I am nearing exchange of contracts for my ground floor flat in Thorne and the estate agent has just e-mailed to warn that the buyers are changing their solicitor. The reason given is that the lender will only engage with solicitors on their conveyancing panel. On what basis would a leading mortgage company only engage with specific law firms rather the firm that they want to choose for their conveyancing in Thorne ?
Mortgage companies have always had an approved set of law firms that can act for them, but in the last few years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 25 years.
Banks point to the increase in fraud as the reason for the reduction – criteria have been tightened as a smaller panel is easier to monitor. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is hearing daily from firms 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 buyers are unlikely to have any impact on this.
How does conveyancing in Thorne differ for newly converted properties?
Most buyers of new build or newly converted property in Thorne come to us having been asked by the housebuilder to sign contracts and commit to the purchase even before the premises is completed. This is because builders in Thorne usually 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 property lawyers 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 Thorne or who has acted in the same development.
Due to the input of my in-laws I had a survey completed on a house in Thorne prior to instructing lawyers. I have been advised that there is a flying freehold overhang to the house. The surveyor advised that some mortgage companies may refuse to issue a loan on a flying freehold house.
It depends who your proposed lender is. Bank of Scotland has different instructions for example to Nationwide. If you contact us we can check via the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Thorne. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Thorne to see if the conveyancing costs will increase in light of this.
We're new on the property ladder - had an offer accepted, yet the agent told us that the seller will only go ahead if we use their recommended conveyancers as they are insisting on a ‘quick sale’. My instinct tells me that we should use a high street solicitor accustomed to conveyancing in Thorne
It is improbable the sellers are driving this. If they desire ‘a quick sale', alienating a genuine buyer is is going to put the whole deal at risk. Speak to the vendors direct and make the point that (a)you are keen to buy (b)you are ready to progress, with finances arranged © you are chain free (d) you wish to move quickly (e)but you intend to use your own,trusted Thorne conveyancing solicitors - rather thanthose that will give the estate agent a referral fee or achieve conveyancing targets set by senior management.
I am tempted by the attractive purchase price for a couple of maisonettes in Thorne both have in the region of fifty years left on the leases. Should I regard a short lease as a deal breaker?
There are no two ways about it. A leasehold apartment in Thorne is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it adversely affects the marketability of the property. The majority of purchasers and banks, leases with under 75 years become less and less marketable. 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 property 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 residence 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 Thorne 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. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new 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.
Thorne Conveyancing for Leasehold Flats - Sample of Queries Prior to buying
-
Its a good idea to discover as much as possible about the company managing the block as they will impact your use and enjoyment of the property. Being a leasehold owner you will be in the clutches of the managing agents both financially and when it comes to day to day matters like the cleanliness of the common parts. You should not be afraid to ask prospective neighbours whether they are happy with them. On a final note, be sure you discover the dates that the maintenance charges are due to the managing agents and precisely what you get for your money. The best form of lease structure is a share of the freehold. In this arrangement the lessees benefit from being in charge if their destiny and notwithstanding that a managing agent is usually retained if the building is bigger than a house conversion, the managing agent acts for the leaseholders themselves. Are there any major works on the horizon that will add a premium to the service costs?
Online reading suggests that Thorne solicitors are more costly than licensed conveyancers in Thorne when it comes to buying a property. So is it better if I use a conveyancer or a solicitor where I am buying for my home move in Thorne.
When it comes to conveyancing in Thorne the costs are unlikely to vary dramatically depending on whether the legal expert is a licenced conveyancer or solicitor.