I am not well enough to travel far from Tunbridge Wells. Please explain the reason why all Tunbridge Wells lawyers are not on all lender panels?
Pre- 2008 most lenders demonstrated an attitude to risk which differs from the current day. The Financial Services Authority in 2010 instigated a thematic review into property fraud which concluded: know the lawyers on your panel. As a result, lenders have subsequently soughtmore information from law firms concerning their processes and the staff who work for them and set certain criteria such as completing a minimum amount of transactions. Hundreds of law practices have found themselves excluded from lender panels even though they had an exemplary disciplinary record, no complaints and zero claims and didn't just 'dabble' in conveyancing. Such firms were never going to satisfy the criteria of amount of transactions the mortgage companies insisted on.
My Solicitor in Tunbridge Wells is not on the Birmingham Midshires Solicitor Panel. Can I still continue with my family solicitor even though they are excluded from the Birmingham Midshires panel of approved conveyancing solicitors?
Your options are as follows:
- Complete the purchase with your existing Tunbridge Wells lawyers but Birmingham Midshires will need to instruct a conveyancer on their panel. This will result in additional overall legal charges as well as cause delays.
- Find a new solicitor to act in the purchase, remembering to check they are on the Birmingham Midshires panel
Various internet forums that I have frequented warn that are the primary cause of obstruction in Tunbridge Wells house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) has noted the findings of research by MoveWithUs that conveyancing searches do not figure amongst the most frequent causes of hindrances in the conveyancing process. Local searches are unlikely to feature in any slowing down conveyancing in Tunbridge Wells.
Over the last few months I have been searching for a leasehold apartment up to £195,000 and found one round the corner in Tunbridge Wells I like with a park and railway links nearby, however it only has 51 years on the lease. I can't really find anything else in Tunbridge Wells suitable, so just wondered if I would be making a grave error buying a short lease?
Should you need a mortgage that many years may be an issue. Reduce the offer by the expected lease extension will cost if not already taken into account. If the existing owner has owned the property for at least 2 years you may ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this.
Am I best advised to appoint a Tunbridge Wells conveyancing practitioner who is local to the property I am buying? I have an old university friend who can handle the legal work but his firm is located approximately 350miles away.
The primary upside of using a local Tunbridge Wells conveyancing practice is that you can pop in to sign documents, present your identification documents and apply pressure on them if necessary. They will also have local intelligence which is a plus. However nothing is more important than finding someone that will pull out all the stops for you. If other friends have used your friend and in the main were happy that should surpass using an unknown Tunbridge Wells conveyancing lawyer just because they are round the corner.
My wife and I purchased a leasehold flat in Tunbridge Wells. Conveyancing and Clydesdale mortgage are in place. I have received a letter from someone saying they have taken over the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1994. The conveyancing solicitor in Tunbridge Wells who previously acted has long since retired. What should I do?
First make enquiries of the Land Registry to make sure that this person is indeed the new freeholder. There is no need to instruct a Tunbridge Wells conveyancing firm to do this as it can be done on-line for a few pound. You should note that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
Leasehold Conveyancing in Tunbridge Wells - A selection of Questions you should ask Prior to buying
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Who manages the building? Many Tunbridge Wells leasehold properties will incur a service charge for the upkeep of the block set by the freeholder. Should you purchase the apartment you will have to meet this contribution, normally in instalments accross the year. This could vary from several hundred pounds to thousands of pounds for blocks with lifts and large communal areas. There will also be a rentcharge for you to pay yearly, this is usually not a exorbitant figure, say around £50-£100 but you need to enquire it because on occasion it could be prohibitively expensive. It would be wise to discover if there are any onerous restrictions in the lease. For example it is very common in Tunbridge Wells leases that pets are not allowed in in a block in Tunbridge Wells. If you love the flatin Tunbridge Wells yet your cat can’t move with you then you will be presented with a hard determination.