My partner and I are looking to purchase a property in Biddenham and are in fact using a Biddenham 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. Britannia have this morning contacted us to inform me that there is now an issue as our Biddenham solicitor is not on their approved list of lawyers. What do we do from here?
If you are buying a property with the assistance of a mortgage 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 Quality Scheme. Your solicitor should contact your mortgage company 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 and you may continue to use your own Biddenham solicitors, in which case your legal fees may increase, and it may delay matters as you have another set of people involved.
Our conveyancer has identified a a legal deficiency with the lease for the property we are buying in Biddenham. The seller’s lawyers have suggested title insurance as a solution. We are content with insurance and will cover the costs. Our property lawyer says that he must check that the mortgage company is happy with this solution. Are we the client or is the mortgage company ?
Even though you have a mortgage offer from the bank does not mean to say that the property will meet their requirements for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook provisions. You and the lender are the client. These conveyancing instructions have to be complied with.
How does conveyancing in Biddenham differ for new build properties?
Most buyers of new build or newly converted property in Biddenham come to us having been asked by the seller to sign contracts and commit to the purchase even before the residence is built. This is because house builders in Biddenham tend to acquire the site, 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 conveyancing solicitors 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 Biddenham or who has acted in the same development.
I have been recommended by a few selling agents in Biddenham to get a quote from a solicitor using your seach tool. What’s the financial inducement for Estate Agents to offer your site over another?
We refuse to make any financial incentive for directing people in our direction. We thought it would be too underhand to pay a commission as a client could think, ‘Why is the agent getting a kickback? Why am I not receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.
I have been sourcing a conveyancing practitioner in Biddenham for my home move. Is there any facility to see a firm’s record with the legal regulator?
Members of the public may see published Solicitor Regulator Association (SRA) decisions resulting from investigations commenced on or after 1 January 2008. Go to Check a solicitor's record. To find records about the period before 1 January 2008, or to check a solicitors history, telephone 0870 606 2555, 08.00 - 18.00 Monday, Wednesday, Thursday, Friday and 09.30 - 18.00 Tuesday. International callers, dial +44 (0)121 329 6800. The regulator sometimes recorded telephone calls for training reasons.
Planning to sign contracts shortly on a leasehold property in Biddenham. Conveyancing solicitors inform me that they are sending me a report next week. What should I be looking out for?
The report on title for your leasehold conveyancing in Biddenham should include some of the following:
-
You would want to be sent a copy of the lease An explanation concerning the obligations in the lease to to contribute towards maintenance costs - with regard to both the building, and the more general rights a tenant enjoys Specifying your legal entitlements in relation to common areas in the building.E.G., does the lease contain a right of way over an accessway or hallways? It needs to be made clear to you whether the lease permits you to change or upgrade aspects of the flat- you should be made aware as to whether it relates to all alterations or just structural alteration, and whether consent is required Repair and maintenance of the property
Biddenham Leasehold Conveyancing - Sample of Queries before Purchasing
-
The best form of lease structure is a share of the freehold. In this arrangement the tenants enjoy control and even though a managing agent is frequently employed where it is bigger than a house conversion, the managing agent acts for the leaseholders themselves. Where a Biddenham lease has no more than eighty years it will affect the value of the flat. Check with your lender that they are willing to go ahead with the loan given the lease term. Leases with less than 80 years remaining means that you will probably need a lease extension at some point and it is worth finding out how much this would cost. For most Biddenhamlease extensions you would be required to have been the owner of the premises for a couple of years before you are eligible to exercise a lease extension. You should want to discover as much as possible concerning the managing agents as they will either make your living at the property much easier or problematic. Being a leasehold owner you will be at the mercy of the managing agents from a financial perspective and when it comes to day to day issues such as the tidiness of the communal areas. Ask other tenants what they think of their service. In conclusion, be sure you know the dates that you are obliged pay the maintenance charge to the managing agents and precisely how they are spending that money.