My fiance and I are hoping to buy a home in Stratford Upon Avon and are in fact using a Stratford Upon Avon conveyancing practice. Within the past 48 hours our lawyer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Barclays Direct have this morning contacted us to inform me that there is now an issue as our Stratford Upon Avon solicitor is not on their conveyancing panel. Please explain?
Where you are buying a property needing a mortgage it is standard for the purchasers' solicitors to also act for the mortgage company. 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 solicitor should contact your bank 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 don't have to instruct a firm on the lender’s conveyancing panel as you are at liberty to use your preferred Stratford Upon Avon lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another lawyer into the mix.
Various online forums that I have visited warn that are the number one cause of stalling in Stratford Upon Avon conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) has noted the determinations of a review by MoveWithUs that conveyancing searches do not figure within the common causes of hindrances in the conveyancing process. Local searches are unlikely to feature in any delay in conveyancing in Stratford Upon Avon.
It has been 2 months following my purchase conveyancing in Stratford Upon Avon completed. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
How does conveyancing in Stratford Upon Avon differ for new build properties?
Most buyers of new build or newly converted property in Stratford Upon Avon approach us having been asked by the housebuilder to sign contracts and commit to the purchase even before the residence is ready to move into. This is because developers in Stratford Upon Avon usually acquire the real estate, 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 Stratford Upon Avon or who has acted in the same development.
If all goes to plan we aim to complete the disposal of our £200,000 flat in Stratford Upon Avon next week. The landlords agents has quoted £312 for Landlord’s certificate, building insurance schedule and 3 years statements of service charge. Is the landlord entitled to charge such fees for a leasehold conveyance in Stratford Upon Avon?
Stratford Upon Avon conveyancing on leasehold flats often requires the buyer’s conveyancer submitting questions for the landlord to address. Although the landlord is not legally bound to answer such questions the majority will be content to assist. They are at liberty to levy a reasonable charge for answering enquiries or supplying documentation. There is no upper cap for such fees. The average costs for the paperwork that you are referring to is over three hundred pounds, in some situations it is in excess of £800. The administration charge demanded by the landlord must be accompanied by a summary of entitlements and obligations in relation to administration charges, without which the charge is not strictly payable. In reality one has no choice but to pay whatever is requested of you should you wish to complete the sale of your home.
I inherited a split level flat in Stratford Upon Avon, conveyancing formalities finalised December 2003. How much will my lease extension cost? Similar properties in Stratford Upon Avon with an extended lease are worth £197,000. The ground rent is £55 yearly. The lease comes to an end on 21st October 2081
With 56 years left to run the likely cost is going to span between £29,500 and £34,000 plus professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed investigations. Do not use the figures in tribunal or court proceedings. There may be other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first seeking the advice of a professional.
Why is it not possible to complete our conveyancing in Stratford Upon Avon on Good Friday?
Because on completion the purchase price will pass between the banks of the buyer and seller's lawyer and at present this can only occur on a business day. So you can't complete on a saturday or sunday either.