My wife and I are intent on purchasing a leasehold flat in Glastonbury. My property lawyer is not on the bank conveyancing panel. Am I still permitted to use my Glastonbury conveyancing solicitor even though they are excluded from the bank approved list?
One will need to have a property lawyer to complete the formalities if you take out a loan to purchase your home. The lawyer will conduct all the essential legal checks on the property, ensuring that you will be properly registered as the owner and ensure that all the necessary mortgage documentation is dealt with. You may appoint a Glastonbury conveyancer of your choice. Nevertheless, where the conveyancer selected is not a member of the lender approved list further fees will be levied as separate legal representation will be required by them. Conveyancing panel applications may be submitted, so if your conveyancer has not historically applied for membership they should do so.
Can you clarify what the consequences are if my lawyer’s firm is expelled from the Clydesdale Solicitor panel ahead of completing my conveyancing in Glastonbury?
First, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
My bid for a property was accepted at auction in Glastonbury. Conveyancing is necessary. What happens now?
Having legally bound yourself to purchase you should find a conveyancing practitioner soon as you will have a tight a drop dead date to complete the deal. All auction property will ordinarily have a corresponding auction pack. This will likely include the copy title deeds, local authority and drainage searches. In the case of leasehold property the conveyancing papers should include a copy of the lease, management information and a sellers leasehold information form and other conveyancing paperwork relating to leasehold premises. You need to hand this to your appointed conveyancing solicitor at the earliest opportunity. Do make sure that that you have the requisite funding in order to complete the transaction on the set completion date.
We are buying a 3 bedroom semi in Glastonbury. We would like to carry out a loft conversion at the property.Will the conveyancing process involve investigations to see if these alterations are allowed?
Your property lawyer should check the registered title as conveyancing in Glastonbury will occasionally identify restrictions in the title deeds which restrict categories of works or need the consent of another owner. Some works require local authority planning permissions and approval under the building regulations. Certain areas are designated conservation areas and special planning restrictions apply which frequently prevent or impact extensions. You should check these things with a surveyor before you commit yourself to a purchase.
I've digested plenty of mortgage guides, I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my local Glastonbury solicitor - who is on the Leeds Building Society conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
Leeds Building Society will need an independent valuation of the property. Your lawyer will not arrange this. Usually Leeds Building Society will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Glastonbury surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
How does conveyancing in Glastonbury differ for newly converted properties?
Most buyers of new build residence in Glastonbury come to us having been asked by the builder to sign contracts and commit to the purchase even before the premises is ready to move into. This is because developers in Glastonbury typically purchase the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Glastonbury or who has acted in the same development.
I am a negotiator for a long established estate agency in Glastonbury where we have experienced a number of leasehold sales put at risk due to short leases. I have received inconsistent advice from local Glastonbury conveyancing solicitors. Please can you shed some light as to whether the seller of a flat can commence the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the sale.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I own a 1 bedroom flat in Glastonbury, conveyancing formalities finalised 10 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Similar flats in Glastonbury with over 90 years remaining are worth £197,000. The ground rent is £55 invoiced every year. The lease runs out on 21st October 2081
With just 56 years left to run the likely cost is going to span between £29,500 and £34,000 plus legals.
The figure above a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure without more detailed due diligence. Do not use the figures in tribunal or court proceedings. There may be other issues that need to be considered and clearly you want to 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.
I'm buying a house in Glastonbury. I can find my conveyancer's company on the Law Society's list, but I can't find my conveyancer's name on the list. Should I be concerned?
Not all staff in the company must be listed by the regulator. Provided there is a manager qualified to 'oversee' the work, the actual day-to-day activity can be conducted by unqualified staff.