My husband and I are looking to purchase a property in Water Orton and have appointed a Water Orton conveyancing practice. Within the past 48 hours our conveyancer has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. Nottingham Building Society have this morning contacted us to advise us that there is now an issue as our Water Orton solicitor is not on their approved list of lawyers. Is this a problem?
When purchasing a property with the benefit of a mortgage it is standard for the purchasers' lawyers 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 Accreditation Scheme. Your property lawyer should contact your lender 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 as you are at liberty to use your preferred Water Orton lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
We have very brash vendors who has insisted on a lock out contract with a deposit two thousand pounds. Are such agreements sensible?
Exclusivity agreements are agreements between a home owner and purchaser granting the buyer exclusive rights to purchase the premises within a prescribed time frame. For all intents and purposes, an exclusivity is a document stating that you should be issued with a contract at a later date which is the contract for the actual sale. It is generally used for buyer confidence though in some cases, the vendor may stand to benefit from such agreements as well. There are numerous pros and cons to using an agreement but you need to check with your lawyer but beware that it may result in costing you extra in conveyancing fees. For these reasons these contracts are not popular in relation to conveyancing in Water Orton.
Finally the sale completed on my house in Water Orton last October yet the purchaser is calling every few hours to say her conveyancer is waiting to hear from myconveyancer. What should have happened following completion?
Post completion of your disposal your conveyancer should send the transfer documentation and all supplemental paperwork to the purchaser's conveyancer. Depending on the transaction, your solicitor should also evidence that the legal charge in favour of the lender has been repaid to the buyers conveyancers. There are no post completion formalities unique to conveyancing in Water Orton.
Do I need to pay for insurance to protect me from financial exposure to chancel repairs when buying a house in Water Orton?
Unless a previous acquisition of the premises took place after 12 October 2013 you may assume that lawyers handling conveyancing in Water Orton to continue to suggest a chancel search and or chancel repair liability policy.
I am buying a new build apartment in Water Orton. Conveyancing is necessary evil 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.
Set out below are examples of a few leasehold new build questions that you may expect your new-build leasehold conveyancing in Water Orton
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Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Please supply evidence that the form of Lease proposed has been approved by the Land Registry. Please confirm the Lease plans are surveyor prepared. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents.
Can you provide any advice for leasehold conveyancing in Water Orton from the point of view of expediting the sale process?
- Much of the delay in leasehold conveyancing in Water Orton can be reduced if you get in touch lawyers as soon as you market your property and request that they start to collate the leasehold information needed by the buyers’ conveyancers. You may think that you are aware of the number of years remaining on your lease but it would be advisable verify this by asking your solicitors. A purchaser's conveyancer will be unlikely to recommend their client to to exchange contracts if the lease term is under 75 years. It is therefore essential at an as soon as possible that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale. If you hold a share in a the Management Company, you should ensure that you hold the original share document. Arranging a duplicate share certificate can be a lengthy process and frustrates many a Water Orton conveyancing transaction. If a new share is necessary, you should approach the company officers or managing agents (if applicable) for this at the earliest opportunity. Some Water Orton leases require Licence to Assign from the landlord. If this is the case, you should place the estate agents on notice to make sure that the purchasers obtain bank and professional references. Any bank reference should make it clear that the buyer is able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their lawyers.
Water Orton Leasehold Conveyancing - A selection of Queries before buying
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How many of the leaseholders are in arrears for their service charge payments? Who manages the block?