My partner and I are hoping to buy a property in Kidsgrove and have appointed a Kidsgrove conveyancing practice. Within the last couple of days our lawyer has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. National Westminster Bank have this morning contacted us to advise us that there is now an issue as our Kidsgrove conveyancer is not on their approved list of lawyers. Please explain?
If you are buying a property requiring a mortgage it is standard 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 Accreditation Scheme. Your property lawyer 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 don't have to instruct a firm on the lender’s conveyancing panel as you are at liberty to use your preferred Kidsgrove lawyers, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.
My fiancee and I are purchasing our first property. The property lawyer has messagedto enquire if we want to take out supplemental conveyancing searches. Unfortunately we in the dark as to what's appropriate for conveyancing in Kidsgrove
The extent of Kidsgrove conveyancing searches should be dictated primarily on the premises, the location, the possibility of any of these risks, your knowledge of the locality and risks, your general appetite to risk. What is important is that you properly comprehend what information the searches could supply. Then you can make a decision if you personally think you need that information. Where you are unclear, ask the property lawyer to explain.
When can the exchange of contracts take place for purchase conveyancing in Kidsgrove and am I required to be at the lawyers office?
If you are in close proximity to one of the conveyancing solicitors in Kidsgrove you are welcome to attend to sign documents. However, the firms we recommend supply countrywide coverage for conveyancing and provide as equally comprehensive and professional a job for you when communicating with you electronically. The executing of the contract is not the critical part. A signed contract is just a prerequisite for the conveyancer to officially exchange at the suitable time, which will usually be very shortly after signing. The exchange process is nowadays normally dealt with by telephone and can be very rapid, although where an extended "chain" is involved, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Kidsgrove)to be in the office available at the end of the phone to exchange contracts.
I am buying a new build flat in Kidsgrove. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Set out below are examples of a few leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Kidsgrove
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Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme.
Last August I purchased a leasehold flat in Kidsgrove. Do I have any liability for service charges relating to a period prior to my ownership?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I acquired a split level flat in Kidsgrove, conveyancing was carried out in 2001. How much will my lease extension cost? Corresponding properties in Kidsgrove with over 90 years remaining are worth £255,000. The average or mid-range amount of ground rent is £45 yearly. The lease expires on 21st October 2099
With 73 years left to run we estimate the premium for your lease extension to range between £8,600 and £9,800 as well as plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive investigations. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first seeking the advice of a professional.
I pay a maintenance fee for my property in Kidsgrove. As a result of personal circumstances I slipped into arrears with remittance. I negotiated a settlement schedule but there is still two outstanding as of today.
I now wish to sell and I am worried this can threaten to derail the sale if I have to settle the amount due in advance. Do I have to settle before - is this practicable?
It would be wise to check with the conveyancer handling your Kidsgrove conveyancing but it may be possible to agree for the debt to be passed to the purchasers. The purchase price they pay would be reduced to reflect the amount of debt they take on. They could then discharge the arrears following completion of the purchase.