My wife and I are looking to purchase a flat in Elmstead and have appointed a Elmstead conveyancing firm. Within the last couple of days our conveyancer has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. TSB have this afternoon contacted us to advise us that they have now hit a problem as our Elmstead solicitor is not on their approved list of lawyers. What do we do from here?
If you are buying a property with the assistance of a mortgage it is usual for the purchasers' lawyers to also act for the mortgage company. 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 solicitor should contact your mortgage company 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 and you may continue to use your own Elmstead solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another lawyer into the mix.
Can conveyancing in Elmstead to be completed in 28 days?
First, If you are under time constraints for your conveyancing it is advisable to make sure that your solicitor is familiar with the location as they will make use of local contacts and intelligence. It is even conceivable that they could have handled previousproperties in the same neighbourhood. You would be best advised to use a Elmstead conveyancing lawyer. In addition, be sure that the lawyer is on the member panel. It is believed that nearly one in five of Elmstead conveyancing transactions are frustrated or derailed after finding out that a buyer’s lawyer was not on their mortgage lender’s member panel. This can often result in the legal transfer of property being delayed by as much as 21 days. It is believed that this issue impacts approximately 100,000 home moves annually. Almost all Elmstead conveyancing firms can not act for certain mortgage companies so do check at the outset.
My partner and I are close to exchanging contracts on the sale of our house in Elmstead and according to the buyers it appears that there is a risk of it being constructed on contaminated land. A local conveyancer would know that there is no such problem. For the life of me I don't know why the purchasers instructed an online conveyancing outfit as opposed to a conveyancing solicitor in Elmstead. We have lived in Elmstead for 5 years we know of no issue. Do we contact our local Authority to seek clarification need.
It sounds as though you may have a conveyancing firm already. Are they able to advise? You must check with 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 health insurance to cover that same illness)
I am buying my first flat in Elmstead with a loan from Bank of Scotland. The developers would not budge the amount so I negotiated five thousand pounds worth of extras instead. The property agent suggested that I not to tell my solicitor about this extras as it will put at risk my loan with the bank. 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 using a search engine for the words conveyancing in Elmstead it reveals many solicitorsin the area. With so much choice what is the best way to find the right conveyancer for my move?
The best method of choosing a suitable conveyancer is through a trusted testimonial, so ask friends and family who have bought a property in Elmstead or the respected estate agent or mortgage broker. Fees for conveyancing in Elmstead vary, so it's advisable to secure at least three quotes from different conveyancers. Be sure to seek confirmation what costs in the quote includes.
I am looking at a two flats in Elmstead which have about 50 years left on the lease term. Will this present a problem?
A lease is a legal document that entitles you to use the property for a prescribed time frame. As a lease gets shorter the value of the lease deteriorates and it becomes more expensive to extend the lease. This is why it is often a good idea to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease as mortgage companies may be reluctant to lend money on properties of this type. Lease enfranchisement can be a protracted process. We recommend you get professional help from a solicitor and surveyor with experience in this area.
Having spent months of negotiations we simply can't agree with our landlord on how much the lease extension should cost for our flat in Elmstead. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
You certainly can. We are happy to put you in touch with a Elmstead conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Elmstead residence is 70 Andace Park Gardens 133-149 Widmore Road in November 2013. Tribunal determined that the premium payable for the lease extension was £10,052 This case was in relation to 1 flat. The remaining number of years on the lease was 72 years.