My partner and I are planning to buy a house in Virginia Water and are in fact using a Virginia Water conveyancing practice. Within the past 48 hours our lawyer has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. Barclays have this morning contacted us to inform me that they have now hit a problem as our Virginia Water conveyancer is not on their approved list of lawyers. Please explain?
Where you are buying a property requiring a mortgage it is normal 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 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 bank's conveyancing panel and you may continue to use your own Virginia Water solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another lawyer into the mix.
Having sold my house in Virginia Water last March yet the purchaser is calling daily to say her conveyancer is waiting to hear from mine. What are the post completion sale formalities now that I have sold?
Following your house sale your solicitor is committed to forward the transfer documentation and all additional paperwork to the buyer’s solicitors. If applicable, your conveyancer must also confirm that the legal charge in favour of the lender has been redeemed to the purchasers conveyancers. There are no post completion procedures specific conveyancing in Virginia Water.
Just had an offer accepted on a new build flat in Virginia Water. 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 is a sample of a few leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Virginia Water
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Forfeiture - bankruptcy or liquidation must not apply under this provision. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. There must be mutual enforceability of lessee’s covenants.
As co-executor for the will of my grandmother I am disposing of a property in Neath but I am based in Virginia Water. My conveyancer (based 260 miles awayrequires that I sign a stat dec ahead of completion. Could you suggest a conveyancing solicitor in Virginia Water to witness this legal document for me?
strictly speaking you are unlikely to need to have the documents witnessed by a conveyancing solicitor. Ordinarily or notary public or solicitor will be fine regardless of whether they are located in Virginia Water
I own a leasehold flat in Virginia Water. Conveyancing and Coventry Building Society mortgage are in place. A letter has just been received from someone claiming to own the freehold. It included a demand for arrears of ground rent dating back to 1993. The conveyancing solicitor in Virginia Water who acted for me is not around. Do I pay?
First contact HMLR to be sure that the individual claiming to own the freehold is in fact the registered owner of the freehold reversion. There is no need to incur the fees of a Virginia Water conveyancing firm to do this as it can be done on-line for less than a fiver. Rest assured that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I invested in buying a split level flat in Virginia Water, conveyancing having been completed in 1995. How much will my lease extension cost? Corresponding flats in Virginia Water with an extended lease are worth £222,000. The ground rent is £50 levied per year. The lease terminates on 21st October 2096
With 70 years left to run we estimate the price of your lease extension to span between £9,500 and £11,000 as well as legals.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before seeking the advice of a professional.
Is there a reason that Virginia Water conveyancing costs are higher for leasehold and freehold properties?
Inevitably there is increased work needed in leasehold conveyancing. Virginia Water has many leasehold properties. There is more hours involved in the purchase: for example, the lease and leasehold information (including current service charge, ground rent and buildings insurance details) obtained from the freeholder or managing agents. There are strict criteria that the lease must meet in order to be acceptable to a mortgage company. If it does not meet these requirements, the lease must be amended, which can involve additional expense for the seller.