I am one month into the sale of my flat in Thrapston and the EA has just telephoned to warn that the buyers are swapping conveyancer. The excuse is that the bank will only deal with property lawyers on their approved list. Why would a leading mortgage company only deal with specific solicitors rather the firm that they want to choose to handle their conveyancing in Thrapston ?
Lenders have always had an approved set of law firms they are content to work with, but in the last few years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Banks blame a rise in fraud by way of justification for the cull – criteria have been narrowed as a smaller panel is easier to oversee. Banks tend not to reveal 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. The purchasers are unlikely to have any impact on this.
At what point does exchange of contracts take place for purchase conveyancing in Thrapston and do I need to be at the solicitors branch?
If you are near to our conveyancing solicitors in Thrapston you are welcome to come in to sign contracts. However, the law practices we recommend provide a national conveyancing service and provide as equally comprehensive and professional a job for you when dealing with you electronically. The executing of the property agreement is not the point of no return. Signing on the dotted line is necessary for the firm to exchange contracts at the appropriate time, which is ordinarily shortly after signing. The procedure is is usually a five minute process, although where an extended "chain" is in the mix, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Thrapston)to be in the office available at the end of the phone to exchange contracts.
I know that there are debates on Chancel Insurance on online forums. Do I need chancel insurance when purchasing a residence in Thrapston? or I am told that there is an ancient law that means some house owners residing in a parish church boundary may be liable to pay for maintenance towards the chancel within the church. Is this a legitimate concern for conveyancing in Thrapston?
Unless a prior acquisition of the premises took place after 12 October 2013 you could assume that lawyers conducting conveyancing in Thrapston to remain encouraging a chancel search and or chancel repair liability insurance.
Are there restrictive covenants that are commonly identified as part of conveyancing in Thrapston?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Thrapston. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
Just had an offer accepted on a new build flat in Thrapston. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Set out below is a sample of a selection of leasehold new build questions that you should expect your new-build leasehold conveyancing in Thrapston
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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? 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? Forfeiture - bankruptcy or liquidation must not apply under this provision.
I am looking for a leasehold apartment up to £195,000 and found one near me in Thrapston I like with amenity areas and station nearby, the downside is that it only has 51 years on the lease. There is not much else in Thrapston for this price, so just wondered if I would be making a mistake purchasing a lease with such few years left?
Should you need a mortgage that many years may be problematic. Discount the offer by the expected lease extension will cost if not already taken into account. If the current owner has owned the property for at least twenty four months you may ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should speak to your conveyancing solicitor about this matter.