My fiance and I are planning to purchase a property in Sipson and have instructed a Sipson conveyancing firm. Within the past 48 hours our solicitor has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Bank of Ireland have this morning contacted us to inform me that there is now an issue as our Sipson solicitor is not on their conveyancing panel. Is this a problem?
If you are buying a property needing a mortgage it is usual for the purchasers' solicitors to also act for 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 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 don't have to instruct a firm on the bank's conveyancing panel as you are at liberty to use your preferred Sipson lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
I am in a contract race with another prospective purchaser for a property in Sipson. What can be done to quicken up the conveyancing process?
In the event that you are under a tight deadline for your conveyancing it is highly recommended that your solicitor is familiar with the area as they will make use of local connections and intelligence. It is possible that they could have transacted otherproperties in the same street. You would be best advised to use a Sipson conveyancing firm. Second, double check that the conveyancing firm is on the on the approved list for your mortgage company. It is believed that just under twenty per cent of Sipson conveyancing deals are held up or derailed after discovering a purchaser’s solicitor was not on their banks list of approved solicitors. This can often result in the transaction being frustrated by an average of 21 days. It is believed that this issue affects in the region of one hundred thousand home sales annually. Many Sipson conveyancing practices can not represent certain lenders so do check at the outset.
Can your site be used to find a Conveyancing solicitor in Sipson even where I’m not purchasing or selling a house, for instance if I intend to buy a shop in Sipson with a loan from HSBC Bank?
Our comparison service is primarily there to help choose residential conveyancing solicitors in Sipson but we have recorded at the end of this page a selection of Sipson commercial conveyancing firms. You will need to enquire with the solicitors directly to see if they can also act for HSBC Bank
Have just purchased a probate house at auction in Sipson. Conveyancing is required. What is next?
Having exchanged you now have to choose a conveyancing solicitor as a matter of priority as you are faced with a tight deadline in which to complete the conveyancing. All auction property will ordinarily have a bespoke auction set of papers. This should include the copy title deeds, local authority and drainage searches. Where you are dealing with leasehold property the conveyancing pack may contain a copy of the lease, management information and a sellers leasehold information form and other conveyancing paperwork specific to a leasehold property. You need to give this to your appointed conveyancing solicitor at the earliest opportunity. Do make sure that that you have the requisite funding organised to complete the transaction on the set completion date.
I am due to move property in November. Will my conveyancing solicitor call the removal company on the day of completion. Incidentally, can you recommend a removal company in Sipson. Conveyancing solicitor was found prior to coming across this website.
On the day of completion you will need to collect the keys from your estate agent but this can only happen when the previous owners conveyancers confirm to the agent that they have the completion monies and the keys can be released. Subsequently you will need to tell the removal men that they can start moving you in. As a matter of policy we do not recommend a particular removal company but can assist you in finding a conveyancing in Sipson or a legal practice that specialises in conveyancing in Sipson.
Our offer on a semi in Sipson has been agreed to, but there is a chain. The sellers have offered on on an apartment, but it’s not yet agreed to, and have viewings of other apartments booked. I have selected a local conveyancing solicitor in Sipson. What do I do now? At what stage do I apply for the mortgage with UBS?
It is normal to have concerns where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is in the region of one thousand pounds, then valuation, Sipson conveyancing search costs, etc). The first course of action is to check that your solicitor is on the UBS conveyancing panel. Concerning the subsequent phase this very much depends on the specifics of your case, desire for the property and on the state of the market. In a hot market the majority of purchasers will apply for the mortgage with UBS and pay for the valuation and only if it was satisfactory would they pay their conveyancing practitioner to move forward with searches.
Yesterday I discovered that there is a flying freehold element on a house I put an offer in a fortnight ago in what was supposed to be a straight forward, chain free conveyancing. Sipson is where the house is located. Can you shed any light on this issue?
Flying freeholds in Sipson are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Sipson you would need to get your solicitor to go through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Sipson may ascertain 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 property.
I am tempted by the attractive purchase price for a couple of maisonettes in Sipson which have approximately fifty years unexpired on the lease term. Do I need to be concerned?
There is no doubt about it. A leasehold flat in Sipson is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it reduces the salability of the premises. The majority of buyers and banks, leases with under 75 years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Sipson conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I am the registered owner of a ground-floor 1960’s flat in Sipson. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal determine the amount payable for the purchase of the freehold?
Where there is a absentee freeholder or where there is disagreement about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the Leasehold Valuation Tribunal to assess the price payable.
An example of a Freehold Enfranchisement matter before the tribunal for a Sipson residence is 164 Nestles Avenue in October 2013. The tribunal agreed with the proposed price of £20,158 for the freehold and determined that that sum is the amount to be paid into court This case was in relation to 2 flats. The unexpired term was 69 years.