Our conveyancer has uncovered a defect with the lease for the property we are purchasing in Bubwith. The seller’s lawyers have suggested defective title insurance as a workaround. We are happy with insurance and will pay for it. Our lawyer says that he must be satisfied that the bank is content with this solution. Who is the client here, us or the lender?
Regardless of the fact that you have a mortgage offer from the mortgage company does not mean to say that the property will meet their provisions for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook specifications. You and the bank are the client. These conveyancing instructions have to be complied with.
My wife and I are purchasing a flat in Bubwith. I might seem paranoid but how we can trust a lawyer? At some point we have to send money into their account. What is the protection we have from them run away with our money?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
There are numerous conveyancing solicitors in Bubwith but how do I know who I should use?
We would encourage you not to base your choice on the cheapest Bubwith conveyancing costs illustration. You really do get what you pay for when it comes to conveyancing solicitors. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you know exactly what you’ll have to pay in ahead of the deal.
How can we know in advance if a Bubwith conveyancing solicitor on the Nationwide panel is any good?
When it comes to conveyancing in Bubwith seeking recommendations is a sensible start. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one advertising the lowest fees. We would always recommend that you speak with the lawyer carrying out your conveyancing.
Should our lawyer be making enquiries about flooding during the conveyancing in Bubwith.
The risk of flooding is if increasing concern for solicitors carrying out conveyancing in Bubwith. There are those who purchase a property in Bubwith, completely aware that at some time, it may be flooded. However, aside from the physical damage, if a house is at risk of flooding, it may be difficult to get a mortgage, suitable building insurance, or dispose of the property. There are steps that can be taken as part of the conveyancing process to forewarn the buyer.
Lawyers are not qualified to give advice on flood risk, but there are a number of searches that may be carried out by the purchaser or on a buyer’s behalf which should figure out the risks in Bubwith. The standard property information forms given to a purchaser’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a usual inquiry of the seller to discover if the property has historically flooded. If flooding has previously occurred and is not notified by the owner, then a buyer may issue a compensation claim as a result of such an misleading reply. A purchaser’s conveyancers should also order an environmental report. This should reveal whether there is a recorded flood risk. If so, further inquiries will need to be conducted.
How does conveyancing in Bubwith differ for newly converted properties?
Most buyers of new build residence in Bubwith come to us having been asked by the developer to sign contracts and commit to the purchase even before the house is constructed. This is because new home sellers in Bubwith usually acquire 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 Bubwith or who has acted in the same development.
Is it best to choose a Bubwith conveyancing solicitor based in the area that I am buying? We have a good friend who can handle the legal work however her office is approximately 350miles drive away.
The benefit of a high street Bubwith conveyancing firm is that you can drop in to sign paperwork, deliver your identification documents and apply pressure on them where appropriate. Having local Bubwith know how is a bonus. However it's more important to get someone that will pull out all the stops for you. If if people you trust used your friend and the majority were content that should outweigh using an unknown Bubwith conveyancing solicitor solely due to them being round the corner.
Can you offer any advice when it comes to appointing a Bubwith conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a conveyancer for your lease extension (regardless if they are a Bubwith conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you make enquires with several firms including non Bubwith conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. The following questions could be helpful:
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If they are not ALEP accredited then why not?
I own a ground floor flat in Bubwith, conveyancing was carried out 5 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar flats in Bubwith with a long lease are worth £202,000. The average or mid-range amount of ground rent is £60 per annum. The lease comes to an end on 21st October 2080
With 56 years unexpired we estimate the premium for your lease extension to range between £29,500 and £34,000 plus legals.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to provide the actual costs without more detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before seeking the advice of a professional.