The Soham conveyancing firm handling our Soham conveyancing has discovered an inconsistency when comparing the surveyor’s assumptions in the valuation survey and what is in the conveyancing documents. My lawyer has advised that he is duty bound to check that the lender is OK with this discrepancy and is still content to lend. Is my solicitor’s stance correct?
Your property lawyer must comply with the UK Finance Lenders’ Handbook specifications which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
Is it the case that all Soham CQS (Conveyancing Quality Scheme) solicitors are on the Santander conveyancing list of approved solicitors?
Some major lenders now utilise CQS as the kick off point for Panel approval such as HSBC and Santander. The Law Society’s CQS membership however gives no guarantee to lender panel acceptance. Nevertheless,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitor practices wishing to join their panels.
We were going to get a DIP from TSB this week so we can work out what to offer on a property we like as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do TSB recommend any Soham solicitors on the TSB conveyancing panel, or is it better to go independently?
You will need to appoint Soham solicitors independently although you'll need to choose one on the TSB conveyancing panel. The solicitor represents both you and TSB through the process.
Having read lots of house buying guides, I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my local Soham solicitor - who is on the Bank of Ireland conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
Bank of Ireland will need an independent valuation of the property. Your lawyer will not arrange this. Usually Bank of Ireland 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. You may wish to consider appointing your own Soham surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
Should commercial conveyancing searches disclose proposed roadworks that could impact a commercial estate in Soham?
Its becoming the norm that commercial conveyancing solicitors in Soham will carry out a SiteSolutions Highways report as it reduces the time that conveyancers expend in researching accurate data on highways that impact buildings and development assets in Soham. The report sets out definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Soham.
For each commercial conveyancing transaction in Soham it is critical to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been addressed adequately may cause delays to Soham commercial conveyancing transactions as well as pose a risk to future intentions for the site. These searches are not carried out for residential conveyancing in Soham.
I decided to have a survey done on a property in Soham prior to instructing conveyancers. I have been told that there is a flying freehold aspect to the property. My surveyor has said that some banks tend refuse to grant a loan on this type of property.
It depends who your proposed lender is. Bank of Scotland has different instructions from Nationwide. If you call us we can check via the relevant bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Soham. Conveyancing will be smoother if you use a solicitor in Soham especially if they are familiar with such properties in Soham.
My husband and I are 3 weeks into a freehold purchase having been recommend to solicitors by the high street agent to handle our conveyancing in Soham. I am am very disappointed with the quality of service. Could you you assist me in finding new conveyancers?
They would have to be really poor in order to consider diss instructing them. Has your mortgage been issued? In the event that it has you will need to make them aware of the new contact details and ensure the offer are re-issued. Your conveyancer needs to be on the mortgage company approved list to avoid supplemental fees and complications. That should be your starting point. Our find a solicitor tool can help you find a lender approved lawyer for your home move in Soham
Do you have any top tips for leasehold conveyancing in Soham with the aim of expediting the sale process?
- Much of the frustration in leasehold conveyancing in Soham can be avoided if you instruct lawyers as soon as you market your property and request that they start to collate the leasehold documentation needed by the purchasers’ lawyers. Some Soham leases require Licence to Assign from the landlord. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference will need to confirm that the buyers are able to meet the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their lawyers. The majority of landlords or managing agents in Soham levy fees for providing management packs for a leasehold home. You or your lawyers should discover the actual amount of the charges. The management information sought as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most common reason for frustration in leasehold conveyancing in Soham. If you have the benefit of shareholding in the freehold, you should make sure that you have the original share document. Obtaining a re-issued share certificate can be a lengthy process and slows down many a Soham conveyancing transaction. Where a new share certificate is needed, do contact the company director and secretary or managing agents (where relevant) for this as soon as possible. You may think that you are aware of the number of years remaining on your lease but it would be wise to double-check by asking your conveyancers. A buyer’s conveyancer will not be happy to advise their client to proceed with the purchase of a leasehold property the lease term is under 80 years. It is therefore important at an early stage that you identify whether the lease term for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale.
Leasehold Conveyancing in Soham - Sample of Queries Prior to buying
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Are any of leasehold owners in dispute over their service charge liability? For most Soham leaseholds the outlay for major works tend not to be included within maintenance charges, albeit that some managing agents in Soham require leaseholders to pay into a sinking fund created for the specific intention of establishing a fund for larger repairs or maintenance. If a Soham lease has less than eighty years it will impact the salability of the property. Check with your lender that they are content with residual term of the lease. Leases with fewer than 80 years remaining means that you will probably require a lease extension at some point and it is worth finding out how much this would cost. Remember, in most cases you would be required to have owned the premises for 24 months in order to be entitled to exercise a lease extension.