My wife and I are planning to buy a house in Greystones and have instructed a Greystones conveyancing practice. Within the past 48 hours our solicitor has sent a preliminary report and documents to look through with a view to exchanging next week. Aldermore have this morning contacted us to advise us that they have now hit a problem as our Greystones conveyancer is not on their conveyancing panel. What do we do from here?
Where you are buying a property needing a mortgage it is conventional for the purchasers' solicitors to also represent 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 property lawyer 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 don't have to instruct a firm on the bank's conveyancing panel and you may continue to use your own Greystones solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
The Greystones conveyancing firm handling our Greystones conveyancing has identified an inconsistency between the surveyor’s assumptions in the home valuation survey and what is revealed within the conveyancing documents. My solicitor has advised that he needs to ensure that the lender is OK with this discrepancy and is content to go ahead. Is my conveyancer’s course or action legitimate?
Your solicitor must comply with the UK Finance Lenders’ Handbook conditions which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
There is lots of information on this site concerning conveyancing in Greystones but what is your top tip for selecting the right conveyancer in Greystones
Do not opt for the lowest Greystones conveyancing quote. You really do get what you’re paying for when it comes to property lawyers. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you know exactly what you’ll have to pay in ahead of the deal.
My husband and I have organised the release of further monies on our home loan from Lloyds as we wish to conduct a loft conversion to our property in Greystones. Do we need to choose a high street Greystones solicitor on the Lloyds conveyancing panel to handle the legals?
Lloyds would not normally appoint a member of their conveyancing panel to deal with such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Lloyds conveyancing panel.
I am expecting a OIP from TSB this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do TSB recommend any Greystones solicitors on the TSB conveyancing panel, or is it better to go independently?
You will need to appoint Greystones solicitors independently although you'll need to choose one on the TSB conveyancing panel. The solicitor represents both you and TSB through the process.
How does conveyancing in Greystones differ for newly converted properties?
Most buyers of new build or newly converted property in Greystones come to us having been asked by the seller to sign contracts and commit to the purchase even before the residence is constructed. This is because house builders in Greystones typically buy the land, 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 property lawyers 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 Greystones or who has acted in the same development.
I've recently found out that there is a flying freehold issue on a property I have offered on last month in what was supposed to be a simple, chain free conveyancing. Greystones is where the house is located. What do you suggest?
Flying freeholds in Greystones are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Greystones you must be sure that your lawyer goes through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Greystones may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
Our conveyancer has advised that he intends to complete and exchange simultaneously on the sale of our £325,000 garden flat in Greystones next Thursday. The management company has quoted £372 for Landlord’s certificate, insurance certificate and previous years statements of service charge. Is the landlord entitled to charge an administration fee for a flat conveyance in Greystones?
Greystones conveyancing on leasehold apartments often requires the purchaser’s conveyancer submitting questions for the landlord to address. Although the landlord is under no legal obligation to respond to such questions the majority will be willing to do so. They are entitled to charge a reasonable charge for answering questions or supplying documentation. There is no upper cap for such fees. The average fee for the paperwork that you are referring to is over three hundred pounds, in some cases it is above £800. The management information fee invoiced by the landlord must be sent together with a summary of rights and obligations in relation to administration fees, otherwise the charge is technically not due. In reality one has little choice but to pay whatever is requested of you if you want to complete the sale of your home.
I am the registered owner of a 2 bed flat in Greystones, conveyancing formalities finalised March 2009. Can you please calculate a probable premium for a statutory lease extension? Similar flats in Greystones with over 90 years remaining are worth £197,000. The average or mid-range amount of ground rent is £55 invoiced annually. The lease finishes on 21st October 2078
With 54 years unexpired the likely cost is going to range between £32,300 and £37,400 plus professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure in the absence of comprehensive investigations. Do not use this information in tribunal or court proceedings. There may be additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before seeking the advice of a professional.