My husband and I are looking to acquire a house in Poole and have instructed a Poole conveyancing firm. Within the past 48 hours our lawyer has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Clydesdale have this morning contacted us to inform me that they have now hit a problem as our Poole solicitor is not on their approved list of lawyers. What do we do from here?
If you are buying a property with the assistance of 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 mortgage company 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 bank's conveyancing panel as you are at liberty to use your preferred Poole lawyers, in which case it will likely add costs, and it may delay matters as you have another set of people involved.
I am buying a property for cash in Poole. I have been residing for the previous Seventeen years in Poole. Conveyancing searches are exorbitant. Given that I know the area and road very well should I not bother getting the solicitor to do all the conveyancing searches?
If you not getting a home loan, then all but one or two of the Poole conveyancing searches are non-obligatory. Your solicitor will ’encourage you, perhaps strongly, that you should have searches done, but she is duty bound to do this. Do take into account; if you are likely to sell the house at a future date, it will be of importance to your future buyer what the searches disclose. On occasion properties with day to day issues can still throw up unpredicted search results. A good conveyancing solicitor in Poole should provide you some constructive advice here.
How does conveyancing in Poole differ for new build properties?
Most buyers of new build or newly converted property in Poole approach us having been asked by the developer to sign contracts and commit to the purchase even before the premises is built. This is because developers in Poole usually purchase the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Poole or who has acted in the same development.
I've recently found out that there is a flying freehold element on a house I have offered on two weeks back in what was supposed to be a simple, chain free conveyancing. Poole is the location of the property. Can you offer any opinion?
Flying freeholds in Poole are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Poole you must be sure that your lawyer goes through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Poole may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
Am I right to be concerned by estate agents that I am dealing with are suggesting a factory type conveyancing firm rather than a High Street Poole conveyancing practice?
As with many service providers, often input from family and friends can be most helpful. But there are numerous players in a conveyancing matter; estate agents, mortgage brokers and lenders may recommend lawyers to select. Sometimes these solicitors might be known to one of the organisations as one of the best in their field, but sometimes there is an underlying commercial relationship behind the endorsement. You are free to appoint your own lawyer. Don't forget that most mortgage providers have an approved list of lawyers you must use for the lender related work in your home move.
I am tempted by the attractive purchase price for a couple of flats in Poole both have approximately 50 years unexpired on the lease term. Will this present a problem?
A lease is a right to use the property for a period of time. As the lease shortens the saleability of the lease decreases and it becomes more costly to acquire a lease extension. For this reason it is often a good idea to increase the term of the lease. It is often difficulties arise selling premises with a short lease as mortgage companies may be unwilling to lend money on such properties. Lease extension can be a difficult process. We advise that you get professional help from a solicitor and surveyor with experience in this field.
I am the registered owner of a ground floor flat in Poole, conveyancing formalities finalised in 2007. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Corresponding properties in Poole with an extended lease are worth £216,000. The ground rent is £50 invoiced every year. The lease ends on 21st October 2093
With 69 years remaining on your lease we estimate the price of your lease extension to span between £9,500 and £11,000 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. Do not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first getting professional advice.