My wife and I are looking to buy a flat in Brixworth and have appointed a Brixworth conveyancing practice. 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. Skipton Building Society have this afternoon contacted us to inform me that there is now an issue as our Brixworth lawyer is not on their approved list of lawyers. Please explain?
When purchasing a property with mortgage finance it is conventional for the purchasers' solicitors to also represent 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 lender 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 bank's conveyancing panel and you may continue to use your own Brixworth solicitors, in which case your legal fees may increase, and it may delay matters as you have another set of people involved.
We see that you have a post code search directory identifying law firms on the Bank of Ireland conveyancing panel. Do companies pay you a commission if I retain them for our own conveyancing in Brixworth?
We are a listing service only for law firms wishing to communicate if they are on the Bank of Ireland conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Brixworth.
I require fast conveyancing in Brixworth as I am faced with a deadline to complete in less than one month. A mortgage is not required. Is it possible to escape the need for conveyancing searches to save fees and time?
As you are not taking a home loan you are at liberty not to do searches although no law firm would suggest that you don't. Drawing on years of experience of conveyancing in Brixworth the following are instances of what can crop up and adversely impact future mortgageability: Refused Planning Applications, Overdue Fees, Overdue Grants, Railway Schemes,...
How does conveyancing in Brixworth differ for newly converted properties?
Most buyers of new build residence in Brixworth approach us having been asked by the builder to exchange contracts and commit to the purchase even before the house is completed. This is because new home sellers in Brixworth typically buy the land, 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 property lawyers 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 Brixworth or who has acted in the same development.
I am hoping to sign contracts shortly on a garden flat in Brixworth. Conveyancing solicitors assured me that they are sending me a report on Monday. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Brixworth should include some of the following:
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An explanation as to the provision in the lease to pay service charges - in relation to the building, and the more general rights a lessee has It needs to be made clear to you whether the lease permits you to alter or upgrade aspects of the flat- you should know whether any restrictions relates to all alterations or just structural alteration, and whether consent is required You should receive a copy of the lease You need to be told what counts as a Nuisance in the lease Does the lease prohibit wood flooring?
Brixworth Leasehold Conveyancing - Examples of Queries Prior to buying
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Does the lease contain onerous restrictions? Where a Brixworth lease has less than eighty years it will impact the marketability of the property. Check with your mortgage company that they are happy with residual term of the lease. A short lease means that you will most likely have to extend the lease at some point and it is worth discovering how much this will be. For most Brixworthlease extensions you will need to own the premises for two years in order to be legally able to extend the lease. Are any of leasehold owners in dispute over their service charge liability?
My husband and I accepted an offer on a Brixworth ground floor flat left to us six years ago in 2009. I have over a decades worth of conveyancing experience and, although retired, see no reason not to undertake my own conveyancing. The buyer's lawyer has informed me that their bank will not allow you to do your own conveyancing mandating that the funds to be sent to a solicitor's bank account.
Lending requirements to property lawyers from all CML members specify that If the seller does not have legal representation the borrower's lawyers should check whether the bank needs to be told so that a decision can be made as to whether or not they are willing to move forward.