My partner and I are hoping to acquire a house in Longton and have instructed a Longton conveyancing firm. Within the last couple of days our solicitor has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. Santander have this afternoon contacted us to inform me that they have now hit a problem as our Longton conveyancer is not on their approved list of lawyers. What do we do from here?
Where you are buying a property requiring a mortgage it is normal 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 Quality 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 bank's conveyancing panel as you are at liberty to use your preferred Longton lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another lawyer into the mix.
We're in Longton, First time buyers buying with a mortgage (lender is Nottingham , and our solicitor is on the Nottingham conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Nottingham conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
When it comes to mortgage companies such as HSBC, do Longton lawyers incur a yearly amount to be on the conveyancing panel?
We are unaware of any lender fees to be on their panel, although some do levy an administration fee to deal with the processing of the conveyancing panel application.
Leeds Building Society have agreed my mortgage in principle, my bid on a apartment in Longton has been accepted, now what?
Your estate agent will need to be informed of your property lawyer's details (ensure that the conveyancing practitioners are on the lender’s panel). Telephone Leeds Building Society or the broker and finish off any relevant forms. Leeds Building Society will instruct a valuer who will get in contact with the selling agent or seller to schedule a time for the valuation to take place. Once carried out (assuming no problems) it takes on average a week for the mortgage offer to be issued. Leeds Building Society will send the offer to you and your property lawyers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Longton.
At last I have had an offer on a flat in Longton accepted, but there is a chain. The sellers have placed an offer on on an apartment, however it’s not yet agreed to, and have viewings of other properties in the pipeline. I have chosen a local conveyancing solicitor in Longton. What should be my next step? At what stage should I apply for the mortgage with Barclays?
It is normal to have apprehensions where there is a chain as you are unlikely to want to be too out of pocket prematurely (mortgage application is approx £1k, then valuation, Longton conveyancing search charges, etc). The first thing to do is ensure that your conveyancer is on the Barclays approved list. Regarding the subsequent steps this very much depends on the uniqueness of your transaction, desire for this property and on the state of the market. During a rising market many home buyers would apply for the mortgage with Barclays and pay for the valuation and only if it comes back ok would they request their conveyancer to move forward with searches.
I appreciate that there are debates on Chancel Insurance on online forums. Do I need chancel insurance when purchasing a house in Longton? or I am told that there is an ancient law that means some owners of property living in a parish church boundary may be liable to pay for repairs towards the chancel within the church. Is this appropriate for conveyancing in Longton?
Unless a prior purchase of the property took place after 12 October 2013 you can take it that lawyers carrying out conveyancing in Longton to remain recommending a chancel search and or chancel repair liability policy.
I am hoping to complete next month on a garden flat in Longton. Conveyancing lawyers assured me that they report fully on Monday. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Longton should include some of the following:
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Whether the landlord has obligations to ensure rights of quiet enjoyment over your premises and do you know what it means in practice? Does the lease prohibit wood flooring? The length of the lease term. You should receive guidance as what happens when the lease expires, and informed of the importance of the 80 year mark An explanation as to the provision as set out in the lease to pay service charges - in relation to the building, and the wider rights a tenant has
I purchased a split level flat in Longton, conveyancing formalities finalised in 2000. Can you work out an approximate cost of a lease extension? Corresponding flats in Longton with an extended lease are worth £211,000. The ground rent is £45 per annum. The lease ceases on 21st October 2093
With just 67 years unexpired the likely cost is going to be between £10,500 and £12,000 as well as legals.
The figure above a general guide to costs for renewing a lease, but we are not able to supply the actual costs without more detailed due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not take any other action based on this information before seeking the advice of a professional.
Is there a reason that Longton conveyancing fees are higher for leasehold and freehold properties?
Inevitably there is increased work required for leasehold conveyancing. Longton has many leasehold properties. There is more hours involved in the purchase: for example, the lease and leasehold information (including up to date service charge, ground rent and buildings insurance details) obtained from the freeholder or managing agents. There are strict criteria that the lease must meet in order to be acceptable to a mortgage company. If it does not meet these requirements, the lease must be amended, which can involve additional expense for the seller.