My fiance and I are looking to acquire a flat in Woodstock and are in fact using a Woodstock conveyancing practice. Within the last couple of days our property lawyer has sent a preliminary report and documents to look through with a view to exchanging next week. Birmingham Midshires have this evening contacted us to inform me that they have now hit a problem as our Woodstock solicitor is not on their conveyancing panel. Is this a problem?
When purchasing a property with mortgage finance it is usual for the purchasers' solicitors to also act for 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 Accreditation Scheme. Your solicitor 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 lawyers to represent them. You are not legally obliged to appoint a law firm on the bank's conveyancing panel and you may continue to use your own Woodstock solicitors, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.
I got the keys to my flat on 9 July and the transaction details are still not on the land registry website. Should I be concerned? My conveyancing solicitor in Woodstock expressed confidence that it should be formalised inside ten days. Are properties in Woodstock uniquely lengthy to register?
As far as conveyancing in Woodstock is concerned, registration is no quicker or slower than the rest of the country. As opposed to being determined by geographic area, timeframes can differ according to the party submitting the application, whether there are errors and if the Land registry have to notify any third persons or bodies. At present roughly three quarters of such applications are completed in less than three weeks but occasionally there can be protracted delays. Registration takes place after the buyer is living at the premises so an expedited registration is not typically top priority yet where it is urgent that the the registration takes place urgently then you or your conveyancer should communicate with the Registry to express the reasoning for the application to be prioritised.
Do I need to be concerned by brokers that I am dealing with are recommending a web based conveyancing firm as opposed to a High Street Woodstock conveyancing company?
As is the case with lots of professional services, often referrals from family and friends can be very helpful. But there are numerous players in a conveyancing matter; estate agents, mortgage brokers and mortgage companies might all suggest solicitors to choose. On occasion the solicitors might be known to one of the organisations as being good in their field, but occasionally there behind the scenes financial incentive behind the endorsement. You are at liberty to choose your preferred conveyancer. You need to be aware that some mortgage providers have an approved list of law firms you are obliged to use for the mortgage aspect of your house move.
In scouring the world wide web for the term conveyancing in Woodstock it reveals numerous property lawyerslocally. With so much choice what is the best way to find the suitable conveyancing solicitor for purchase transaction?
The preferential method of seeking a suitable conveyancer is via trusted referral, so ask colleagues and those you trust who have bought a property in Woodstock or the reputable estate agent or mortgage broker. Charges for conveyancing in Woodstock vary, so it's a good idea to request a minimum of four estimates from varying types of property lawyers. Dont forget to clarify that the fees are fixed.
Last July I purchased a leasehold house in Woodstock. Am I liable to pay service charges relating to a period prior to my ownership?
In a situation 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. A critical element 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 1 bedroom flat in Woodstock, conveyancing formalities finalised May 2007. Can you work out an approximate cost of a lease extension? Corresponding properties in Woodstock with an extended lease are worth £202,000. The ground rent is £60 charged once a year. The lease ends on 21st October 2081
With just 56 years remaining on your lease we estimate the premium for your lease extension to be between £29,500 and £34,000 plus legals.
The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before seeking the advice of a professional.