My fiance and I are planning to acquire a home in Wroughton and have appointed a Wroughton conveyancing firm. Within the last couple of days our property lawyer has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. HSBC Bank have this morning contacted us to advise us that they have now hit a problem as our Wroughton solicitor is not on their conveyancing panel. What do we do from here?
When purchasing a property with the benefit of a mortgage it is normal 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 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 are not legally obliged to appoint a law firm on the lender’s conveyancing panel and you may continue to use your own Wroughton solicitors, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.
I need some fast conveyancing in Wroughton as I have pressure to exchange contracts inside 4 weeks. Thankfully I do not require a mortgage. Can I avoid the conveyancing searches to save money and time?
If.Given you are are a mortgage free buyer you are at liberty not to do searches although no law firm would recommend that you don't. Drawing on our experience of conveyancing in Wroughton the following are examples of issues that can be revealed and adversely affect future saleability: Refused Planning Applications, Outstanding Charges, Outstanding Grants, Unadopted Roads,...
Over the last few months I have been searching for a ground for flat up to £195,000 and identified one near me in Wroughton I like with a park and transport links nearby, however it only has 52 remaining years left on the lease. I can't really find anything else in Wroughton for this price, so just wondered if I would be making a mistake purchasing a short lease?
If you require a home loan the remaining unexpired lease term may be problematic. Reduce the offer by the amount the lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for at least twenty four months you can request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should consult your conveyancing solicitor about this matter.
Do I need to be suspicious by estate agents that I am dealing with are encouraging me to use an online conveyancing firm as opposed to a local Wroughton conveyancing firm?
As with many service providers, often referrals from relatives can be very helpful. Nevertheless there are lots of people with a vested interest in a conveyancing transaction; estate agents, mortgage brokers and lenders may put forward lawyers 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 may be a commercial relationship behind the recommendation. You have the right to select your preferred lawyer. However, bear in mind that the majority of banks operate an approved list of lawyers you are obliged to use for the mortgage aspect of your conveyancing.
I am employed by a long established estate agent office in Wroughton where we have experienced a few flat sales put at risk due to leases having less than 80 years remaining. I have been given conflicting advice from local Wroughton conveyancing solicitors. Please can you shed some light as to whether the owner of a flat can start the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the sale.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I am the registered owner of a 1st floor flat in Wroughton, conveyancing was carried out 3 years ago. Can you give me give me an indication of the likely cost of a lease extension? Comparable properties in Wroughton with an extended lease are worth £201,000. The ground rent is £45 yearly. The lease finishes on 21st October 2089
With 64 years remaining on your lease we estimate the premium for your lease extension to span between £15,200 and £17,600 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to supply the actual costs without more detailed due diligence. You should not use this information in tribunal or court proceedings. There may be other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action based on this information without first seeking the advice of a professional.
What is the reason for new build conveyancing in Wroughton being more expensive?
Conveyancing in Wroughton for recently converted or new build properties usually involve adoption of highways & drains, building regulations approval, planning permission, new build warranties such NHBC as well as further investigations and contractual concerns.