My fiance and I are planning to acquire a house in Llansamlet and have instructed a Llansamlet conveyancing practice. Within the past 48 hours our conveyancer has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. Virgin Money have this afternoon contacted us to inform me that there is now an issue as our Llansamlet conveyancer is not on their conveyancing panel. Is this a problem?
If you are buying a property with the assistance of a mortgage it is normal for the purchasers' lawyers to also represent the purchaser's lender. 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 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 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 Llansamlet lawyers, in which case your legal fees may increase, and it may delay matters as you have another set of people involved.
Would the conveyancing practitioners that are recommend handle auction conveyancing in Llansamlet?
We know of a few niche practitioners we can connect you with those who can conduct auction conveyancing. Llansamlet is one of the many areas of where our lawyers have offices.
Yesterday I discovered that there is a flying freehold element on a house I have offered on two weeks back in what should have been a simple, no chain conveyancing. Llansamlet is where the house is located. Is there any advice you can impart?
Flying freeholds in Llansamlet are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Llansamlet you would need to get your solicitor to go through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Llansamlet may determine 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 property.
Am I right to be wary about estate agents that I am dealing with are recommending a web based conveyancing firm rather than a High Street Llansamlet conveyancing firm?
As with many service providers, often referrals from relatives can be very helpful. Yet there are many parties with a keen interest in a conveyancing matter; estate agents, mortgage brokers and mortgage companies might all suggest solicitors to use. Sometimes these lawyers might be known to one of the organisations as experts in their field, but sometimes there might be a commercial relationship behind the recommendation. You are free to appoint your own conveyancer. You need to be aware that many banks operate an approved list of law firms you are obliged to use for the mortgage aspect of your conveyancing.
I am thinking of appointing a conveyancing lawyer in Llansamlet for my house move. Can I see a firm’s record with the profession’s regulator?
You may find published Solicitor Regulator Association (SRA) decisions arising from inquisitions from 2008 onwards. Go to Check a solicitor's record. For records about the period before 1 January 2008, or to check a solicitors history, telephone 0870 606 2555, 08.00 - 18.00 Monday, Wednesday, Thursday, Friday and 09.30 - 18.00 Tuesday. For callers outside the UK, use +44 (0)121 329 6800. The regulator sometimes monitor telephone calls for training reasons.
I have just appointed agents to market my 2 bed flat in Llansamlet. Conveyancing is yet to be initiated, but I have just received a quarterly service charge invoice – Do I pay up?
The sensible thing to do is clear the service charge as you normally would given that all ground rent and service invoices should be allotted on completion, so you should recover the relevant percentage by the purchaser for the period running from after the completion date to the subsequent invoice date. Most managing agents will not acknowledge the buyer unless 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. Having a clear account will assist your cause and will leave you no worse off financially.
I invested in buying a studio flat in Llansamlet, conveyancing was carried out half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Equivalent flats in Llansamlet with a long lease are worth £192,000. The average or mid-range amount of ground rent is £55 levied per year. The lease expires on 21st October 2080
With just 54 years unexpired the likely cost is going to span between £32,300 and £37,400 plus professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to advice on the actual costs in the absence of detailed investigations. You should not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before getting professional advice.