We are buying a 1 bedroom apartment in Sittingbourne with a mortgage. We like our Sittingbourne conveyancer, but the bank says he's not on their "panel". It appears that we have little option but to instruct one of the bank panel solicitors or keep our Sittingbourne property lawyer and pay for one of their panel lawyers to represent them. We feel that this is inequitable; is there anything we can do?
No, not really. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the lender’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 Sittingbourne conveyancing lawyer to apply to be on the conveyancing panel.
My partner and I are acquiring a new build apartment in Sittingbourne and my conveyancer is informing me that she is duty bound to the lender to disclose incentives from the developer. I am under pressure to exchange contracts and I have no desire to prolong matters. Is my lawyer right?
You should not exchange unless you have been advised to do so by your solicitor. A precondition to being on a mortgage company panel is to comply with the UK Finance Lenders’ Handbook specifications. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Will my conveyancer be raising questions regarding flooding as part of the conveyancing in Sittingbourne.
Flooding is a growing risk for lawyers carrying out conveyancing in Sittingbourne. There are those who purchase a property in Sittingbourne, completely aware that at some time, it may be flooded. However, leaving to one side the physical destruction, if a house is at risk of flooding, it may be difficult to get a mortgage, adequate building insurance, or dispose of the property. Steps can be carried out as part of the conveyancing process to forewarn the purchaser.
Conveyancers are not qualified to give advice on flood risk, but there are a number of checks that can be undertaken by the buyer or by their conveyancers which will give them a better appreciation of the risks in Sittingbourne. The standard information given to a purchaser’s conveyancer (where the Conveyancing Protocol is adopted) includes a usual question of the owner to find out if the premises has suffered from flooding. If the residence has been flooded in past and is not disclosed by the vendor, then a purchaser may commence a legal claim for losses stemming from an incorrect answer. The buyer’s solicitors may also order an enviro search. This will reveal whether there is any known flood risk. If so, more detailed investigations should be initiated.
How does conveyancing in Sittingbourne differ for new build properties?
Most buyers of new build premises in Sittingbourne come to us having been asked by the seller to exchange contracts and commit to the purchase even before the house is finished. This is because house builders in Sittingbourne typically acquire the site, 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 conveyancing solicitors 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 Sittingbourne or who has acted in the same development.
What makes your site different to alternative internet conveyancing solicitors for conveyancing in Sittingbourne?
At this site obtain a conveyancing quote via a Solicitor or Licensed Conveyancer that appreciates the nuances for your conveyancing in Sittingbourne. Unlike many estate agents and brokerage sites we are not in the business of charging firms a fee if you instruct them for your property ownership legalities in Sittingbourne
Can you provide any top tips for leasehold conveyancing in Sittingbourne from the point of view of saving time on the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Sittingbourne can be reduced if you appoint lawyers the minute your agents start marketing the property and ask them to collate the leasehold documentation needed by the buyers’ solicitors. The majority of freeholders or managing agents in Sittingbourne charge for providing management packs for a leasehold property. You or your lawyers should discover the fee that they propose to charge. The management information sought on or before finding a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Sittingbourne. A minority of Sittingbourne leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers obtain bank and professional references. The bank reference will need to confirm that the buyers are able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their solicitors. If there is a history of any disputes with your landlord or managing agents it is essential that these are settled before the property is put on the market. The buyers and their solicitors will be warry about purchasing a property where a dispute is unsettled. You may have to bite the bullet and pay any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the buyers, but it is clearly preferable to present the dispute as over rather than unresolved.
I own a 2 bed flat in Sittingbourne, conveyancing formalities finalised 10 years ago. Can you please calculate a probable premium for a statutory lease extension? Similar properties in Sittingbourne with an extended lease are worth £191,000. The ground rent is £55 invoiced annually. The lease runs out on 21st October 2078
With 53 years remaining on your lease we estimate the premium for your lease extension to span between £27,600 and £31,800 as well as costs.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action based on this information before getting professional advice.