My wife and I are planning to acquire a home in Didcot and are in fact using a Didcot conveyancing firm. Within the last couple of days our conveyancer has sent a preliminary report and documents to look through with a view to exchanging next week. Nationwide Building Society have this evening contacted us to advise us that there is now an issue as our Didcot conveyancer is not on their conveyancing panel. Please explain?
If you are buying a property requiring a mortgage it is usual 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 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 solicitors to act. You are not legally obliged to appoint a law firm on the lender’s conveyancing panel and you may continue to use your own Didcot solicitors, in which case it will likely add costs, and it may delay matters as you are adding another lawyer into the mix.
We hope to to buy with Coventry BS. We have called around locally but cant to find a Didcot conveyancing firm on the Coventry BS panel. Please you help?
Please do make use of the search tool on this page. Please choose the lender and type Didcot or your location and you will discover a number of lawyer located in Didcot or by proximity to you.
It has been three months since my purchase conveyancing in Didcot took place. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £160,000. 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 property 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.
About to purchase a new build flat in Didcot. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Here are examples of a selection of leasehold new build questions that you can expect your new-build leasehold conveyancing in Didcot
Forfeiture - bankruptcy or liquidation must not apply under this provision. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier?
What are the frequently found deficiencies that you see in leases for Didcot properties?
There is nothing unique about leasehold conveyancing in Didcot. All leases are unique and legal mistakes in the legal wording can sometimes mean that certain sections are wrong. For example, if your lease is missing any of the following, it could be defective:
Service charge per centages that don't add up correctly leaving a shortfall
A defective lease will likely cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Nationwide Building Society, Norwich and Peterborough Building Society, and Alliance & Leicester all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, forcing the purchaser to pull out.
I invested in buying a ground floor flat in Didcot, conveyancing was carried out 4 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar flats in Didcot with an extended lease are worth £185,000. The average or mid-range amount of ground rent is £65 yearly. The lease comes to an end on 21st October 2083
With just 59 years remaining on your lease we estimate the premium for your lease extension to range between £20,900 and £24,200 as well as plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to advice on the actual costs in the absence of comprehensive due diligence. Do not use this information in tribunal or court proceedings. There may be other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not move forward based on this information before getting professional advice.
Are all Didcot legal practices on every bank conveyancing panel?
The Lexsure search tool on this page may be of use or you can go into your local bank branch in Didcot. the probability is that they will be in a position to suggest some reputable conveyancing solicitors in Didcot