My partner and I are looking to purchase a house in Rustington and have instructed a Rustington conveyancing firm. Within the past 48 hours our lawyer has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Britannia have this morning contacted us to inform me that they have now hit a problem as our Rustington solicitor is not on their conveyancing panel. What do we do from here?
When purchasing a property with the benefit of a mortgage it is standard 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 lender 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 are not legally obliged to appoint a law firm on the bank's conveyancing panel and you may continue to use your own Rustington solicitors, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.
When does exchange of contracts take place for sale conveyancing in Rustington and do I need to attend the lawyers branch?
If you are round the corner to our conveyancing solicitors in Rustington you are invited in to sign the paperwork. That being said, the law practices we work with offer a national conveyancing service and provide just as detailed and professional a job for you when dealing with you by post or email. The signing of the sale agreement is not when everything is set in stone. Signing on the dotted line simply enables the solicitor to officially exchange at the appropriate time, which is ordinarily shortly after signing. The procedure is is usually a five minute process, although where a long "chain" is in play, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Rustington)to be in the office at the appropriate time.
My wife and I own a semi-detached Georgian property in Rustington. Conveyancing solicitor represented me and Nationwide Building Society. I happened to do a free search for it on the Land Registry database and there are two entries: the first freehold, the second leasehold with the matching property. Is it worth asking Nationwide Building Society to clarify?
You should read the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Rustington and other areas of the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with purchasers. You can also question the position with the conveyancing solicitor who conducted the work.
I'm purchasing a new build house in Rustington with the aid of help to buy. The developers refused to move on the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The estate agent suggested that I not inform my solicitor about the deal as it may affect my loan with the bank. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML 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.
Over the last few months I have been searching for a leasehold apartment up to £195,000 and identified one near me in Rustington I like with open areas and railway links nearby, however it's only got 49 years unexpired on the lease. I can't really find anything else in Rustington for this price, so just wondered if I would be making a grave error purchasing a lease with such few years left?
If you require a home loan that many years will likely be an issue. Discount the offer by the expected lease extension will cost if not already taken into account. If the current owner has owned the premises for a minimum of twenty four months you could ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should speak to your conveyancing lawyer about this matter.
Can you provide any top tips for leasehold conveyancing in Rustington from the perspective of speeding up the sale process?
- Much of the frustration in leasehold conveyancing in Rustington can be bypassed where you get in touch lawyers as soon as you market your property and request that they start to put together the leasehold information needed by the buyers’ representatives. In the event that you altered the property did you need the Landlord’s consent? Have you, for example installed wooden flooring? Most leases in Rustington state that internal structural alterations or addition of wooden flooring require a licence from the Landlord acquiescing to such alterations. Where you fail to have the consents to hand do not contact the landlord without checking with your solicitor before hand. You believe that you know the number of years remaining on your lease but you should verify this via your lawyers. A buyer’s lawyer will be unlikely to recommend their client to where the remaining number of years is less than 75 years. It is therefore essential at an as soon as possible that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale. If you have the benefit of shareholding in the freehold, you should ensure that you have the original share document. Obtaining a replacement share certificate is often a lengthy process and delays many a Rustington conveyancing transaction. If a reissued share is needed, do contact the company officers or managing agents (where relevant) for this at the earliest opportunity. Many landlords or Management Companies in Rustington charge for providing management packs for a leasehold property. You or your lawyers should find out the fee that they propose to charge. The management information sought on or before finding a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most frequent reason for delay in leasehold conveyancing in Rustington.
I bought a garden flat in Rustington, conveyancing formalities finalised May 2006. 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? Similar properties in Rustington with an extended lease are worth £216,000. The ground rent is £50 yearly. The lease terminates on 21st October 2093
With only 69 years left to run the likely cost is going to be between £9,500 and £11,000 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure 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 considered and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information before getting professional advice.