My wife and I are looking to buy a property in Burnham and have appointed a Burnham conveyancing practice. Within the past 48 hours our property lawyer has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. Coventry Building Society have this morning contacted us to inform me that there is now an issue as our Burnham lawyer is not on their conveyancing panel. Please explain?
When purchasing a property with the benefit of a mortgage it is usual for the purchasers' solicitors to also act for 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 don't have to instruct a firm on the bank's conveyancing panel as you are at liberty to use your preferred Burnham lawyers, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.
I used Arc property Solicitors a few years ago for my conveyancing in Burnham. Now, I need the documents but the law firm has closed. What do I do?
Do contact the Solicitors Regulatory Authority (SRA) to help locate 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 Burnham of the conveyancing firm of solicitors you previously hired, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
I'm buying my first flat in Burnham with a mortgage from Alliance & Leicester . The sellers refused to reduce the amount so I negotiated five thousand pounds worth of additionals instead. The house builders rep told me not disclose to my lawyer about this side-deal as it will put at risk my mortgage with the lender. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder 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.
Hoping to buy a property located in Burnham and I am already nervous. I couldn't find anything specific about Burnham. Conveyancing will be needed in due course but do you know about the Burnham area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Burnham. In the meantime here are some basic statistics that we found
There are only Fifty years remaining on my lease in Burnham. I now want to extend my lease but my landlord is missing. What options are available to me?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the magistrate. However, you will be required to prove that you have made all reasonable attempts to find the freeholder. For most situations a specialist may be useful to carry out a search and prepare a report to be accepted by the court as evidence that the freeholder is indeed missing. It is advisable to get professional help from a solicitor in relation to devolving into the landlord’s disappearance and the application to the County Court covering Burnham.
I bought a studio flat in Burnham, conveyancing formalities finalised June 2004. How much will my lease extension cost? Equivalent properties in Burnham with a long lease are worth £191,000. The ground rent is £55 charged once a year. The lease ends on 21st October 2080
With just 54 years unexpired we estimate the premium for your lease extension to range between £31,400 and £36,200 plus professional fees.
The figure above 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 this information in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first getting professional advice.
Is it true that a Burnham conveyancing company got sued by a client for failing to conduct comprehensive conveyancing investigations?
We are not aware of such a Burnham conveyancing matter but it has been reported that, clients purchasing a home in Cumbria successfully sued their conveyancing practitioner as a consequence of development permission to build a wind farm failing to be picked up in conveyancing searches.
Where you are purchasing in Burnham It is critical that your lawyer conduct all Burnham conveyancing searches required making sure that you have accurate and current information ahead of acquiring a home in Burnham.