My wife and I are looking to purchase a flat in Southmead and are in fact using a Southmead conveyancing practice. Within the last couple of days our lawyer has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. Chelsea Building Society have this afternoon contacted us to inform me that they have now hit a problem as our Southmead solicitor is not on their conveyancing panel. What do we do from here?
Where you are buying a property with the assistance of a mortgage it is usual 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 Accreditation 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 lawyers to represent them. You are not legally obliged to appoint a law firm on the bank's conveyancing panel as you are at liberty to use your preferred Southmead lawyers, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.
What does a local search inform me regarding the house we're purchasing in Southmead?
Southmead conveyancing often commences with the applying for local authority searches directly from your local Authority or via a personal search company for instance Searchflow The local search plays an important part in many a Southmead conveyancing purchase; as long as you wish to avoid any nasty surprises after you move into your new home. The search should provide data on, amongst other things, details on planning applications applicable to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen subject headings.
The estate agent has sent us the confirmation of our purchase of a new build flat in Southmead. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Here are examples of a few leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Southmead
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Please supply a car parking plan. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Please supply evidence that the form of Lease proposed has been approved by the Land Registry.
Over the last few months I have been searching for a flat up to £235,500 and found one near me in Southmead I like with open areas and railway links in the vicinity, however it only has 51 years unexpired on the lease. There is not much else in Southmead for this price, so just wondered if I would be making a grave error buying a short lease?
Should you need a home loan the shortness of the lease will likely be a potential deal breaker. Reduce the offer by the anticipated lease extension will cost if not already taken into account. If the current proprietor has owned the property for a minimum of 2 years you may request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should speak to your conveyancing lawyer regarding this.
I am attracted to a couple of apartments in Southmead which have approximately 50 years unexpired on the leases. Will this present a problem?
There are plenty of short leases in Southmead. The lease is a legal document that entitles you to use the property for a prescribed time frame. As a lease gets shorter the saleability of the lease deteriorates and it becomes more expensive to acquire a lease extension. This is why it is generally wise to extend the lease term. Sometimes it is difficulties arise selling premises with a short lease because mortgage companies less inclined to grant a loan on such properties. Lease enfranchisement can be a protracted process. We advise that you seek professional assistance from a conveyancer and surveyor with experience in this area.
Leasehold Conveyancing in Southmead - Sample of Queries before buying
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How many years are left on the lease? This information is important as a) areas could cause problems for the building as the communal areas may start to deteriorate if maintenance are not paid for b) if the leaseholders have a dispute with the managing agents you will want to have all the details The prefered form of lease structure is a share of the freehold. In this situation the tenants benefit from control and notwithstanding that a managing agent is frequently retained if it is bigger than a house conversion, the managing agent is directed by the tenants.
Online reading suggests that Southmead solicitors are more costly than Southmead conveyancers in Southmead to use when purchasing a house. Am I better off using a conveyancer or a solicitor where I am purchasing a property in Southmead.
When it comes to conveyancing in Southmead the costs are unlikely to vary dramatically depending on whether the legal expert is a licenced conveyancer or solicitor.