My wife and I are planning to buy a property in Cheltenham and have instructed a Cheltenham conveyancing practice. Within the last couple of days our solicitor has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. The Mortgage Works have this afternoon contacted us to advise us that there is now an issue as our Cheltenham lawyer is not on their conveyancing panel. Is this a problem?
If you are buying a property requiring a mortgage it is conventional for the purchasers' lawyers 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 Accreditation 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 bank's conveyancing panel as you are at liberty to use your preferred Cheltenham lawyers, in which case your legal fees may increase, and it may delay matters as you have another set of people involved.
Our son-in-law is buying a newly built flat in Cheltenham with a mortgage from Co-operative. His conveyancer has said that there is a delay in completing the ‘Disclosure of Incentive Form’. What is this document - I have never come across this before?
The form is intended to provide information to the main parties engaged in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Co-operative conveyancing panel as a standard part of the process, and to the surveyor when asked. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Co-operative conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
At what point can the exchange of contracts take place for purchase conveyancing in Cheltenham and am I required to be at the lawyers branch?
Where you are near to our conveyancing solicitors in Cheltenham you are welcome to attend to sign contracts. However, the law practices we work with provide a nationwide conveyancing service and provide as equally comprehensive and professional a job for you when communicating with you by post or email. The executing of the contract is not the point of no return. A signed contract simply enables the firm to exchange contracts when the time is right, which is ordinarily shortly after signing. The exchange process is is usually a five minute process, although where an extended "chain" is in the mix, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Cheltenham)to be in the office at the appropriate time.
What can a local search reveal concerning the property I am purchasing in Cheltenham?
Cheltenham conveyancing often commences with the submitting local authority searches directly from your local Authority or via a personal search company for instance Onsearch The local search plays an important role in most Cheltenham conveyancing purchase; as long as you don’t want any unpleasant surprises after you move into your new home. The search will provide information on, amongst other things, details on planning applications applicable to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen topic headings.
I have been sourcing a conveyancing lawyer in Cheltenham for my house move. Is it possible to check a firm’s record with the profession’s regulator?
One may review documented Solicitor Regulator Association (SRA) decisions arising from inquisitions from 2008 onwards. Visit Check a solicitor's record. For records Pre 2008, or to check a firm's record, ring 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. International callers, use +44 (0)121 329 6800. The regulator may monitor telephone calls for training reasons.
Due to complete next month on a ground floor flat in Cheltenham. Conveyancing lawyers have said that they are sending me a report tomorrow. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Cheltenham should include some of the following:
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Who has the liability to repair and maintain the block. It is important that you know which party is liable for the repair and maintenance of every part of the building Does the lease prohibit wood flooring? What you can do if an adjoining owner breaches a clause of their lease? What remedies are open the freeholder should you have breached the provisions of the lease? Will you be prohibited or prevented from having pets in the property?
I own a studio flat in Cheltenham, conveyancing formalities finalised March 2010. How much will my lease extension cost? Similar properties in Cheltenham with an extended lease are worth £195,000. The ground rent is £45 charged once a year. The lease expires on 21st October 2087
With only 63 years unexpired the likely cost is going to span between £16,200 and £18,600 plus costs.
The figure above a general guide to costs for renewing a lease, but we are not able to advice on the actual costs in the absence of detailed due diligence. You should not use this information 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. You should not move forward based on this information before getting professional advice.