My partner and I are hoping to buy a flat in Cheltenham and have appointed a Cheltenham conveyancing practice. Within the last couple of days our solicitor has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. Nationwide Building Society have this morning contacted us to inform me that they have now hit a problem as our Cheltenham lawyer is not on their approved list of lawyers. Is this a problem?
When purchasing a property with mortgage finance 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 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 solicitors to act. You are not legally obliged to appoint a law firm on the lender’s conveyancing panel as you are at liberty to use your preferred Cheltenham lawyers, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.
This question may be naive but I am wet behind the ears as FTB of a two bedroom flat in Cheltenham. Do I pick up the keys to the house on the completion date from my solicitor? If so, I will appoint a High Street conveyancing solicitor in Cheltenham?
There is no need to visit the lawyers office on the day of completion. Your solicitors will transfer the completion advance to the vendor’s lawyers, and shortly after the monies have arrived, you should be invited to pick up the keys from the property Agents and move into your new home. Usually this occurs between 1 and 3pm.
I am currently in the process of buying my council flat in Cheltenham. I have a mortgage offer with Principality. Conveyancing is new to me. 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 Principality, you will need to appoint a solicitor on the Principality conveyancing panel.
I can not fathom if my lender requires a lease extension. I have telephoned my Cheltenham building society branch on various occasions and was reassured it wasn't a problem and they will lend. My Cheltenham conveyancing solicitor - who is on the bank conveyancing panel- telephoned and was told they will not lend in accordance with their specific requirements. Who do I believe?
Your property lawyer has to comply with the Council of Mortgage Lenders’ Handbook Part 2 provisions for your lender. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
Should my lawyer be raising questions about flooding during the conveyancing in Cheltenham.
Flooding is a growing risk for conveyancers dealing with homes in Cheltenham. Plenty of people will acquire a house in Cheltenham, fully expectant that at some time, it may suffer from flooding. However, leaving to one side the physical destruction, where a house is at risk of flooding, it may be difficult to obtain a mortgage, adequate building insurance, or sell the premises. Steps can be carried out during the course of a house purchase to forewarn the buyer.
Solicitors are not qualified to impart advice on flood risk, but there are a numerous checks that can be undertaken by the buyer or by their lawyers which should give them a better understanding of the risks in Cheltenham. The conventional set of property information forms sent to a purchaser’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a standard question of the owner to determine whether the property has suffered from flooding. If the residence has been flooded in past which is not revealed by the owner, then a purchaser may bring a compensation claim as a result of such an misleading reply. A buyer’s solicitors should also carry out an environmental search. This should reveal if there is any known flood risk. If so, further inquiries will need to be conducted.
About to purchase a new build apartment in Cheltenham. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Set out below is a sample of a few leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Cheltenham
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Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Please supply a car parking plan. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal.
I am a sole trader looking to lease a unit on a shopping parade. Can you recommend lawyers offering competitive fees for non-domestic conveyancing in Cheltenham for under 1500k?
We can recommend firms who host a wealth of experience of commercial conveyancing in Cheltenham, including the disposal and purchase of businesses as well as simply premises. Whether you are hoping to buy or sell a shop, pub, restaurant, office, retail premises or a whole business we will put you in touch with the right lawyer. Regarding the charges this will depend on the structure and heads of terms of the proposed transaction. Let us have your contact information or email so as to enable us to provide you with a detailed commercial conveyancing calculation.
Our conveyancer in Cheltenham has identified a defect with the lease for the apartment we are buying in Cheltenham. The seller’s lawyers have put forward defective title insurance as a solution. We are content with insurance and will cover the costs. Our lawyer says that as he is on the mortgage company conveyancing panel he must ensure that the lender is happy with this solution. Are we the client or is the mortgage company?
Just because you have a mortgage offer from the lender does not mean to say that the property will be meet their requirements for the purposes of a mortgage. Your Cheltenham conveyancing lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook Requirements. You and the lender are the client. The appropriate lender requirements must be adhered to by the bank conveyancing panel who has to balance acting for you and the bank