My wife and I are looking to buy a property in Bradley Stoke and have instructed a Bradley Stoke conveyancing practice. Within the past 48 hours our solicitor has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Nottingham Building Society have this evening contacted us to inform me that they have now hit a problem as our Bradley Stoke lawyer is not on their conveyancing panel. What do we do from here?
When purchasing a property with mortgage finance 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 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 bank's conveyancing panel and you may continue to use your own Bradley Stoke solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
Finally the sale completed on my house in Bradley Stoke last February but our buyer keeps telephoning every few hours to say his lawyer needs to hear from mylawyer. What are the post completion sale legalities now that I have sold?
Following your house sale your lawyer is obliged to send the transfer documentation and all supplemental paperwork to the purchaser's lawyers. Where relevant, your conveyancer must also send confirmation that the mortgage has been repaid to the buyers lawyers. There is unlikely to be post completion formalities specific conveyancing in Bradley Stoke.
It has been three months since my purchase conveyancing in Bradley Stoke concluded. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I am buying a new build apartment in Bradley Stoke. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Set out below are examples of a selection of leasehold new build questions that you can expect your new-build leasehold conveyancing in Bradley Stoke
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If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. Please provide evidence that the form of Lease proposed has been approved by the Land Registry.
Due to the guidance of my in-laws I had a survey completed on a house in Bradley Stoke before appointing solicitors. I have been advised that there is a flying freehold aspect to the property. My surveyor has said that some banks will refuse to grant a mortgage on such a home.
It varies from the lender to lender. Santander has different requirements for example to Nationwide. If you call us we can investigate further with the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Bradley Stoke. Conveyancing will be smoother if you use a solicitor in Bradley Stoke especially if they regularly deal with such properties in Bradley Stoke.
There are only 72 years left on my lease in Bradley Stoke. I need to get lease extension but my landlord is absent. What are my options?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be lengthened by the magistrate. However, you will be required to prove that you have made all reasonable attempts to locate the landlord. On the whole an enquiry agent may be useful to carry out a search and prepare a report which can be accepted by the court as proof that the freeholder is indeed missing. It is advisable to get professional help from a conveyancer in relation to proving the landlord’s disappearance and the application to the County Court overseeing Bradley Stoke.
Bradley Stoke Conveyancing for Leasehold Flats - Sample of Queries Prior to buying
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On the whole the cost for major works tend not to be wrapped into the maintenance charges, although there some managing agents in Bradley Stoke ask leaseholders to contribute towards a reserve fund created for the specific intention of building a fund for major repairs or maintenance. Is the freehold owned jointly by the leaseholders? Does the lease include onerous restrictions?