My husband and I are planning to acquire a home in Kingsthorpe and have appointed a Kingsthorpe conveyancing practice. Within the last couple of days our property lawyer has sent a preliminary report and documents to look through with a view to exchanging next week. Nationwide Building Society have this morning contacted us to inform me that there is now an issue as our Kingsthorpe conveyancer is not on their approved list of lawyers. What do we do from here?
If you are buying a property requiring a mortgage it is standard 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 Quality Scheme. Your solicitor should contact your lender 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 lender’s conveyancing panel as you are at liberty to use your preferred Kingsthorpe lawyers, in which case it will likely add costs, and it may delay matters as you are adding another lawyer into the mix.
What is your number one tip for choosing a conveyancing solicitor in Kingsthorpe
We would encourage you not to base your choice on the cheapest Kingsthorpe conveyancing fees. You really do get what you pay 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 go into the conveyancing with your eyes wide open.
Two weeks ago we had a mortgage agreed in principle with Yorkshire BS. Kingsthorpe conveyancing lawyers were instructed. How long does it take for Yorkshire BS to send the offer to the lawyer?
Some lenders take longer than others. Have Yorkshire BS done the survey? Have you informed Yorkshire BS as to your lawyers' details and checked that your lawyers are on the Yorkshire BS conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
I have a mortgage with Santander for my property in Kingsthorpe. Conveyancing was finalised some time ago. If I am intending to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Santander?
Santander must be informed of your intention in advance of renting your property as this is likely to be a breach of Santander’s mortgage conditions. It may be that Santander will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Santander directly. You need not do this via a Santander conveyancing panel firm.
Various online forums that I have visited warn that are a common cause of stalling in Kingsthorpe conveyancing transactions. Is this right?
The Council of Property Search Organisations (CoPSO) has noted the determinations of research by MoveWithUs that conveyancing searches do not feature within the top 10 causes of delays in the conveyancing process. Searches are not likely to feature in any delay in conveyancing in Kingsthorpe.
Just had an offer accepted on a new build flat in Kingsthorpe. Conveyancing is necessary evil 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.
Here are examples of a selection of leasehold new build questions that you may expect your new-build leasehold conveyancing in Kingsthorpe
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There must be mutual enforceability of lessee’s covenants. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. 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. Please supply a car parking plan. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier?
My business partner and I are hoping to take an assignment of a lease of a shop on the high street. Can you recommend solicitors offering no-move-no fees for non-domestic conveyancing in Kingsthorpe for under £2000?
We can recommend firms who have well rounded knowledge of commercial conveyancing in Kingsthorpe, including the sale and acquisition of businesses as well as simply property. If you are hoping to acquire or lease a shop, pub, restaurant, office, retail premises or a complete business we will find you the right lawyer. As for the fees this will depend on the structure and heads of terms of the deal. Please provide us with your contact information or phone us so that we may furnish you with a fixed commercial conveyancing calculation.
I have just appointed agents to market my 2 bed apartment in Kingsthorpe. Conveyancing has not commenced, however I have recently received a half-yearly service charge invoice – what should I do?
Your conveyancing lawyer is likely to suggest that you should clear the maintenance contribution as normal given that all ground rent and maintenance charges should be apportioned as part of the financial calculations for completion monies, so you should recover the relevant percentage by the buyer for the period running from after the completion date to the subsequent invoice date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
Leasehold Conveyancing in Kingsthorpe - A selection of Questions you should ask Prior to Purchasing
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Does the lease include onerous restrictions? How is the lease structured?