My partner and I are planning to acquire a house in Sacriston and have appointed a Sacriston conveyancing firm. Within the last couple of days our lawyer has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. TSB have this morning contacted us to advise us that they have now hit a problem as our Sacriston lawyer is not on their approved list of lawyers. Is this a problem?
If you are buying a property requiring a mortgage it is conventional for the purchasers' solicitors to also act for the mortgage company. 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 Accreditation Scheme. Your property lawyer should contact your lender 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 lender’s conveyancing panel as you are at liberty to use your preferred Sacriston lawyers, in which case your legal fees may increase, and it may delay matters as you have another set of people involved.
I had intended to instruct a property lawyer in Sacriston for our home move. Our broker informed us that our mortgage company Birmingham Midshires won't deal with them. Surely this is unfair competition?
A decade ago most banks had a different appetite for risk. Almost all Sacriston conveyancing firms would have been on most bank panels. The FSA in 2010 conducted a thematic review into mortgage fraud which concluded: know the conveyancing solicitors dealt with. Consequently, mortgage companies have regularly sought more data from law firms about their operations and the individuals who work for them as well as set certain criteria such a completing on a minimum volume of conveyancing. Many Sacriston conveyancing firms that have been excluded from lender panels have a 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Sacriston is amongst the numerous areas where the conveyancers we list are are authorised to act for Birmingham Midshires.
As co-executor for the estate of my uncle I am disposing of a house in Monmouth but live in Sacriston. My conveyancer (who is 235 kilometers from meneeds me to execute a stat dec prior to completion. Can you recommend a conveyancing practitioner in Sacriston to witness and place their company stamp on the document?
Technically speaking you are not likely to be required to have the documents attested by a conveyancing solicitor. Normally any notary public or solicitor will suffice regardless of whether they are located in Sacriston
Last May I purchased a leasehold house in Sacriston. Do I have any liability for service charges for periods before completion of my purchase?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I invested in buying a basement flat in Sacriston, conveyancing having been completed in 2009. Can you give me give me an indication of the likely cost of a lease extension? Similar flats in Sacriston with an extended lease are worth £201,000. The ground rent is £45 levied per year. The lease runs out on 21st October 2089
With just 65 years remaining on your lease we estimate the premium for your lease extension to span between £13,300 and £15,400 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to provide a more accurate figure without more comprehensive investigations. You should not use the figures in tribunal or court proceedings. There may be other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first getting professional advice.
My husband and I hope to purchase our first home in Sacriston. Conveyancing solicitor already selected. The mortgage adviser pointed out that a survey is not needed as the property is just fifteen years old.
At the very least you should order a Home Buyer's Report. Given the premises was constructed over a decade ago the property will not come with a warranty, so you would be well advised not to take a risk. Where a property of this age shows no signs of defects a Home Buyer's report may suffice. They will highlight any apparent issues and recommend additional investigation if relevant. If there are any signs of material issues obtain a full structural survey.