My partner and I are planning to acquire a home in Brigg and have instructed a Brigg conveyancing practice. Within the past 48 hours our lawyer has sent a preliminary report and documents to look through with a view to exchanging next week. National Westminster Bank have this afternoon contacted us to inform me that they have now hit a problem as our Brigg solicitor is not on their conveyancing panel. What do we do from here?
When purchasing a property with mortgage finance it is conventional for the purchasers' lawyers 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 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 are not legally obliged to appoint a law firm on the bank's conveyancing panel and you may continue to use your own Brigg solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
Can you clarify what the consequences are if my solicitor is expelled from the Santander Conveyancing panel ahead of completing my conveyancing in Brigg?
The first thing to point out is that, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
My wife and I purchased a renovated Edwardian property in Brigg. Conveyancing lawyer acted for me and Bank of Scotland. I did a free Land Registry search last week and there are a couple of entries: one for freehold, another for leasehold under the exact same property. I'd like to know for sure, how can I find out??
You should review the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Brigg and other locations in the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also enquire as to the situation with your conveyancing lawyer who conducted the purchase.
I am looking for a flat up to £235,500 and found one close by in Brigg I like with open areas and transport links in the vicinity, the downside is that it only has 51 years on the lease. There is not much else in Brigg in this price bracket, so just wondered if I would be making a mistake purchasing a short lease?
If you need a mortgage the shortness of the lease will be a potential deal breaker. Reduce the price by the amount the lease extension will cost if not already taken into account. If the current proprietor has owned the premises for at least 2 years you can request that they start the process of the extension and then assign it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should consult your conveyancing solicitor concerning this matter.
Last October I purchased a leasehold property in Brigg. Do I have any liability for service charges for periods before completion of my purchase?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I acquired a 2 bed flat in Brigg, conveyancing formalities finalised September 2004. Can you please calculate a probable premium for a statutory lease extension? Similar flats in Brigg with a long lease are worth £227,000. The ground rent is £50 per annum. The lease ends on 21st October 2097
You have 72 years unexpired we estimate the premium for your lease extension to range between £9,500 and £11,000 plus costs.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not move forward based on this information without first seeking the advice of a professional.
I am contemplating using a web based lawyer as opposed to a Brigg conveyancing firm. Am I making a mistake?
Numerous benefits exist in having the opportunity to visit a local Brigg conveyancing solicitor such as
- signing documents same day
- sometimes being able to speak to someone face-to-face can make a huge difference, particularly for non-standard house moves
- the ability to complain if matters need to addressed
When analysing quotes, look out for hidden extras. The majority decent Brigg high street solicitors give an all-inclusive price. Many online agents seem to offer discounted fees, yet have hidden 'extras' in the small print.