My partner and I are looking to acquire a property in Broseley and are in fact using a Broseley 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. Skipton Building Society have this morning contacted us to advise us that they have now hit a problem as our Broseley lawyer is not on their conveyancing panel. Is this a problem?
Where you are buying a property requiring a mortgage it is standard 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 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 bank's conveyancing panel as you are at liberty to use your preferred Broseley lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
I have been told that property searches are the primary cause of delay in Broseley house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) has noted the conclusions of research by MoveWithUs that conveyancing searches do not figure within the most frequent causes of delays during the legal transfer of property. Local searches are not likely to feature in any slowing down conveyancing in Broseley.
I am buying a new build house in Broseley with a loan from Barnsley Building Society. The builders refused to budge the amount so I negotiated £7000 of extras instead. The estate agent suggested that I not reveal to my solicitor about this side-deal as it could impact my mortgage with the lender. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I am looking for a ground for flat up to £245,000 and found one near me in Broseley I like with amenity areas and station nearby, the downside is that it only has 49 years on the lease. There is not much else in Broseley suitable, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you need a mortgage the shortness of the lease will be an issue. Discount the price by the anticipated lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for a minimum of 2 years you can ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor about this.
Last May I purchased a leasehold house in Broseley. Am I liable to pay service charges relating to a period prior to my ownership?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I invested in buying a 1 bedroom flat in Broseley, conveyancing having been completed March 2012. Can you please calculate a probable premium for a statutory lease extension? Comparable properties in Broseley with an extended lease are worth £227,000. The average or mid-range amount of ground rent is £50 invoiced annually. The lease runs out on 21st October 2095
You have 71 years remaining on your lease we estimate the price of your lease extension to be between £9,500 and £11,000 plus professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to provide a more accurate figure without more detailed due diligence. Do not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not move forward based on this information without first getting professional advice.
We are first time buyers just having agreed a price on a property in Broseley, and are now looking to get solicitors lined up. We have made use of the different comparison based websites and the results are from all across the the UK. Is it critical to have a Broseley property lawyer local to your prospective property? I am willing to do all the communicating over the internet, but I am thinking at some point we may need to visit the conveyancing practitioner's office to sign documents?
There is no requirement to physically visit the office of your conveyancing practitioner, they can send any relevant documents to you, which you can sign and return. Many home movers choose to instruct a locally based solicitor, but it is not a prerequisite for conveyancing in Broseley.