My partner and I are hoping to acquire a house in Whittlesey and are in fact using a Whittlesey conveyancing firm. Within the last couple of days our solicitor has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. National Westminster Bank have this afternoon contacted us to inform me that there is now an issue as our Whittlesey solicitor is not on their approved list of lawyers. Is this a problem?
Where you are buying a property with the assistance of a mortgage it is normal 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 Quality Scheme. Your property lawyer 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 lawyers to represent them. You don't have to instruct a firm on the lender’s conveyancing panel as you are at liberty to use your preferred Whittlesey lawyers, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.
Are the Whittlesey conveyancing solicitors identified as being on the Santander conveyancing panel, together with their details provided by Santander?
Whittlesey conveyancing firms themselves provide us confirmation that they are on the Santander conveyancing panel as opposed to being supplied with a list from Santander directly.
I had intended to instruct a property lawyer in Whittlesey for our home move. Our financial adviser has since advised us that our bank Clydesdale won't deal with them. Why is this not regarded as unduly restrictive?
Pre- 2008 most mortgage companies had a different appetite for risk. Almost all Whittlesey conveyancing firms would have been on most lender panels. The financial services regulator in 2010 completed a thematic review into mortgage fraud which concluded: mortgage lenders should know the conveyancing solicitors dealt with. Consequently, lenders are increasingly seeing more data from law firms regarding their operations and the individuals who work for them and set certain criteria such a completing on a minimum number of conveyancing. Many Whittlesey conveyancing firms that have been excluded from lender panels have Unblemished track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Whittlesey is one of the numerous areas where the lawyers we list are members of the panel for Clydesdale.
Will commercial conveyancing searches reveal impending roadworks that may impact a commercial estate in Whittlesey?
Its becoming the norm that commercial conveyancing solicitors in Whittlesey will perform a SiteSolutions Highways report as it dramatically cuts the time that conveyancers expend in investigating accurate data on highways that impact buildings and development assets in Whittlesey. The report provides definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Whittlesey.
For each commercial conveyancing transaction in Whittlesey it is crucial to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been dealt with adequately could result in delays to Whittlesey commercial conveyancing deals as well as present a risk to future plans for the site. These searches are not ordered for residential conveyancing in Whittlesey.
How does conveyancing in Whittlesey differ for new build properties?
Most buyers of new build property in Whittlesey approach us having been asked by the developer to exchange contracts and commit to the purchase even before the residence is constructed. This is because builders in Whittlesey typically purchase the site, 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 Whittlesey or who has acted in the same development.
I am in need of some leasehold conveyancing in Whittlesey. Before I get started I would like to find out the number of years remaining on the lease.
Assuming the lease is registered - and most are in Whittlesey - then the leasehold title will always include the short particulars 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 am the registered owner of a 2 bed flat in Whittlesey, conveyancing formalities finalised 10 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable properties in Whittlesey with over 90 years remaining are worth £191,000. The average or mid-range amount of ground rent is £55 invoiced annually. The lease finishes on 21st October 2078
You have 53 years remaining on your lease the likely cost is going to span between £27,600 and £31,800 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before seeking the advice of a professional.