My partner and I are looking to acquire a home in Godshill and have instructed a Godshill conveyancing firm. Within the past 48 hours our solicitor has sent a preliminary report and documents to look through with a view to exchanging next week. National Westminster Bank have this evening contacted us to advise us that they have now hit a problem as our Godshill lawyer is not on their approved list of lawyers. Is this a problem?
If you are buying a property needing a mortgage it is usual for the purchasers' solicitors 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 solicitors to act. You are not legally obliged to appoint a law firm on the bank's conveyancing panel and you may continue to use your own Godshill solicitors, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.
Would the conveyancing solicitors identified through your ’find a lawyer’ tool perform right to buy conveyancing in Godshill?
We have identified a variety of conveyancing conveyancers carrying out right to buy transactions Please e-mail us in order to obtain a costs calculation.
Are there restrictive covenants that are commonly picked up during conveyancing in Godshill?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Godshill. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
How does conveyancing in Godshill differ for newly converted properties?
Most buyers of new build property in Godshill approach us having been asked by the developer to exchange contracts and commit to the purchase even before the premises is constructed. This is because new home sellers in Godshill tend to buy 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 conveyancers 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 accustomed to new build conveyancing in Godshill or who has acted in the same development.
Is it best to use a Godshill conveyancing solicitor based in the area that I am purchasing? I have an old university friend who can deal with the legal work however her office is 200miles drive away.
The benefit of a local Godshill conveyancing practice is that you can pop in to execute paperwork, hand in your identification documents and pester them if necessary. They will also have local knowledge which is a benefit. However it's more important to get someone that will pull out all the stops for you. If if people you trust instructed your friend and on the whole were impressed that must outweigh using an unfamiliar Godshill conveyancing lawyer just because they are Godshill based.
Can you offer any advice when it comes to appointing a Godshill conveyancing practice to deal with our lease extension?
If you are instructing a property lawyer for your lease extension (regardless if they are a Godshill conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of work. We recommend that you make enquires with two or three firms including non Godshill conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. The following questions might be of use:
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What are the costs for lease extension conveyancing? How experienced is the firm with lease extension legislation?
I own a 1 bedroom flat in Godshill, conveyancing was carried out in 2007. Can you work out an approximate cost of a lease extension? Comparable flats in Godshill with an extended lease are worth £179,000. The average or mid-range amount of ground rent is £65 charged once a year. The lease runs out on 21st October 2083
With just 57 years unexpired we estimate the premium for your lease extension to range between £26,600 and £30,800 as well as legals.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to advice on the actual costs in the absence of detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not move forward based on this information without first getting professional advice.