I am not well enough to travel far from Spondon. Is there a reason why all Spondon conveyancers are not on all bank panels?
Banks tend to impose restrictions on either the nature or the number of conveyancing practices on their approved list of lawyers. Frequent examples of such criteria being that a firm must have two or more partners. As well as restricting the structure of firm, some banks for instance HSBC decided to restrict the number of organisations they use to act for them. It is worth noting that lenders have no responsibility for the standard of conveyancing supplied by any Spondon lawyer on their approved list. Property fraud was a key driver in the reduction of conveyancing panels a few years ago notwithstanding that there are differing opinions about the extent of solicitor involvement in some of that fraud. Statistics published by HMLR reveal that thousands of law firms only conduct less than three conveyances a year. Those vindicating conveyancing panel culls question why conveyancing firms should have the right to be listed on a lender panel when it is evident that property law is not their speciality?
IfI was to purchase a straightforward housein Spondon for cash and have no survey and no conveyancing searches how much could I expect to to save on my conveyancing in Spondon?
Any savings you would make would be limited to the Spondon conveyancing searches. Your property lawyer still got to do everything else - money laundering, correspond with your sellers property lawyer, SDLT return, register the property etc. A marginal saving might be made by not needing to register a mortgage however it will not be significant.
Should commercial conveyancing searches disclose proposed roadworks that could impact a commercial land in Spondon?
Its becoming the norm that commercial conveyancing solicitors in Spondon will perform a SiteSolutions Highways report as it reduces the time that conveyancers expend in looking into accurate data on highways that impact buildings and development assets in Spondon. The report provides 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 Spondon.
For every commercial conveyancing transaction in Spondon it is crucial to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been dealt with adequately may result in delays to Spondon commercial conveyancing transactions as well as pose a risk to future intentions for the site. These searches are not conducted for domestic conveyancing in Spondon.
My wife and I have a renovated Georgian property in Spondon. Conveyancing practitioner represented me and Virgin Money. I happened to do a free search for it on the Land Registry database and there are two entries: the first freehold, the second leasehold with the matching address. I thought I was buying a freehold how can I check?
You should review the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Spondon and other areas of the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with lenders. You can also question the position with the conveyancing lawyer who conducted the purchase.
Over the last few months I have been searching for a leasehold apartment up to £235,500 and identified one close by in Spondon I like with open areas and station in the vicinity, the downside is that it's only got 49 years on the lease. I can't really find anything else in Spondon for this price, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you require a home loan the remaining unexpired lease term will likely be an issue. Discount 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 ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should consult your conveyancing lawyer concerning this.
I am short of a 10% deposit on my apartment purchase in Spondon , but I am keen go ahead. Do I have options?
You can agree a lower deposit. Most sellers will accept a smaller deposit or even no deposit for a first time buyer or 100% mortgage. Be aware though that if you fail to complete you will still need to hand over a minimum of 10% of the purchase price regardless of how much deposit was agreed.
You can also agree a simultaneous exchange and completion as no deposit is required for this however neither party will be tied in until completion actually takes place and it can be risky if sellers change their mind at the last moment