My partner and I are looking to purchase a flat in Broadway and are in fact using a Broadway conveyancing firm. Within the past 48 hours our solicitor has sent a preliminary report and documents to look through with a view to exchanging next week. Aldermore have this morning contacted us to advise us that there is now an issue as our Broadway lawyer is not on their approved list of lawyers. Is this a problem?
When purchasing a property with the benefit of a mortgage it is usual for the purchasers' lawyers to also represent 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 lawyers to represent them. You are not legally obliged to appoint a law firm on the lender’s conveyancing panel and you may continue to use your own Broadway solicitors, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.
Is it possible for conveyancing in Broadway to be done in 10 days?
In a situation where the seller is applying a tight deadline for your conveyancing it is highly recommended that your lawyer is familiar with the location as they will have local contacts and know-how. It is even conceivable that they may have transacted otherproperties in the same neighbourhood. Therefore consider using a Broadway conveyancing firm. In addition, be sure that the conveyancing firm is on the on the approved list for your mortgage company. It is claimed that nearly one in five of Broadway conveyancing transactions are suspended or jeopardised after discovering a purchaser’s conveyancer was not on their mortgage lender’s list of approved solicitors. This can often result in the legal transfer of property being frustrated by an average of three weeks. It is estimated that this issue impacts in the region of 100,000 home moves every year. Most Broadway conveyancing practices can not act for certain mortgage companies so do check at the outset.
Can you clarify what the consequences are if my solicitor is suspended from the UBS Solicitor panel ahead of completing my conveyancing in Broadway?
First, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
I am looking for a leasehold apartment up to £235,500 and identified one near me in Broadway I like with open areas and railway links nearby, however it only has 51 years on the lease. There is not much else in Broadway suitable, so just wondered if I would be making a mistake acquiring a lease with such few years left?
If you require a mortgage the shortness of the lease will likely be problematic. Reduce the price by the anticipated lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for a minimum of 2 years you can request that they commence the lease extension formalities and pass it to you. You can add 90 years to the current lease with a zero ground rent applied. You should speak to your conveyancing lawyer about this matter.
In what way does the Landlord & Tenant Act 1954 impact my business offices in Broadway and how can you help?
The 1954 Act affords a safeguard to commercial leaseholders, granting the legal entitlement to apply to court for a continuation of occupancy at the end of the lease term. There are certain specified grounds that a landlord can refrain from granting a lease renewal and the rules are involved. Fees are different for commercial conveyancing. Broadway is one of the many locations in which our lawyers are based
I need to instruct a conveyancing solicitor for freehold conveyancing in Broadway. I have discover a site which appears to be the perfect answer If it is possible to get all this stuff completed via email that would be preferable. Should I be wary? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?