I require conveyancing for a flat in a relatively new development (five years old) in Highnam. Almost all the flats are already disposed of. Is it strictly necessary to order conveyancing searches for my conveyancing in Highnam?
A big part of the Highnam legal transfer of property is the conveyancing searches. There are hundreds companies delivering Highnam conveyancing searches, as well direct from the local authority. These are generally termed personal search companies due to them carrying out, personal searches. Nevertheless, all Local Authority Search conveyancing products have one thing in common - they must obtain their data from the local authority.
Can you clarify what the consequences are if my solicitor is removed from the Virgin Money Solicitor panel ahead of completing my conveyancing in Highnam?
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 for a fee.
I happen to be the only recipient of my late mum's will with all property in now in my sole name, including the house in Highnam. Conveyancing formalities meant that the Land Registry date was in November. I want to move. I understand that there is a Mortgage Lenders six month 'rule', which means that my proprietorship may be treated the same way as if I'd bought the property in November. Do I have to wait 6 months to sell?
The CML handbook instructs conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you might be impacted by that. many mortgage companies would take a pragmatic view as this provision is chiefly there to capture subsales or the wholesaling and assigning of properties.
When it comes to mortgage companies such as Leeds Building Society, do Highnam solicitors have to pay a yearly amount to be on the conveyancing panel?
We are unaware of any lender fees to be on their list of approved firms, although some do charge an administration fee to deal with the processing of the conveyancing panel application.
After shopping around on the internet I have found a Highnam property lawyer having checked that they are on the Kent Reliance conveyancing panel. Does my lawyer arrange the survey of the property?
Kent Reliance will need an independent valuation of the property. Your lawyer will not arrange this. Usually Kent Reliance 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 Highnam 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.
Should I appoint a Highnam conveyancing solicitor who is local to the property I am purchasing? We have a good friend who can execute the legal work however her office is approximately 350miles drive away.
The benefit of a high street Highnam conveyancing practice is that you can drop in to sign documents, deliver your ID and pester them where appropriate. They will also have local insight which is a benefit. That being said it's more important to get someone that will do a good and efficient job. If other friends have used your friend and in the main were content that must trump using an unfamiliar Highnam conveyancing solicitor solely due to them being local.
I am in need of some leasehold conveyancing in Highnam. Before diving in I want to be sure as to the remaining lease term.
If the lease is registered - and almost all are in Highnam - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I own a 1st floor flat in Highnam, conveyancing having been completed in 1996. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding flats in Highnam with an extended lease are worth £255,000. The ground rent is £45 yearly. The lease finishes on 21st October 2098
With just 73 years remaining on your lease we estimate the premium for your lease extension to be between £8,600 and £9,800 as well as costs.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. Do not use the figures in tribunal or court proceedings. There may be other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first seeking the advice of a professional.
My partner and I are acquiring a 2 bedroom flat in Highnam. At the time of instructing our conveyancing practitioner, they assured us that they were on all mainstream mortgage company panels. The financial adviser contacted us just now to say that they don't seem to be on the Co-operative approved list. Should that be true, what should we do? Should we just choose a different conveyancer that is on their panel or do we cover the costs for separate representation, with Co-operative selecting their own preferred lawyer.
When acquiring a property with mortgage finance it is standard for the purchaser’s solicitors to also act for the mortgage company. In order to act for a bank or building society a solicitor has to be on that lender's conveyancing panel. An application has to be made by the solicitor to the lender to become a member of the lender's panel and there are increasingly strict criteria which the solicitor has to fulfill. Some banks now insist their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your conveyancing practitioner should call Co-operative 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 don't have to instruct a firm on Co-operative's conveyancing panel and you may continue to use your own Highnam solicitors, in which case your legal fees may increase, and it may delay matters as you are adding another solicitor into the mix.