My husband and I are hoping to buy a house in Bedminster and have appointed a Bedminster conveyancing firm. Within the last couple of days our solicitor has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. Birmingham Midshires have this afternoon contacted us to advise us that there is now an issue as our Bedminster conveyancer is not on their conveyancing panel. Is this a problem?
Where you are buying a property with the assistance of a mortgage it is conventional for the purchasers' lawyers 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 bank 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 don't have to instruct a firm on the lender’s conveyancing panel and you may continue to use your own Bedminster solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
We're in Bedminster, First timers purchasing with a mortgage (lender is Bank of Ireland , and our solicitor is on the Bank of Ireland conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Bank of Ireland conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no solicitor should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
Should our lawyer be making enquiries concerning flooding as part of the conveyancing in Bedminster.
The risk of flooding is if increasing concern for conveyancers carrying out conveyancing in Bedminster. There are those who buy a house in Bedminster, fully aware that at some time, it may be flooded. However, aside from the physical destruction, if a house is at risk of flooding, it may be difficult to get a mortgage, satisfactory building insurance, or sell the premises. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Conveyancers are not qualified to offer advice on flood risk, but there are a various checks that may be undertaken by the buyer or on a buyer’s behalf which should figure out the risks in Bedminster. The standard completed inquiry forms sent to a purchaser’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a standard inquiry of the owner to discover if the premises has ever been flooded. If the residence has been flooded in past which is not notified by the owner, then a buyer may issue a claim for damages stemming from an incorrect answer. A buyer’s conveyancers will also commission an enviro report. This should reveal if there is a recorded flood risk. If so, further investigations will need to be made.
I've recently found out that there is a flying freehold element on a property I have offered on two weeks back in what should have been a straight forward, no chain conveyancing. Bedminster is the location of the property. Can you shed any light on this issue?
Flying freeholds in Bedminster are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Bedminster you must be sure that your lawyer goes through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Bedminster may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
I've found a house that seems to tick a lot of boxes, at a great figure which is making it all the more appealing. I have just been informed that the title is leasehold rather than freehold. I would have thought that there are particular concerns purchasing a leasehold house in Bedminster. Conveyancing lawyers have are about to be instructed. Will they explain the issues?
Most houses in Bedminster are freehold and not leasehold. This is one of the situations where having a local conveyancer who is familiar with the area who can assist with the conveyancing process. it is apparent that you are buying in Bedminster in which case you should be shopping around for a Bedminster conveyancing solicitor and check that they are used to dealing with leasehold houses. First you will need to check the number of years remaining. Being a tenant you will not be entirely free to do whatever you want with the house. The lease will likely included provisions for example obtaining the freeholder’sconsent to conduct alterations. You may also be required to pay a service charge towards the maintenance of the estate where the property is located on an estate. Your lawyer should advise you fully on all the issues.
I invested in buying a garden flat in Bedminster, conveyancing formalities finalised half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Corresponding flats in Bedminster with a long lease are worth £265,000. The ground rent is £50 invoiced every year. The lease runs out on 21st October 2100
With only 75 years unexpired we estimate the price of your lease extension to span between £8,600 and £9,800 as well as legals.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first getting professional advice.
Why am I unable to complete my conveyancing in Bedminster on Easter Monday?
This is due to the fact that on completion the purchase price will pass between the banks of the buyer and owner’s conveyancing practitioner and at present this can only occur on a business day. So you can't complete on a weekend either.