My husband and I are hoping to buy a property in Overton and are in fact using a Overton conveyancing firm. Within the last couple of days our property lawyer has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Nationwide Building Society have this morning contacted us to inform me that there is now an issue as our Overton solicitor is not on their approved list of lawyers. Please explain?
If you are buying a property needing a mortgage it is usual for the purchasers' lawyers 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 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 Overton lawyers, in which case it will likely add costs, and it may delay matters as you are adding another lawyer into the mix.
Some advice if I may. My Overton lawyer is assuring me that she is duty bound toapply for Overton conveyancing searches asthe firm are on the Lloydsapproved lawyer panel. Do I not have any say here?
You have limited options available to you. As you are obtaining a mortgage with a bank your solicitor has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your solicitor would have previously signed the Terms and Conditions of your bank’s conveyancing panel appointment which obliges them to follow the CML Handbook provisions . Even if you were a cash buyer you would be ill advised not to carry out Overton conveyancing searches.
It is 10 years ago since I acquired my property in Overton. Conveyancing lawyers have now been appointed on the sale but I am unable to locate my title deeds. Is this a major issue?
You need not be too concerned. First the deeds may be retained by your mortgage company or they could be in the possession of the conveyancers who acted in your purchase. Secondly in most cases the title will be registered at the land registry and you will be able to establish that you own the property by your conveyancing solicitors procuring current official copies of the land registers. Most conveyancing in Overton involves registered property but in the unlikely event that your property is not registered it is more of a problem but is not insurmountable.
What does commercial conveyancing in Overton cover?
Overton conveyancing for business premises covers a wide range of advice, supplied by qualified solicitors, relating to business premises. For example, this type of conveyancing can cover the sale or purchase of freehold business premises or, more usually, the assignment of existing leases or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial mortgages and the termination of leases.
I am using a search engine for the words cheap conveyancing in Overton it shows results of many conveyancersin the area. How do I determine which is the right property lawyer for the sale of my house?
The ideal way of seeking a suitable conveyancer is via personal recommendation, so ask friends and relatives who have purchased a property in Overton or the respected estate agent or mortgage broker. Costs for conveyancing in Overton vary, so it's advisable to obtain at least three costs illustrations from varying types of solicitors. Be sure to seek confirmation that the costs are guaranteed not to increase.
I only have 72 years remaining on my flat in Overton. I now want to extend my lease but my freeholder is can not be found. What options are available to me?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the magistrate. You will be obliged to prove that you have used your best endeavours to locate the landlord. In some cases a specialist may be helpful to carry out a search and to produce an expert document which can be used as proof that the landlord is indeed missing. It is advisable to get professional help from a solicitor in relation to devolving into the landlord’s disappearance and the vesting order request to the County Court overseeing Overton.
Leasehold Conveyancing in Overton - Examples of Questions you should consider Prior to buying
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Is there a share of the freehold? How much is the ground rent and service charge? Does this lease have more than 90 years unexpired?