My husband and I are hoping to acquire a property in Somersham and are in fact using a Somersham conveyancing practice. Within the past 48 hours our property lawyer has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Coventry Building Society have this afternoon contacted us to inform me that they have now hit a problem as our Somersham conveyancer is not on their conveyancing panel. Please explain?
When purchasing a property with the benefit of 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 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 are not legally obliged to appoint a law firm on the lender’s conveyancing panel and you may continue to use your own Somersham solicitors, in which case it will likely add costs, and it may delay matters as you have another set of people involved.
Would the conveyancing practitioners identified via your search tool execute auction conveyancing in Somersham?
We know of a few niche solicitors we can put you in touch with those specialising in auction conveyancing. Somersham is just one of the many areas of where our lawyers have a presence.
My lawyer has informed me that flying freehold insurance is needed on my purchase. What is the typical level of cover needed for conveyancing in Somersham?
The right level of flying freehold indemnity insurance should be dictated by who who your lender is. It would differ for example between Barclays and Skipton Building Society. Conveyancing practitioners as opposed to borrowers take out such policies.
I am selling my house. I had a double glazing fitted in December 2006, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s mortgage company, Yorkshire BS are being a right pain. The Somersham solicitor who is on the Yorkshire BS conveyancing panel is saying indemnity insurance will be fine but Yorkshire BS are requiring a building regulation certificate. Why do Yorkshire BS have a conveyancing panel if they don't accept advice from them?
It is probably the case that Yorkshire BS have referred the matter to their valuer. The reason why Yorkshire BS may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
I have instructed a Somersham conveyancer having checked that they are on the Leeds Building Society conveyancing panel. Does my lawyer arrange the survey of the property?
Leeds Building Society will need an independent valuation of the property. Your lawyer will not arrange this. Usually Leeds Building Society 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. Your property lawyer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Somersham postcode. As you are getting a mortgage with Leeds Building Society, you could contact them to see if they have a list of approved surveyors in Somersham.
Do commercial conveyancing searches reveal planned roadworks that could affect a commercial property in Somersham?
Many commercial conveyancing solicitors in Somersham will perform a SiteSolutions Highways report as it reduces the time that conveyancers expend in sourcing accurate data on highways that impact buildings and development assets in Somersham. 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 Somersham.
For every commercial conveyancing transaction in Somersham it is critical to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been addressed adequately can cause delays to Somersham commercial conveyancing transactions as well as present a risk to future plans for the site. These searches are not carried out for domestic conveyancing in Somersham.
How does conveyancing in Somersham differ for newly converted properties?
Most buyers of new build or newly converted property in Somersham come to us having been asked by the seller to sign contracts and commit to the purchase even before the house is finished. This is because builders in Somersham typically buy the land, 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 conveyancers 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 used to new build conveyancing in Somersham or who has acted in the same development.
My wife and I purchased a leasehold flat in Somersham. Conveyancing and Barclays Direct mortgage are in place. I have received a letter from someone saying they have taken over the freehold. Attached was a ground rent demand for rent dating back to 1996. The conveyancing practitioner in Somersham who acted for me is not around. What should I do?
First make enquiries of the Land Registry to make sure that this person is indeed the new freeholder. There is no need to incur the fees of a Somersham conveyancing practitioner to do this as it can be done on-line for less than a fiver. You should note that in any event, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I invested in buying a 1 bedroom flat in Somersham, conveyancing formalities finalised half a dozen years ago. Can you work out an approximate cost of a lease extension? Comparable properties in Somersham with a long lease are worth £186,000. The ground rent is £55 charged once a year. The lease runs out on 21st October 2077
You have 52 years remaining on your lease we estimate the premium for your lease extension to range between £29,500 and £34,000 as well as legals.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure without more detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. 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. Neither should you move forward based on this information without first getting professional advice.