My husband and I are looking to acquire a home in Denbighshire and are in fact using a Denbighshire 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. Chelsea Building Society have this evening contacted us to inform me that there is now an issue as our Denbighshire solicitor is not on their conveyancing panel. Is this a problem?
When purchasing a property with the benefit of a mortgage it is usual for the purchasers' solicitors 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 Accreditation Scheme. Your property lawyer 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 and you may continue to use your own Denbighshire solicitors, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.
We are downsizing from our property in Denbighshire and according to the buyers it appears that there is a possibility that the property was built on contaminated land. Any high street Denbighshire lawyer would know that there is no such problem. It does beg the question why the purchasers instructed an internet conveyancing firm as opposed to a conveyancing solicitor in Denbighshire. Having lived in Denbighshire for 4 years we know that this is a non issue. Should we contact our local Authority to get confirmation that the buyers are looking for.
It would appear that you have a conveyancing solicitor currently acting for you. Are they able to advise? You should check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same illness)
I have justbeen informed that Action Conveyancing have been shut down. They carried out my conveyancing in Denbighshire for a purchase of a leasehold flat 9 months ago. How can I check that my home is registered correctly in the name of the previous owner?
The easiest way to see if the premises is registered to you, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Denbighshire conveyancing specialists.
I am looking for a leasehold apartment up to £235,500 and identified one close by in Denbighshire I like with a park and railway links in the vicinity, the downside is that it only has 51 remaining years left on the lease. There is not much else in Denbighshire in this price bracket, so just wondered if I would be making a mistake acquiring a short lease?
If you need a home loan that many years will be a potential deal breaker. Reduce the price by the expected lease extension will cost if not already taken into account. If the current proprietor has owned the premises for at least 2 years you could request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should speak to your conveyancing lawyer concerning this matter.
What are your top tips when it comes to appointing a Denbighshire conveyancing firm to carry out our lease extension conveyancing?
When appointing a solicitor for lease extension works (regardless if they are a Denbighshire conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you talk with several firms including non Denbighshire conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. The following questions could be helpful:
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If they are not ALEP accredited then what is the reason? What are the costs for lease extension conveyancing?
I own a studio flat in Denbighshire, conveyancing formalities finalised half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent properties in Denbighshire with over 90 years remaining are worth £206,000. The average or mid-range amount of ground rent is £45 per annum. The lease runs out on 21st October 2091
You have 66 years remaining on your lease we estimate the price of your lease extension to be between £12,400 and £14,200 as well as professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to supply a more accurate figure in the absence of comprehensive investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not take any other action based on this information before getting professional advice.
Should I stop the direct debit for my mortgage with Barclays as soon as a completion date for my home sale in Denbighshire has been set?
No, you should maintain meeting any mortgage sums to Barclays until the mortgage is redeemed out of the proceeds of sale as part of your Denbighshire conveyancing.