My fiance and I are looking to purchase a home in Virginia Water and have instructed a Virginia Water conveyancing firm. Within the last couple of days our conveyancer has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Chelsea Building Society have this morning contacted us to inform me that there is now an issue as our Virginia Water solicitor is not on their approved list of lawyers. Is this a problem?
If you are buying a property requiring a mortgage it is usual 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 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 and you may continue to use your own Virginia Water solicitors, in which case your legal fees may increase, and it may delay matters as you have another set of people involved.
We are planning to purchase with Loughborough BS. We have called around locally yet cant to find a Virginia Water conveyancing firm on the Loughborough BS approved list. Can you assist?
You should take advantage of the search tool on this web page. Pick the mortgage company and type Virginia Water or your preferred area and you will be presented with a number of lawyer offices in Virginia Water or near you.
I have been told that property searches are a common cause of obstruction in Virginia Water conveyancing transactions. Is this right?
The Council of Property Search Organisations (CoPSO) has noted the determinations of a review by MoveWithUs that conveyancing searches do not figure within the top 10 causes of hindrances during the legal transfer of property. Local searches are unlikely to feature in any slowing down conveyancing in Virginia Water.
three months have elapsed since my purchase conveyancing in Virginia Water completed. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I'm buying my first flat in Virginia Water benefiting from help to buy. The builders would not move on the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The property agent advised me not inform my lawyer about this extras as it may affect my mortgage with the bank. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
All being well we will complete the sale of our £250,000 apartment in Virginia Water on Thursday in a week. The management company has quoted £384 for Certificate of Compliance, building insurance schedule and 3 years service charge statements. Is it legal for a freeholder to charge such fees for a leasehold conveyance in Virginia Water?
For most leasehold sales in Virginia Water conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
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Answering pre-exchange questions
Where consent is required before sale in Virginia Water
Copies of the building insurance and schedule
Deeds of covenant upon sale
Registering of the assignment of the change of lessee after a sale
I own a ground floor flat in Virginia Water, conveyancing was carried out 7 years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Corresponding properties in Virginia Water with an extended lease are worth £216,000. The ground rent is £50 levied per year. The lease ceases on 21st October 2092
With 68 years remaining on your lease we estimate the price of your lease extension to range between £9,500 and £11,000 as well as costs.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure in the absence of comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward based on this information before seeking the advice of a professional.