My fiance and I are looking to acquire a home in Bexhill and are in fact using a Bexhill conveyancing firm. Within the last couple of days our lawyer has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. Virgin Money have this morning contacted us to advise us that they have now hit a problem as our Bexhill solicitor is not on their approved list of lawyers. Is this a problem?
If you are buying a property with the assistance of a mortgage it is standard 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 Quality 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 Bexhill lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another lawyer into the mix.
My husband and I are buying a newly constructed duplex in Bexhill and my solicitor is informing me that she is duty bound to the bank to reveal incentives from the seller. I am nearing the developer’s deadline to exchange contracts and I would rather not delay matters. Is my lawyer right?
You should not exchange unless you have been advised to do so by your conveyancer. A precondition to being on a mortgage company panel is to comply with the UK Finance Lenders’ Handbook specifications. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Bexhill?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Bexhill. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
Over the last few months I have been searching for a leasehold apartment up to £245,000 and found one close by in Bexhill I like with amenity areas and transport links in the vicinity, however it only has 49 years on the lease. I can't really find anything else in Bexhill in this price bracket, so just wondered if I would be making a grave error buying a lease with such few years left?
If you require a home loan the shortness of the lease will likely be a potential deal breaker. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for at least 2 years you may request that they start the process of the extension and then assign it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should speak to your conveyancing solicitor regarding this.
How do I use the search facility to select a conveyancing practitioner in Bexhill on the approved list for my mortgage?
First pick a lender such as Birmingham Midshires, Chelsea Building Society or Nottingham Building Society then specify your preferred area for example Bexhill. Conveyancing organisations in Bexhill and across England and Wales will then be shown.
My partner is purchasing a leasehold property in Bexhill. Conveyancing quotes are averaging around £two thousand. Is that in the right ballpark?
The average cost in 2014 for conveyancing in Bexhill was £1,395 not including SDLT and HM Land Registry fees.