My wife and I are planning to purchase a flat in Walkington and are in fact using a Walkington conveyancing practice. Within the past 48 hours our solicitor has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. Nationwide Building Society have this morning contacted us to advise us that there is now an issue as our Walkington lawyer is not on their conveyancing panel. Please explain?
When purchasing a property with mortgage finance it is conventional for the purchasers' lawyers to also act for 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 don't have to instruct a firm on the bank's conveyancing panel and you may continue to use your own Walkington 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.
We're in Walkington, FTBs buying with a mortgage (lender is Bank of Ireland , and our solicitor is on the Bank of Ireland conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Bank of Ireland conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no property lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
I am looking for a ground for flat up to £305k and found one near me in Walkington I like with open areas and railway links in the vicinity, the downside is that it's only got 61 years on the lease. I can't really find anything else in Walkington in this price bracket, so just wondered if I would be making a grave error buying a short lease?
If you need a mortgage the remaining unexpired lease term may be an issue. Discount the price by the amount the lease extension will cost if not already taken into account. If the current proprietor has owned the premises for a minimum of twenty four months you can request that they commence the lease extension formalities and pass it to you. You can add 90 years to the current lease with a zero ground rent applied. You should consult your conveyancing solicitor about this.
Should I be wary that 3rd parties that I am dealing with are recommending a factory type conveyancing firm as opposed to a High Street Walkington conveyancing company?
As is the case with lots of professional services, often suggestions from family and friends can be very helpful. But there are many people with a vested interest in a conveyancing transaction; estate agents, financial adviser and banks may put forward conveyancers to use. On occasion the conveyancers might be known to one of the organisations as one of the best in their field, but occasionally there might be a commercial relationship behind the endorsement. You have the discretion to select your preferred conveyancer. However, bear in mind that most lenders specify a panel list of lawyers you are obliged to use for the mortgage aspect of your transaction.
I have just started marketing my basement flat in Walkington. Conveyancing is yet to be initiated, however I have just had a yearly service charge invoice – what should I do?
Your conveyancing lawyer is likely to suggest that you should clear the maintenance contribution as you normally would as all rents and maintenance charges should be allotted on completion, so you will be reimbursed by the purchaser for the period running from after the completion date to the subsequent invoice date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
Walkington Conveyancing for Leasehold Flats - Examples of Questions you should consider before Purchasing
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What is the name of the managing agents? Be sure to discover if the the lease includes any adverse restrictions in the lease. For instance it is reasonably common in Walkington leases that pets are not allowed in certain buildings in Walkington. If you love the flatin Walkington but your cat can’t make the move with you then you will be presented with a difficult compromise.
My husband and I are buying a garden flat in Walkington. At the point of instructing our property lawyer, they told us that they were on all major UK mortgage company panels. The financial adviser called today to say that they are not on the Santander approved list. Were it to be true, what should we do? Should we just choose a new conveyancer that is on their panel or should we cover the costs for dual representation, with Santander appointing their own approved property lawyer.
When acquiring a property with mortgage finance it is standard for the purchaser’s solicitors to also represent the purchaser's lender. In order to act for a bank or building society a lawyer has to be on that lender's list of approved lawyers. An application has to be made by the conveyancer to the lender to become a member of the lender's panel and there are increasingly strict conditions which the property lawyer has to meet. Some building societies now insist their panel firms to be part of the Law Society’s Conveyancing Quality Scheme. Your solicitor should contact Santander to discover 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 don't have to instruct a firm on Santander's conveyancing panel as you are at liberty to use your preferred Walkington lawyers, in which case it will likely add costs, and it will likely delay the transaction as you are adding another conveyancing practitioner into the mix.