My husband and I are planning to buy a property in New Ferry and are in fact using a New Ferry conveyancing practice. Within the past 48 hours our lawyer has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Lloyds TSB Bank have this morning contacted us to inform me that there is now an issue as our New Ferry conveyancer is not on their conveyancing panel. Please explain?
Where you are buying a property needing a mortgage it is usual 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 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 and you may continue to use your own New Ferry solicitors, in which case your legal fees may increase, and it may delay matters as you have another set of people involved.
Do the conveyancing solicitors that you recommend carry out attended exchange conveyancing in New Ferry?
There are a few conveyancing experts who can conduct one day exchanges. You should contact us to obtain a conveyancing quote and details as to dates.
I just acquired a flat at auction in New Ferry. Conveyancing is required. What happens now?
Now that you are to all intents and purposes signed on the dotted line you should appoint a conveyancing practitioner quickly as you are faced with a fast approaching deadline in which to complete the property. An auction property will ordinarily have an associated auction set of papers. This will likely include most,if not all of the paperwork that your lawyer requires. Where you are dealing with leasehold property the legal papers may provide a copy of the lease, management information and a sellers leasehold information form and other conveyancing paperwork relating to a leasehold property. You should hand this to the conveyancer working for you ASAP. You also need to ensure that that you have the requisite funding in place to complete on the on the contractual date .
We have agreed to purchase a house in New Ferry. An unusual aspect is that the roof has a solar panel. HSBC have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As your lender is HSBC your lawyer must comply with the conveyancing instructions outlined in Part 2 of UK Finance Lenders’ Handbook for HSBC. The CML Handbook stipulates minimum requirements for solar panel roof-space leases, and solicitors are required to report to HSBC where a lease does not meet these provisions. The specifications relate to the installation of panels on properties nationwide and is not restricted to New Ferry.
I'm spending time viewing apartments in New Ferry and I am now considering a potential offer. Should I already have a property lawyer appointed at this stage? I am planning to take a home loan with Kent Reliance.
You should start requesting conveyancing quotes from solicitors ASAP. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and pass their details on to the EA. As you are getting a mortgage with Kent Reliance, ask your prospective lawyers if they are on the Kent Reliance conveyancing panel otherwise they can't do the mortgage legal work.
I am buying a new build flat in New Ferry. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Here are examples of a few leasehold new build enquiries that you should expect your new-build leasehold conveyancing in New Ferry
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The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. 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. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose?
I am looking at a two apartments in New Ferry which have approximately forty five years remaining on the lease term. should I be concerned?
A lease is a right to use the property for a period of time. As a lease shortens the saleability of the lease reduces and results in it becoming more costly to acquire a lease extension. This is why it is often a good idea to increase the term of the lease. More often than not it is difficult to sell a property with a short lease because mortgage lenders may be reluctant to lend money on properties of this type. Lease enfranchisement can be a protracted process. We advise that you get professional help from a conveyancer and surveyor with experience in this field.
I own a ground floor flat in New Ferry, conveyancing formalities finalised half a dozen years ago. How much will my lease extension cost? Equivalent properties in New Ferry with a long lease are worth £207,000. The ground rent is £60 yearly. The lease ends on 21st October 2083
With 57 years remaining on your lease the likely cost is going to range between £28,500 and £33,000 as well as costs.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to supply the actual costs in the absence of comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward based on this information before getting professional advice.
Our financial adviser has suggested using their property lawyer for the conveyancing in New Ferry - won’t it be easier to just use them?
It is worth checking if the selling agent is recommending a conveyancer or introducing to a property lawyer. There are plenty of New Ferry selling agents who recommend two or three New Ferry conveyancing firms and get nothing from it.