My wife and I are looking to purchase a property in Studley and are in fact using a Studley conveyancing firm. Within the past 48 hours our lawyer has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. Santander have this afternoon contacted us to inform me that they have now hit a problem as our Studley lawyer is not on their approved list of lawyers. What do we do from here?
When purchasing a property with mortgage finance it is standard for the purchasers' lawyers 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 solicitor 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 solicitors to act. You don't have to instruct a firm on the bank's conveyancing panel and you may continue to use your own Studley solicitors, in which case it will likely add costs, and it may delay matters as you have another set of people involved.
I have recentlybecome aware that Wolstenholmes have been shut down. They carried out my conveyancing in Studley for a purchase of a leasehold apartment 12 months ago. How can I establish that my home is in my name in the name of the former proprietor?
The quickest way to check if the property is registered to you, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Studley conveyancing specialists.
I am purchasing my first flat in Studley with a loan from Alliance & Leicester . The developers would not reduce the amount so I negotiated £7000 of fixtures and fittings instead. The house builders rep told me not disclose to my conveyancer about this side-deal as it will jeopardize my mortgage with the lender. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I need to retain a conveyancing solicitor for residential conveyancing in Studley. I happened to land on a web site which appears to be the perfect solution If it is possible to get all this stuff done via web that would be ideal. Should I be concerned? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
I am on look out for some leasehold conveyancing in Studley. Before I set the wheels in motion I would like to find out the unexpired term of the lease.
Assuming the lease is recorded at the land registry - and almost all are in Studley - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I purchased a garden flat in Studley, conveyancing was carried out half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Comparable flats in Studley with a long lease are worth £202,000. The average or mid-range amount of ground rent is £60 levied per year. The lease ceases on 21st October 2081
With only 56 years unexpired the likely cost is going to be between £29,500 and £34,000 plus legals.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure in the absence of detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be additional 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 placing reliance on this information before getting professional advice.
I have just placed an offer on an apartment in Studley and the broker that we are using recommended his solicitor. She quoted a thousand pounds plus VAT and disbursements. Does this sound expensive?
You should not rely on 1 quote. One should obtain like-for-like quotes for your conveyancing in Studley. Then choose one that you are comfortable with and crucially, is on the approved panel of the lender that you are sourcing your mortgage from.