My husband and I are intending to purchase a 3 bedroom flat in Highworth with a mortgage. We would like to retain our Highworth solicitor, however the bank says she’s not on their "panel". It seems we have no option but to use one of the bank panel conveyancing practices or keep our Highworth property lawyer and pay for one of their panel firms to represent them. This feels very unfair; can we not insist that the bank use our Highworth lawyer ?
No, not really. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your Highworth conveyancing solicitor to apply to be on the conveyancing panel.
Our Highworth solicitor has discovered an inconsistency when comparing the assumptions in the home valuation survey and what is revealed within the legal papers for the property. My solicitor says that he needs to check that the lender is happy with this discrepancy and is still content to lend. Is my conveyancer’s stance legitimate?
Your lawyer must comply with the UK Finance Lenders’ Handbook provisions 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.
It is is a decade since I bought my home in Highworth. Conveyancing solicitors have just been retained on the sale but I am unable to locate my deeds. Will this jeopardise the sale?
You need not be too concerned. Firstly the deeds may be retained by your mortgage company or they could be archived with the lawyers who oversaw your purchase. Secondly in most cases the property will be recorded at the land registry and you will be able to establish that you own the property by your conveyancing lawyers procuring current official copies of the land registers. Nearly all conveyancing in Highworth involves registered property but in the rare situation where your home is not registered it adds to the complexity but is not insurmountable.
What happens if my solicitor is expelled from the Virgin Money Solicitor panel ahead of completing my conveyancing in Highworth?
The first thing to point out is that, this is a very rare occurrence. 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.
Just bought a terraced house in Highworth , how long will it take for the Land Registry to register the transfer to my name? My Highworth conveyancing solicitor has been very slow, so I want to check the post completion formalities are concluded.
There is nothing unique about conveyancing in Highworth registration formalities. Rather than based on location, timeframes can adjust subject to the party submitting the application, whether there are errors and if the Land registry communicate with any third persons or bodies. At present approximately 80% of such applications are fully addressed in less than three weeks but occasionally there can be extensive hold-ups. Historically registration is effected once the buyer is living at the premises so post completion formalities is not typically primary concern but if there is a degree of urgency associated with the registration then you or your conveyancer must communicate with the Registry to express the reasoning for an expedited registration.
In relation to leasehold conveyancing in Highworth what are the most common lease defects?
Leasehold conveyancing in Highworth is not unique. Most leases are unique and drafting errors can result in certain clauses are missing. The following missing provisions could result in a defective lease:
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A provision for the recovery of money spent for the benefit of another party.
A defective lease can cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Barclays , Leeds Building Society, and Alliance & Leicester all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, obliging the buyer to withdraw.
I invested in buying a basement flat in Highworth, conveyancing was carried out June 2010. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Corresponding properties in Highworth with an extended lease are worth £196,000. The ground rent is £45 levied per year. The lease terminates on 21st October 2090
With only 64 years remaining on your lease the likely cost is going to span between £15,200 and £17,600 as well as legals.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not move forward based on this information before getting professional advice.