My husband and I are looking to acquire a property in Market Drayton and have appointed a Market Drayton conveyancing firm. Within the last couple of days our lawyer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Clydesdale have this morning contacted us to advise us that there is now an issue as our Market Drayton solicitor is not on their conveyancing panel. What do we do from here?
If you are buying a property requiring a mortgage it is standard for the purchasers' solicitors to also represent 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 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 are not legally obliged to appoint a law firm on the lender’s conveyancing panel and you may continue to use your own Market Drayton 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 are buying a property in Market Drayton. I might seem paranoid but how we can trust a lawyer? On completion day we will need to put funds into their account. What protection do we have from them run away with our money?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
I am purchasing a detached bungalow in Market Drayton. The intention is to an extension at the rear at the house.Will legal conveyancing on the property include enquiries to see if these alterations are allowed?
Your property lawyer should check the registered title as conveyancing in Market Drayton will occasionally reveal restrictions in the title documents which prevent certain alterations or necessitated the consent of a 3rd party. Many extensions need local authority planning consent and approval in accordance building regulations. Many areas are designated conservation areas and special planning restrictions apply which often prevent or impact extensions. It would be wise to check these issues with a surveyor prior to committing yourself to a purchase.
I was told four weeks ago that my mortgage has been agreed to by Aldermore. Is it usual for Aldermore to only issue the offer once my solicitor in Market Drayton is approved on their conveyancing panel? Aldermore have asked my solicitor to see a copy of their PI Insurance.
A lender would not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Aldermore to deal with your lawyer's application to be on the Aldermore conveyancing panel. There's no guarantee that your solicitor will be accepted.
Should my conveyancer be asking questions concerning flooding during the conveyancing in Market Drayton.
The risk of flooding is if increasing concern for solicitors specialising in conveyancing in Market Drayton. There are those who acquire a property in Market Drayton, completely expectant that at some time, it may suffer from flooding. However, leaving to one side the physical destruction, if a property is at risk of flooding, it may be difficult to get a mortgage, adequate insurance cover, or dispose of the premises. There are steps that can be taken during the course of a house purchase to forewarn the buyer.
Solicitors are not qualified to offer advice on flood risk, but there are a various searches that can be undertaken by the purchaser or on a buyer’s behalf which will give them a better appreciation of the risks in Market Drayton. The standard completed inquiry forms supplied to a buyer’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a standard inquiry of the seller to discover whether the property has ever been flooded. If the property has been flooded in past and is not notified by the owner, then a purchaser could commence a claim for damages as a result of such an incorrect response. A purchaser’s solicitors may also order an environmental search. This should disclose if there is a recorded flood risk. If so, more detailed inquiries should be conducted.
I used Arc property Solicitors a few years past for my conveyancing in Market Drayton. Now, I need the documents but the law firm is no longer operating. What do I do?
You should contact the Solicitors Regulatory Authority (SRA) to assist in tracing your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Market Drayton of the conveyancing firm of solicitors you previously used, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
The estate agent has sent us the confirmation of our purchase of a new build flat in Market Drayton. 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.
Here is a sample of a few leasehold new build questions that you may expect your new-build leasehold conveyancing in Market Drayton
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Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Please provide evidence that the form of Lease proposed has been approved by the Land Registry. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier?
I am attracted to a two apartments in Market Drayton which have about forty five years unexpired on the lease term. Will this present a problem?
There are plenty of short leases in Market Drayton. The lease is a legal document that entitles you to use the property for a period of time. As a lease gets shorter the saleability of the lease deteriorates and results in it becoming more costly to acquire a lease extension. This is why it is often a good idea to extend the lease term. More often than not it is difficulties arise selling premises with a short lease as mortgage companies may be reluctant to lend money on such properties. Lease enfranchisement can be a protracted process. We advise that you get professional assistance from a solicitor and surveyor with experience in this arena.
Leasehold Conveyancing in Market Drayton - A selection of Questions you should consider before buying
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The best form of lease arrangement is if the freehold reversion is owned by the leaseholders. In this situation the leaseholders have being in charge if their destiny and notwithstanding that a managing agent is often retained where the building is larger than a house conversion, the managing agent acts for the leaseholders themselves. How many of the leaseholders are in arrears for their service charge payments? Who are the managing agents?