My husband and I are looking to purchase a house in Yate and have instructed a Yate conveyancing practice. Within the past 48 hours our solicitor has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. Barnsley Building Society have this afternoon contacted us to inform me that they have now hit a problem as our Yate solicitor is not on their conveyancing panel. Is this a problem?
Where you are buying a property requiring a mortgage 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 Quality 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 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 Yate lawyers, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.
The deeds to our house are lost. The lawyers who dealt with the conveyancing in Yate 4 years ago are no longer around. What do I do?
Gone are the days when you need to hold title original deeds to establish that you are the owner of your registered land or premises, given that the Land Registry hold details of all registered land or property electronically.
I opted to have a survey carried out on a house in Yate in advance of retaining lawyers. I have been advised that there is a flying freehold aspect to the house. The surveyor advised that some banks tend not give a mortgage on this type of house.
It varies from the lender to lender. Santander has different requirements for example to Nationwide. If you call us we can investigate further via the relevant lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Yate. Conveyancing may be slightly more expensive based on your lender's requirements.
Given that I will soon part with hundreds of thousands of pounds on a two bedroom apartment in Yate I wish to have a conversation with the conveyancer about myconveyancing prior to giving the go ahead to the firm. Is this something that you can arrange?
This is something that we recommend - we would be happy to talk to you we do not take any clients on without you liaising with the conveyancer due to be carrying out your conveyancing in Yate.There is no ‘factory style conveyancing’ - each client is an important individual, not a matter number. The solicitors that we put you in touch with believe that the figure you are quoted for residential conveyancing in Yate should be the amount on the final invoice that you end up paying.
What makes a Yate lease unacceptable for security purposes?
Leasehold conveyancing in Yate is not unique. All leases are individual and drafting errors can result in certain provisions are wrong. For example, if your lease is missing any of the following, it could be defective:
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A provision for the recovery of money spent for the benefit of another party. Repairing obligations to or maintain parts of the premises
You could encounter a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Barclays , Virgin Money, and Godiva Mortgages Ltd all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to provide security, forcing the buyer to pull out.
I invested in buying a split level flat in Yate, conveyancing was carried out half a dozen years ago. How much will my lease extension cost? Equivalent properties in Yate with a long lease are worth £197,000. The average or mid-range amount of ground rent is £55 levied per year. The lease expires on 21st October 2081
With 56 years remaining on your lease we estimate the premium for your lease extension to range between £29,500 and £34,000 plus costs.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure without more comprehensive due diligence. You should not use this information in tribunal or court proceedings. There may be other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not take any other action based on this information before getting professional advice.
Been on the hunt for a property lawyer for freehold sale conveyancing in Yate. We are selling, uncomplicated no mortgage to redeem, no hurry, no onward purchase. Had an estimate from a conveyancing practitioner for nine hundred pounds plus VAT which is a little high considering its so straightforward. Is it possible to find less expensive fees for conveyancing in Yate?
Given that it’s a sale only, 475 + VAT is likely to be about the cheapest for a Yate solicitor firm.