My husband and I are hoping to purchase a 3 bedroom apartment in Lower Clapton with a mortgage. We like our Lower Clapton conveyancer, however the lender advise he's not on their "panel". We have to appoint one of the bank panel conveyancing practices or keep our Lower Clapton solicitor as well as pay for one of their panel ones to represent them. We regard this is unjust; is there anything we can do?
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 Lower Clapton conveyancing solicitor to apply to be on the conveyancing panel.
I am need of leasehold conveyancing for an apartment in a fairly new development (6 years old) in Lower Clapton. 95% of the properties are already sold. Is it strictly necessary to order neighbourhood searches as part of conveyancing in Lower Clapton?
You are putting yourself at risk in not carrying out Lower Clapton conveyancing searches. Without searches you have no clarity over flooding, environmental etc which may mean you walk away due to potential problems down the line. If you are buying without a mortgage there is no legal requirement to have them, but we would seriously advise in no uncertain terms that you have them. Where timings and expenses are top of your concerns you should consider with your conveyancer about the options such as contingency insurance available to you
Can you explain why leasehold purchase conveyancing in Lower Clapton is more expensive?
In summary, leasehold conveyancing in Lower Clapton and elsewhere usually necessitates more due diligence compared to freehold conveyancing. This includes reviewing the lease, communicating with the landlord concerning serving applicable notices, procuring current service charge and management information, procuring the landlord’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – no matter how many different proprietor have owned the lease since it was first entered into.
Me and my brother own a renovated Victorian property in Lower Clapton. Conveyancing practitioner represented me and Godiva Mortgages Ltd. I did a free Land Registry search last week and I saw two entries: the first freehold, another for leasehold with the matching property. If a house is not a freehold shouldn't I have been informed?
You should read the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Lower Clapton and other locations in the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with lenders. You can also question the situation with the conveyancing practitioner who conducted the work.
Due to the encouragement of my in-laws I had a survey completed on a house in Lower Clapton prior to instructing conveyancers. I have been advised that there is a flying freehold element to the property. Our surveyor advised that some lenders will refuse to issue a mortgage on this type of home.
It depends who your proposed lender is. Bank of Scotland has different requirements for example to Halifax. Should you wish to call us we can look into this further with 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 Lower Clapton. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Lower Clapton to see if the conveyancing costs will increase in light of this.