My fiance and I are hoping to acquire a property in Sipson and are in fact using a Sipson conveyancing practice. Within the last couple of days our solicitor has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. Lloyds TSB Bank have this afternoon contacted us to advise us that they have now hit a problem as our Sipson conveyancer is not on their conveyancing panel. Is this a problem?
When purchasing a property with mortgage finance it is conventional for the purchasers' lawyers 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 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 are not legally obliged to appoint a law firm on the lender’s conveyancing panel as you are at liberty to use your preferred Sipson lawyers, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.
I am about to complete on the purchase of a property in Sipson but as a result of damage from some water damage at the property I have was able negotiate compensation from the seller in the sum of £3k in the form of a adjustment in the price. This was going to be addressed as part of a side agreement but Virgin Money will not permit this. Should they have been approached?
Any property lawyer that is on a Virgin Money conveyancing panel is required to advise Virgin Money of any changes to the sale price. If you prohibit your solicitor to report the price change to Virgin Money then they would have to discontinue acting for you. In addition, Virgin Money and you would have to appoint a new property lawyer for your conveyancing in Sipson.
Should our lawyer be asking questions about flooding as part of the conveyancing in Sipson.
Flooding is a growing risk for conveyancers conducting conveyancing in Sipson. There are those who buy a house in Sipson, fully expectant that at some time, it may be flooded. However, leaving to one side the physical damage, where a property is at risk of flooding, it may be difficult to get a mortgage, satisfactory insurance cover, or sell the premises. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Conveyancers are not best placed to give advice on flood risk, but there are a numerous searches that can be initiated by the buyer or by their solicitors which will give them a better understanding of the risks in Sipson. The conventional set of property information forms sent to a buyer’s conveyancer (where the Conveyancing Protocol is adopted) includes a standard inquiry of the owner to find out if the premises has suffered from flooding. If flooding has previously occurred which is not notified by the owner, then a purchaser could bring a legal claim for losses resulting from an incorrect answer. The purchaser’s conveyancers may also carry out an environmental report. This should reveal whether there is a recorded flood risk. If so, more detailed investigations will need to be initiated.
I have been on the look out for a ground for flat up to £305k and identified one round the corner in Sipson I like with open areas and station nearby, however it only has 52 years on the lease. There is not much else in Sipson in this price bracket, so just wondered if I would be making a mistake buying a short lease?
Should you require a mortgage that many years will likely be an issue. Reduce the offer by the amount the lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for at least 2 years you can request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should speak to your conveyancing solicitor about this.
Is it possible to transfer to a new conveyancer as I need to instruct a firm on the National Westminster Bank conveyancing panel. I was using a high street conveyancing solicitor in Sipson five minutes from me but she is not accepted by National Westminster Bank
We will our best to assist in finding you a conveyancing solicitor in Sipson on the National Westminster Bank panel. Please note that the property lawyers that we work with do not pay us commission if you instruct them and are under regulation of the Solicitors Regulation Authority who oversee all conveyancing solicitors in Sipson. In utilising search facility on this page, you can contrast fees for conveyancing solicitors in Sipson and throughout England and Wales.
I have tried to negotiate informally with with my landlord for a lease extension without any joy. Can the Leasehold Valuation Tribunal adjudicate on such matters? Can you recommend a Sipson conveyancing firm to represent me?
Where there is a missing freeholder or if there is disagreement about what the lease extension should cost, under the relevant statutes you can apply to the Leasehold Valuation Tribunal to assess the amount due.
An example of a Freehold Enfranchisement case for a Sipson premises 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 related to 2 flats. The unexpired term as at the valuation date was 69 years.
Are there frequently found defects that you encounter in leases for Sipson properties?
Leasehold conveyancing in Sipson is not unique. All leases are drafted differently and legal mistakes in the legal wording can sometimes mean that certain provisions are missing. For example, if your lease is missing any of the following, it could be defective:
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Maintenance charge proportions which don’t add up to the correct percentage A provision to repair to or maintain parts of the premises
A defective lease will likely cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Nationwide Building Society, Leeds Building Society, and Aldermore all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to grant the mortgage, obliging the buyer to pull out.