We are purchasing a 1 bedroom apartment in Thrapston with a mortgage. We would like to retain our Thrapston solicitor, however the mortgage company says he's not on their "panel". It seems we have little choice but to select one of the lender panel solicitors or keep our Thrapston conveyancer and pay for one of their panel ones to represent them. This seems very unfair; can we not insist that the mortgage company use our Thrapston solicitor ?
No, not really. Your mortgage offer 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. Another option that might be available is for your Thrapston conveyancing lawyer to apply to be on the conveyancing panel.
Can you clarify what the consequences are if my lawyer’s firm is removed from the Clydesdale Conveyancing panel ahead of completing my conveyancing in Thrapston?
The first thing to point out is that, 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 at a cost.
I am buying a new build flat in Thrapston. Conveyancing is daunting 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 conveyancing.
Set out below is a sample of a selection of leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Thrapston
Please confirm the Lease plans are architect prepared. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? 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. 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. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal.
I decided to have a survey carried out on a property in Thrapston ahead of appointing conveyancers. I have been informed that there is a flying freehold aspect to the house. My surveyor has said that some lenders tend refuse to give a loan on a flying freehold premises.
It depends who your proposed lender is. HSBC has different instructions for example to Nationwide. If you call us we can look into this further via the relevant lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Thrapston. Conveyancing will be smoother if you use a solicitor in Thrapston especially if they are acquainted with such properties in Thrapston.
I am employed by a long established estate agent office in Thrapston where we see a few flat sales derailed due to leases having less than 80 years remaining. I have been given inconsistent advice from local Thrapston conveyancing solicitors. Please can you confirm whether the seller of a flat can initiate the lease extension process for the purchaser on completion of the sale?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I am the registered owner of a 1 bedroom flat in Thrapston, conveyancing formalities finalised in 2006. Can you give me give me an indication of the likely cost of a lease extension? Comparable flats in Thrapston with a long lease are worth £195,000. The average or mid-range amount of ground rent is £45 invoiced every year. The lease ceases on 21st October 2086
With only 63 years left to run the likely cost is going to range between £16,200 and £18,600 plus costs.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to provide the actual costs in the absence of detailed due diligence. You should not use this information in tribunal or court proceedings. There may be other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not move forward based on this information before seeking the advice of a professional.
I am in the process of purchasing my first property in Thrapston. Conveyancing practitioner has been instructed. The broker advised that a survey is not necessary as the property was only constructed twenty two years ago.
At the very least you should have a Home Buyer's Report. As the premises was built over a decade ago the property will be without a warranty, so you would be well advised not to take a risk. For a property that age with no signs of defects a Home Buyer's report may be sufficient. The report should highlight any obvious problems and recommend further investigation where appropriate. Where there are any signs of problems seek a comprehensive structural survey.