My wife and I are hoping to purchase a home in Falconwood and have instructed a Falconwood conveyancing practice. Within the past 48 hours our solicitor has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. Skipton Building Society have this afternoon contacted us to inform me that they have now hit a problem as our Falconwood solicitor is not on their approved list of lawyers. Is this a problem?
Where you are buying a property needing a mortgage it is conventional 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 Quality Scheme. Your solicitor 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 don't have to instruct a firm on the lender’s conveyancing panel and you may continue to use your own Falconwood solicitors, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.
I happen to be the only recipient of my late father’s estate and I have everything in my name now, including the my former home in Falconwood. Conveyancing formalities meant that the Land Registry date was in October. I plan to dispose of the house. I do know about the Mortgage Lenders six month 'rule', which means that my property ownership will be treated the same way as though I had purchased the house in October. Is the property unsalable for six months?
The Council of Mortgage Lenders’ handbook obliges solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you may be impacted by that. How practical a view banks take of it, depend on the mortgage company as this provision primarily exists to identify the purchase and immediately sell or the flipping of property.
We have agreed to purchase a house in Falconwood. An unusual aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Leeds Building Society be concerned?
Given that your lender is Leeds Building Society your lawyer must follow the formal requirements outlined in Section 2 of UK Finance Lenders’ Handbook for Leeds Building Society. The Council of Mortgage Lenders’ Handbook stipulates minimum provisions for solar panel roof-space leases, and solicitors are required to report to Leeds Building Society where a lease does not meet these specifications. The provisions relate to the installation of panels on properties in England and Wales and is not limited to Falconwood.
My fiancee and I are spending time looking at houses in Falconwood and I am about to put in an offer. Is it wise to have my property lawyer on ‘stand by’? I will be getting a home loan with Leeds Building Society.
It would be advisable to commence your search sooner rather than later. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and forward their contact information on to the EA. As you are taking out a mortgage with Leeds Building Society, make sure you remember to check that your lawyer is on the Leeds Building Society conveyancing panel.
I used Arc property Solicitors a few years ago for my conveyancing in Falconwood. Now, I need the documents but cannot find the solicitor. What do I do?
Do contact the Solicitors Regulatory Authority (SRA) to assist in tracing your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Falconwood of the conveyancing firm of solicitors you previously instructed, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
Over the last few months I have been searching for a flat up to £305k and identified one close by in Falconwood I like with open areas and station in the vicinity, however it only has 51 years on the lease. I can't really find anything else in Falconwood for this price, so just wondered if I would be making a grave error purchasing a short lease?
Should you need a home loan the remaining unexpired lease term may be an issue. Discount the offer by the amount the lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for at least 2 years you may request that they start the process of the extension and then assign it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should speak to your conveyancing lawyer about this.
I am a sole trader planning to take an assignment of a lease of a shop on a shopping parade. Can you recommend solicitors offering no-move-no charges for non-domestic conveyancing in Falconwood for under £2000?
We are happy to recommend firms who host a wealth of experience of commercial conveyancing in Falconwood, including the sale and acquisition of businesses as well as simply premises. If you are hoping to buy or sell a shop, pub, restaurant, office, retail unit or a complete business we can find you the right firm. As for the fees this will depend on the structure and heads of terms of the deal. Let us have your contact information or call us so that we can supply you with comprehensive commercial conveyancing quote.
I am looking at a couple of flats in Falconwood which have about fifty years left on the leases. Do I need to be concerned?
A lease is a right to use the property for a prescribed time frame. As a lease gets shorter the marketability of the lease reduces and results in it becoming more expensive to extend the lease. For this reason it is generally wise to extend the lease term. It is often difficult to sell a property with a short lease as mortgage companies may be unwilling to lend money on properties of this type. Lease extension can be a protracted process. We advise that you seek professional assistance from a conveyancer and surveyor with experience in this field.
I have tried to negotiate informally with with my landlord to extend my lease without getting anywhere. Can one make an application to the Leasehold Valuation Tribunal? Can you recommend a Falconwood conveyancing firm to assist?
in cases where there is a missing landlord or if there is dispute about what the lease extension should cost, under the relevant statutes you can apply to the Leasehold Valuation Tribunal to judgment on the price payable.
An example of a Lease Extension case for a Falconwood premises is 103a Footscray Road in January 2014. The tribunal determines that the premium payable for the extended lease should be £34,500 according to the expert witness valuation calculation This case was in relation to 1 flat.