My partner and I are looking to buy a flat in Paulton and are in fact using a Paulton conveyancing firm. Within the last couple of days our lawyer has sent a preliminary report and documents to look through with a view to exchanging next week. Skipton Building Society have this evening contacted us to inform me that there is now an issue as our Paulton conveyancer is not on their conveyancing panel. What do we do from here?
When purchasing a property with the benefit of a mortgage it is normal for the purchasers' lawyers 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 Accreditation Scheme. Your property lawyer 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 are not legally obliged to appoint a law firm on the lender’s conveyancing panel and you may continue to use your own Paulton solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
We note that you have a search directory listing firms on the Nationwide conveyancing panel. Do firms pay you a commission if I retain them for our conveyancing in Paulton?
We are a listing service only for law firms wishing to communicate if they are on the Nationwide conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Paulton.
The deeds to our home can not be found. The lawyers who did the conveyancing in Paulton 4 years ago are no longer around. What are my options?
These day there are duplicates made of almost everything, and your conveyancer should know precisely where to look for all the suitable paperwork so you can purchase or dispose of your property without a hitch. If copies can’t be found, your conveyancer can arrange cover in the form of insurance or indemnities protecting you against future claims on the property.
Over the last few months I have been searching for a ground for flat up to £305k and found one round the corner in Paulton I like with a park and station nearby, however it's only got 61 years on the lease. There is not much else in Paulton in this price bracket, so just wondered if I would be making a grave error purchasing a lease with such few years left?
If you need a mortgage that many years will likely be a potential deal breaker. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the existing proprietor has owned the property for a minimum of twenty four months you could request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should consult your conveyancing solicitor regarding this.
What does commercial conveyancing in Paulton cover?
Paulton conveyancing for business premises incorporates a wide range of services, offered by qualified solicitors, relating to business premises. By way of 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 loans and the termination of tenancies.
Is there a reason that Paulton conveyancing fees are more expensive for leasehold and freehold properties?
Inevitably there is increased work necessary for leasehold conveyancing. Paulton has many leasehold properties. There is more time involved in the purchase: for example, the lease and leasehold information (including current 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.