My fiance and I are hoping to purchase a property in Burnham Market and have appointed a Burnham Market conveyancing practice. Within the past 48 hours our lawyer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Virgin Money have this afternoon contacted us to advise us that they have now hit a problem as our Burnham Market solicitor is not on their conveyancing panel. Please explain?
Where you are buying a property requiring a mortgage it is conventional 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 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 don't have to instruct a firm on the bank's conveyancing panel as you are at liberty to use your preferred Burnham Market lawyers, in which case it will likely add costs, and it may delay matters as you are adding another lawyer into the mix.
Would the conveyancing solicitors identified via your search tool perform attended exchange conveyancing in Burnham Market?
We do have a number of conveyancing specialists who can conduct attended exchanges. Do call us to secure a conveyancing quote and details as to availability.
I have been told by my lawyer that defective lease insurance is required on my purchase. What is the typical level of cover needed for conveyancing in Burnham Market?
The appropriate level of defective lease indemnity insurance should be dictated by who your lender. It would differ for example between Birmingham Midshires and Leeds Building Society. Conveyancing solicitors as opposed to members of the public take out such insurances.
I am currently in the process of buying my council flat in Burnham Market. I have a mortgage agreed with Barclays. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Barclays, you will need to appoint a solicitor on the Barclays conveyancing panel.
After what seems like an age I have had an offer on a flat in Burnham Market accepted, but there is a chain. The vendors have offered on a flat, however it’s not yet tied up, and have viewings of other flats in the pipeline. I have instructed a nearby conveyancing solicitor in Burnham Market. What do I do now? When should I get the mortgage application with Nottingham going?
It is understandable to have anxieties where there is a chain as you are unlikely to want to be too out of pocket too early (home loan application is approx £1k, then valuation, Burnham Market conveyancing search costs, etc). First, you must check that your conveyancing practitioner is on the Nottingham conveyancing panel. As to the subsequent stages this very much depends on the specifics of your case, attraction to the property and on the state of the market. During a hot market the majority of purchasers would apply for a home loan with Nottingham and arrange for the valuation and only if it was satisfactory would they pay their conveyancing practitioner to press on with searches.
I am close to exchanging contracts on the sale of our property in Burnham Market and according to the buyers it appears that there is a possibility that the property was built land that was not decontaminated. Any local conveyancer would know that there is no such problem. It does beg the question why the purchasers used a web based conveyancing practice as opposed to a conveyancing solicitor in Burnham Market. Having lived in Burnham Market for many years we know of no issue. Should we contact our local Authority to seek confirmation that the buyers are looking for.
It would appear that you have a conveyancing solicitor currently acting for you. What do they say? You must enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same sickness)
The estate agent has sent us the confirmation of our purchase of a new build flat in Burnham Market. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Set out below are examples of a selection of leasehold new build questions that you should expect your new-build leasehold conveyancing in Burnham Market
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The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Please supply a car parking plan.
I am hoping to put an offer on a small detached house that appears to be perfect, at a great figure which is making it more attractive. I have just found out that it's a leasehold rather than freehold. I am assuming that there are particular concerns purchasing a leasehold house in Burnham Market. Conveyancing advisers have are soon to be instructed. Will they explain the issues?
Most houses in Burnham Market are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can help the conveyancing process. We note that you are buying in Burnham Market so you should seriously consider shopping around for a Burnham Market conveyancing solicitor and check that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a lessee you will not be entirely free to do whatever you want with the house. The lease will likely included provisions for example obtaining the landlord’spermission to carry out alterations. You may also be required to pay a maintenance charge towards the upkeep of the estate where the property is part of an estate. Your lawyer should report to you on the legal implications.
I own a ground floor flat in Burnham Market, conveyancing having been completed 3 years ago. How much will my lease extension cost? Similar properties in Burnham Market with a long lease are worth £185,000. The ground rent is £65 charged once a year. The lease runs out on 21st October 2086
You have 61 years unexpired we estimate the price of your lease extension to be between £18,100 and £20,800 plus costs.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure in the absence of detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not move forward based on this information without first getting professional advice.