Should conveyancers request an advanced payment for my conveyancing in Reading?
If you are buying a property in Reading your lawyer will request that you place them with monies to cover the the cost of the conveyancing searches. Generally this is asked for to cover the fees of the Local Authority Search. When the deposit is as part of the purchase price then this will be asked for shortly ahead of exchange of contracts. The closing balance that is needed should be transferred a couple of days ahead of the completion date.
Can you clarify what the consequences are if my lawyer’s firm is removed from the Clydesdale Conveyancing panel ahead of completing my conveyancing in Reading?
The first thing to point out is that, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
When it comes to lenders such as Clydesdale, do Reading solicitors face a yearly amount to be on the list of approved solicitors?
We are unaware of any mortgage company fees to register on their panel, although some do charge an administration charge to deal with the processing of the conveyancing panel submission.
I was told two weeks ago that my mortgage has been agreed to by UBS. Is it usual for UBS to only issue the offer once my solicitor in Reading is approved on their conveyancing panel? UBS have asked my solicitor to see a copy of their PI Insurance.
Mortgage companies tend not to not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for UBS to deal with your lawyer's application to be on the UBS conveyancing panel. There's no guarantee that your solicitor will be accepted.
I have instructed a Reading solicitor having checked that they are on the Coventry BS conveyancing panel. Does my lawyer arrange the survey of the property?
Coventry BS will need an independent valuation of the property. Your lawyer will not arrange this. Usually Coventry BS will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your conveyancing practitioner will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Reading postcode. As you are getting a mortgage with Coventry BS, you could contact them to see if they have a list of approved surveyors in Reading.
Various web forums that I have come across warn that are the main cause of delay in Reading conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) released determinations of research by MoveWithUs that conveyancing searches do not feature amongst the top 10 causes of delays during the legal transfer of property. Searches are not likely to be the root cause of delay in conveyancing in Reading.
I'm buying a new build house in Reading benefiting from help to buy. The sellers would not reduce the amount so I negotiated five thousand pounds worth of additionals instead. The property agent suggested that I not reveal to my solicitor about this deal as it could affect my mortgage with the lender. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the UK Finance website. UK Finance form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I've recently bought a leasehold house in Reading. Am I liable to pay service charges for periods before my ownership?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I inherited a garden flat in Reading, conveyancing having been completed half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Equivalent properties in Reading with over 90 years remaining are worth £265,000. The average or mid-range amount of ground rent is £50 invoiced every year. The lease comes to an end on 21st October 2102
With 76 years unexpired we estimate the price of your lease extension to be between £8,600 and £9,800 as well as costs.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before getting professional advice.