My partner and I are hoping to buy a house in Wycombe Marsh and have instructed a Wycombe Marsh conveyancing practice. Within the past 48 hours our conveyancer has sent a preliminary report and documents to look through with a view to exchanging next week. Clydesdale have this evening contacted us to advise us that there is now an issue as our Wycombe Marsh solicitor is not on their approved list of lawyers. Please explain?
Where you are buying a property with the assistance of a mortgage it is normal 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 Quality 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 as you are at liberty to use your preferred Wycombe Marsh lawyers, in which case it will likely add costs, and it may delay matters as you have another set of people involved.
Can you clarify what the consequences are if my solicitor is suspended from the Virgin Money Solicitor panel ahead of completing my conveyancing in Wycombe Marsh?
The first thing to point out is that, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
Should my lawyer be asking questions concerning flooding as part of the conveyancing in Wycombe Marsh.
The risk of flooding is if increasing concern for lawyers dealing with homes in Wycombe Marsh. There are those who acquire a property in Wycombe Marsh, fully aware that at some time, it may suffer from flooding. However, leaving to one side the physical damage, where a property is at risk of flooding, it may be difficult to get a mortgage, adequate building insurance, or dispose of the premises. Steps can be carried out during the course of a property purchase to forewarn the buyer.
Solicitors are not best placed to impart advice on flood risk, however there are a numerous searches that may be carried out by the buyer or on a buyer’s behalf which should figure out the risks in Wycombe Marsh. The conventional set of property information forms sent to a purchaser’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a standard inquiry of the vendor to determine if the property has ever been flooded. If flooding has previously occurred which is not revealed by the vendor, then a purchaser could issue a compensation claim as a result of such an incorrect reply. A purchaser’s conveyancers may also conduct an enviro search. This should indicate whether there is any known flood risk. If so, more detailed inquiries will need to be initiated.
I've recently bought a leasehold flat in Wycombe Marsh. 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. It is an essential part of leasehold conveyancing for your conveyancer to ensure 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 acquired a 1st floor flat in Wycombe Marsh, conveyancing having been completed 7 years ago. Can you give me give me an indication of the likely cost of a lease extension? Comparable properties in Wycombe Marsh with an extended lease are worth £181,000. The average or mid-range amount of ground rent is £55 invoiced annually. The lease comes to an end on 21st October 2076
With 51 years unexpired we estimate the price of your lease extension to range between £30,400 and £35,200 as well as legals.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive investigations. Do not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not take any other action based on this information without first getting professional advice.
My wife and I have today had a bid accepted on our first house in Wycombe Marsh, and are about to get solicitors instructed. We have made use of the various comparison tools and the quotes are from all across the country. Is it important to have a Wycombe Marsh property lawyer local to the prospective house? I am content to do all the communicating over the web, but I am thinking at some stage we may be required to visit the conveyancer's office to sign papers?
Usually there is no requirement to attend the office of your property lawyer, they can send any relevant contracts to you, which you can sign and send back. Many home movers nevertheless opt to instruct a locally based solicitor, but it's by no means a prerequisite for conveyancing in Wycombe Marsh.