My husband and I are hoping to purchase a house in Market Bosworth and are in fact using a Market Bosworth conveyancing firm. Within the last couple of days our property lawyer has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. The Royal Bank of Scotland have this afternoon contacted us to inform me that there is now an issue as our Market Bosworth lawyer is not on their conveyancing panel. Is this a problem?
When purchasing a property with mortgage finance it is normal for the purchasers' solicitors 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 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 lawyers to represent them. You don't have to instruct a firm on the bank's conveyancing panel as you are at liberty to use your preferred Market Bosworth lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
Just bought a semi-detached house in Market Bosworth , What is the estimated time for the Land Registry to register my proprietorship? My Market Bosworth conveyancing solicitor has been painfully slow, so I want to be certain the land registry aspects are concluded.
As far as conveyancing in Market Bosworth is concerned, registration is no quicker or slower than the rest of the country. Rather than based on location, timescales can vary depending on the party submitting the application, whether there are errors and whether the Land registry must send notices to any 3rd parties. At present roughly 80% of submission are fully dealt with within 12 days but some can be subject to protracted hold-ups. Historically registration is effected after the buyer has moved in to the premises so an expedited registration is not typically an essential issue but if it is urgent that the the registration takes place urgently then you or your conveyancer should contact the land registry and explain the circumstances.
I opted to have a survey carried out on a house in Market Bosworth ahead of instructing conveyancers. I have been told that there is a flying freehold element to the property. Our surveyor advised that some mortgage companies will refuse to issue a mortgage on a flying freehold premises.
It varies from the lender to lender. HSBC has different requirements for example to Birmingham Midshires. Should you wish to call us we can check with the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Market Bosworth. Conveyancing may be slightly more expensive based on your lender's requirements.
Hoping to buy a property located in Market Bosworth and I am already nervous. I couldn't find anything specific about Market Bosworth. Conveyancing will be needed in due course but do you know about the Market Bosworth area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Market Bosworth. In the meantime here are some basic statistics that we found
Can you provide any advice for leasehold conveyancing in Market Bosworth with the aim of saving time on the sale process?
- Much of the frustration in leasehold conveyancing in Market Bosworth can be reduced if you get in touch lawyers the minute your agents start marketing the property and ask them to put together the leasehold information which will be required by the purchasers’ representatives. If you have the benefit of shareholding in the freehold, you should make sure that you are holding the original share certificate. Organising a re-issued share certificate can be a time consuming process and frustrates many a Market Bosworth conveyancing transaction. If a duplicate share is necessary, do contact the company director and secretary or managing agents (where relevant) for this as soon as possible. A minority of Market Bosworth leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers obtain financial (bank) and professional references. The bank reference should make it clear that the buyer is financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the buyers or their lawyers. If you have carried out any alterations to the property would they have required Landlord’s approval? Have you, for example installed wooden flooring? Most leases in Market Bosworth state that internal structural alterations or laying down wooden flooring require a licence from the Landlord approving such changes. If you fail to have the approvals to hand do not communicate with the landlord without contacting your conveyancer in the first instance.
Leasehold Conveyancing in Market Bosworth - Examples of Queries Prior to Purchasing
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The best form of lease structure is where the freehold reversion is in the ownership of the leaseholders. In this situation the tenants benefit from control and although a managing agent is usually retained where it is larger than a house conversion, the managing agent acts for the leaseholders themselves. You should be aware if it is less than eighty years it will have adverse implications on the marketability of the flat. It is worth checking with your bank that they are content with remaining years on the lease. Leases with less than 80 years remaining means that you will probably require a lease extension sooner rather than later and it is worth discovering how much this will be. Remember, in most cases you would be be obliged to have been the owner of the property for a couple of years before you are entitled to carry out a lease extension. Is there a share of the freehold?
Why can't I complete our conveyancing in Market Bosworth on May bank holiday?
This is due to the fact that on completion the sale price needs to pass between the banks of the purchaser and seller's lawyer and at present this can only happen on a working day. It is not possible to complete on a weekend either.