My husband and I are planning to acquire a house in Oldland and are in fact using a Oldland conveyancing firm. Within the past 48 hours our property lawyer has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. HSBC Bank have this evening contacted us to inform me that there is now an issue as our Oldland conveyancer is not on their conveyancing panel. Is this a problem?
When purchasing a property with the benefit of a mortgage it is standard for the purchasers' solicitors to also represent the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your property lawyer should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You don't have to instruct a firm on the bank's conveyancing panel as you are at liberty to use your preferred Oldland lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another lawyer into the mix.
The owners of the property we are purchasing have instructed a conveyancing solicitor in Oldland who has recommended a exclusivity contract with a non-refundable deposit 6,000. Are such contracts recommended for Oldland conveyancing transactions?
This kind of agreement isn't frequently used in Oldland, conveyancers are not keen on them as they divert attention from the main conveyancing focus and if you end up having your deposit forfeited then the solicitor at best left with an upset client and at worst a litigious one. In addition, there is no assurance that just because the owner has signed an exclusivity agreement they will sell to you. They may be in contravention of the agreement if they are offered sufficient financial inducement to do so because a wronged purchaser with the benefit of a lockout agreement will still be duty bound to show losses as a consequence of the breach and these may not equate the financial benefit that the owner may gain by breaking the contract, however morally condemnable the behaviour is.
How do I find out if the solicitor handling my conveyancing in Oldland is on the lender’sconveyancing panel? I am looking to avoid the situation of having one lawyer for me and one for Birmingham Midshires thus spending £175.00 in additional legal invoice.
Please do take advantage of the search tool on this web page. Pick the mortgage company and type ‘Oldland’ or your preferred area and you will see numerous conveyancers based in Oldland or by proximity to you.
I just bought a house at auction in Oldland. Conveyancing is needed. What is next?
Given that you are now exchanged you should choose a conveyancing practitioner soon as you will have a fast approaching a fixed date to complete the purchase. All auction property will ordinarily have a bespoke legal set of papers. This will include evidence of title and search results. If you have purchased leasehold property the auction papers should contain a copy of the lease, management information and a sellers leasehold information form and other conveyancing paperwork specific to a leasehold property. You must pass this on to your appointed conveyancing solicitor at the earliest opportunity. Do make sure that you have funds in place to complete on the date specified in the contract.
Forgive me if this question is silly but I am unexperienced as FTB of a ground floor flat in Oldland. Do I collect the keys to the property on the completion date from my conveyancer? If this is the case, I will appoint a local conveyancing solicitor in Oldland?
On the day of completion you do not need to attend the conveyancers office in Oldland. Your solicitors will transfer the purchase money to the vendor’s solicitors, and once they have received this, you will be invited to pick up the keys from the Estate Agents and start moving into the property. This tends to happen early afternoon.
Intending to buy a maisonette in Oldland. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Skipton conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Oldland property lawyer is on the Skipton conveyancing panel.
I want to rent out my leasehold apartment in Oldland. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?
Notwithstanding that your previous Oldland conveyancing lawyer is no longer available you can review your lease to check if it allows you to sublet the apartment. The accepted inference is that if the lease is non-specific, subletting is permitted. Quite often there is a prerequisite that you are obliged to seek consent from your landlord or other appropriate person in advance of subletting. This means you not allowed to sublet without prior permission. Such consent is not allowed to be unreasonably refused ore delayed. If the lease prohibits you from subletting the property you will need to ask your landlord if they are willing to waive this restriction.
I inherited a garden flat in Oldland, conveyancing was carried out in 1999. Can you give me give me an indication of the likely cost of a lease extension? Equivalent flats in Oldland with over 90 years remaining are worth £190,000. The average or mid-range amount of ground rent is £65 invoiced every year. The lease finishes on 21st October 2086
With 61 years unexpired we estimate the price of your lease extension to be between £19,000 and £22,000 plus legals.
The figure 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 comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not take any other action based on this information before seeking the advice of a professional.