi-detached house in Petersfield. We would like to carry out an extension to the side at the house.Will legal conveyancing on the property involve investigations to determine if these works are allowed?
Your solicitor will review the registered title as conveyancing in Petersfield will sometimes reveal restrictions in the title documents which prevent certain alterations or necessitated the permission of a 3rd party. Certain additions require local authority planning consent and approval under the building regulations. Certain areas are designated conservation areas and special planning restrictions apply which often prevent or affect extensions. It would be prudent to check these issues with a surveyor before you commit yourself to a purchase.
Two weeks ago we had a mortgage agreed in principle with Kent Reliance. Petersfield conveyancing practitioners have been selected. What is the average time that one could expect to receive a mortgage offer from Kent Reliance?
There is no definitive answer here. Have Kent Reliance done the valuation? Have you informed Kent Reliance as to your lawyers' details and checked that your lawyers are on the Kent Reliance conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
I was told four weeks ago that my mortgage has been agreed to by Clydesdale. Is it usual for Clydesdale to only issue the offer once my solicitor in Petersfield is approved on their conveyancing panel? Clydesdale have asked my solicitor to see a copy of their Professional Indemnity Insurance Schedule.
Mortgage companies tend not to not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Clydesdale to deal with your lawyer's application to be on the Clydesdale conveyancing panel. There's no guarantee that your solicitor will be accepted.
How does conveyancing in Petersfield differ for new build properties?
Most buyers of new build residence in Petersfield come to us having been asked by the developer to sign contracts and commit to the purchase even before the house is ready to move into. This is because house builders in Petersfield usually 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 Petersfield or who has acted in the same development.
I am selling my home. My former conveyancers closed down. I would be grateful for any recommendation of a conveyancing firm. I happen to live in Petersfield if that makes things easier.
You should use our search tool to help you find a solicitor for your conveyancing in Petersfield. We have connected thousands of home buyers and sellers with lender approved solicitors to ensure that the legalities of their house move runs with a minimum of fuss.
I am attracted to a couple of flats in Petersfield both have approximately 50 years unexpired on the leases. should I be concerned?
There is no doubt about it. A leasehold apartment in Petersfield is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it adversely affects the salability of the property. The majority of buyers and lenders, leases with under eighty years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises 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 Petersfield conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending 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.
Petersfield Leasehold Conveyancing - Sample of Queries before Purchasing
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What restrictions are contained in the Petersfield Lease? Where a Petersfield lease has less than 80 years it will affect the marketability of the property. Check with your lender that they are happy with remaining years on the lease. Leases with less than 80 years remaining means that you will almost definitely need a lease extension at some point and you need to have some idea of what this would cost. Remember, in most cases you will need to own the residence for a couple of years in order to be entitled to extend the lease. This information is useful as a) areas may result in problems in the building as the common areas may start to deteriorate where maintenance are not paid for b) if the tenants have an issue with the managing agents you will want to have full disclosure