My wife and I are planning to acquire a property in Red Lodge and are in fact using a Red Lodge conveyancing firm. Within the past 48 hours our property lawyer has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. Clydesdale have this morning contacted us to advise us that there is now an issue as our Red Lodge solicitor is not on their conveyancing panel. Is this a problem?
Where you are buying a property requiring a mortgage it is standard for the purchasers' solicitors to also represent the purchaser's lender. 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 solicitors to act. You don't have to instruct a firm on the bank's conveyancing panel and you may continue to use your own Red Lodge solicitors, in which case your legal fees may increase, and it may delay matters as you have another set of people involved.
At what point can the exchange of contracts take place for domestic conveyancing in Red Lodge and do I need to be at the conveyancers office?
If you are round the corner to one of the conveyancing solicitors in Red Lodge you are invited in to sign contracts. However, the lender approved solicitors we recommend offer countrywide coverage for conveyancing and provide as equally detailed and professional a job for you when dealing with you by post or email. The signing of the purchase agreement is not when everything is set in stone. A signed contract is just a prerequisite for the conveyancer to address the formalities when the time is right, which will usually be very shortly after signing. The exchange process is nowadays normally dealt with by telephone and can be very rapid, although where a long "chain" is involved, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Red Lodge)to be in the office available at the end of the phone to exchange contracts.
How does conveyancing in Red Lodge differ for new build properties?
Most buyers of new build premises in Red Lodge contact us having been asked by the builder to sign contracts and commit to the purchase even before the premises is ready to move into. This is because developers in Red Lodge tend to buy 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 conveyancing solicitors 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 accustomed to new build conveyancing in Red Lodge or who has acted in the same development.
My uncle has recommend that I use his lawyers for conveyancing in Red Lodge. Should I use them?
Much as we are happy to recommend a Red Lodge conveyancing lawyer the ideal way to select a conveyancing practitioner is to have guidance from friends or relatives who have experience in using the solicitor that you are are thinking of instructing.
Having had my offer accepted I require leasehold conveyancing in Red Lodge. Before I get started I would like to find out the unexpired term of the lease.
Assuming the lease is registered - and most are in Red Lodge - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I own a 1st floor flat in Red Lodge, conveyancing formalities finalised in 2010. Can you let me have an estimated range of the fair premium for a lease extension? Similar flats in Red Lodge with over 90 years remaining are worth £191,000. The average or mid-range amount of ground rent is £55 per annum. The lease ends on 21st October 2078
With only 53 years left to run we estimate the price of your lease extension to range between £27,600 and £31,800 as well as costs.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to supply a more accurate figure without more detailed investigations. Do not use this information in tribunal or court proceedings. There may be other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first seeking the advice of a professional.
What type of property do your Red Lodge conveyancing quotes apply to?
Our conveyancing quotes are only applicable to standard domestic premises in England & Wales. If you have any different needs for example industrial or agricultural property or commercial conveyancing in Red Lodge please telephone us to discuss this further .