My partner and I are hoping to purchase a house in Bankside and are in fact using a Bankside conveyancing practice. Within the last couple of days our lawyer has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Alliance & Leicester have this evening contacted us to inform me that there is now an issue as our Bankside conveyancer is not on their conveyancing panel. Is this a problem?
Where you are buying a property needing a mortgage it is normal for the purchasers' lawyers 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 solicitors to act. You are not legally obliged to appoint a law firm on the lender’s conveyancing panel as you are at liberty to use your preferred Bankside lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
Do the Building Society Association intend to launch a search tool with a view to to identify practices on the Darlington Building Society conveyancing panel for example in Bankside?
We would not expect to be advised of any intention on the part of the BSA to promote such a tool.
How does conveyancing in Bankside differ for new build properties?
Most buyers of new build property in Bankside approach us having been asked by the seller to exchange contracts and commit to the purchase even before the premises is constructed. This is because builders in Bankside tend to acquire the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Bankside or who has acted in the same development.
My uncle has suggested that I instruct his lawyers for conveyancing in Bankside. Should I choose my own solicitor?
Much as we are happy to recommend a Bankside conveyancing lawyer the ideal way to choose a conveyancing lawyer is to get feedback from friends or family who have actually experience in using the solicitor you're considering.
I own a leasehold house in Bankside. Conveyancing and Yorkshire Building Society mortgage are in place. A letter has just been received from someone saying they have taken over the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1992. The conveyancing practitioner in Bankside who acted for me is not around. Do I pay?
First make enquiries of the Land Registry to make sure that the individual purporting to own the freehold is in fact the new freeholder. There is no need to incur the fees of a Bankside conveyancing practitioner to do this as you can do this on the Land Registry website for less than a fiver. Rest assured that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I have had difficulty in seeking a lease extension in Bankside. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Absolutely. We are happy to put you in touch with a Bankside conveyancing firm who can help.
An example of a Freehold Enfranchisement case for a Bankside property is 1-41 Royal Tower Lodge 40 Cartwright Street in April 2013. the tribunal adding the agreed value of capitalised ground rents and the reversion the price to be paid for the freehold was £1,187,000 This case was in relation to 41 flats. The unexpired lease term was 107 years.
I'm purchasing a house in Bankside. I have found my conveyancer's company on the CLC list, but I can't find my lawyer's name on the list. Should I be concerned?
Not all staff in the practice must be listed by the regulator. Provided there is someone qualified to 'oversee' the conveyancing, the actual day-to-day activity can be conducted by unlicensed staff.