My partner and I are looking to buy a property in Christchurch and are in fact using a Christchurch conveyancing practice. Within the last couple of days our conveyancer has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Barnsley Building Society have this morning contacted us to inform me that they have now hit a problem as our Christchurch solicitor is not on their approved list of lawyers. Is this a problem?
If you are buying a property needing a mortgage it is normal 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 property lawyer should contact your bank 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 Christchurch lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
Are the Christchurch conveyancing solicitors identified as being on the Virgin Money conveyancing panel, together with their details provided by Virgin Money?
Christchurch conveyancing firms themselves provide us confirmation that they are on the Virgin Money conveyancing panel as opposed to being supplied with a list from Virgin Money directly.
Should my conveyancer be raising enquiries regarding flooding during the conveyancing in Christchurch.
Flooding is a growing risk for lawyers dealing with homes in Christchurch. There are those who acquire a house in Christchurch, completely aware that at some time, it may suffer from flooding. However, aside from the physical damage, where a property is at risk of flooding, it may be difficult to obtain a mortgage, adequate insurance cover, or dispose of the property. There are steps that can be taken 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 searches that can be undertaken by the buyer or on a buyer’s behalf which should give them a better understanding of the risks in Christchurch. The standard information sent to a buyer’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a usual question of the owner to find out whether the property has suffered from flooding. If the property has been flooded in past which is not disclosed by the seller, then a purchaser could commence a compensation claim resulting from an misleading answer. A buyer’s lawyers will also commission an environmental report. This should higlight whether there is a recorded flood risk. If so, more detailed inquiries should be initiated.
The deeds to our house are lost. The solicitors who did the conveyancing in Christchurch 10 years ago are no longer around. What are my next steps?
These day there are duplicates made of almost everything, and your lawyer should be aware precisely where to find all the relevant documentation so you can buy or dispose of your house without any difficulty. If duplicates can’t be located, your conveyancer may be able to put in place insurance or indemnities protecting you against possible claims on your premises.
I was pointed in your direction by two or three local selling agents in Christchurch to get a quote from a property lawyer on your site. Is there a financial upside for Estate Agents to recommend your lawyers ahead of a competitor’s?
We don’t offer any referral fee for sending work in our direction. We found it would be just too difficult a fee as members of the public would think, ‘Why is the agent getting a kickback? Why aren’t I receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.
I've found a house that seems to be perfect, at a great figure which is making it all the more appealing. I have since been informed that it's a leasehold rather than freehold. I would have thought that there are issues purchasing a leasehold house in Christchurch. Conveyancing lawyers have are soon to be instructed. Will my lawyers set out the implications of buying a leasehold house in Christchurch ?
Most houses in Christchurch are freehold rather than leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can help the conveyancing process. it is apparent that you are buying in Christchurch in which case you should be looking for a Christchurch conveyancing practitioner and be sure that they have experience in advising on leasehold houses. First you will need to check the number of years remaining. Being a lessee you will not be at liberty to do whatever you want with the house. The lease comes with conditions such as requiring the freeholder’sconsent to carry out alterations. You may also be required to pay a contribution towards the upkeep of the estate where the house is part of an estate. Your lawyer will appraise you on the various issues.
I inherited a leasehold flat in Christchurch, conveyancing was carried out half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar properties in Christchurch with a long lease are worth £190,000. The ground rent is £45 invoiced annually. The lease expires on 21st October 2088
With only 62 years remaining on your lease we estimate the premium for your lease extension to range between £17,100 and £19,800 plus costs.
The figure above a general guide to costs for extending a lease, but we are not able to advice on the actual costs without more comprehensive investigations. You should not use this information in tribunal or court proceedings. There are no doubt additional 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 based on this information without first seeking the advice of a professional.