My wife and I are planning to acquire a flat in Downton and have instructed a Downton conveyancing firm. Within the past 48 hours our lawyer has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Chelsea Building Society have this afternoon contacted us to advise us that they have now hit a problem as our Downton solicitor is not on their conveyancing panel. What do we do from here?
If you are buying a property requiring a mortgage it is normal 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 Accreditation 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 Downton solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
Completed the sale of my flat in Downton last January yet the purchaser is e-mailing me to say her conveyancer needs to hear from mysolicitor. What are the post completion sale legalities following completion?
Following your disposal your conveyancer is obliged to forward the transfer deeds and all of the paperwork to the buyer’s lawyers. Where relevant, your solicitor should also confirm that the home loan has been repaid to the purchasers solicitors. There are no post completion tasks specific conveyancing in Downton.
Are the BSA intent on creating a online directory to list practices on the Norwich and Peterborough Building Society conveyancing panel for example in Downton?
Lexsure has not been advised of any plans on the part of the BSA to promote such a search facility.
A relative recommended that if I am buying in Downton I should carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is sometimes quoted for as part of the standard Downton conveyancing searches. It is a large document of more than thirty pages, listing and setting out important information about Downton around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Downton Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average House Prices, Crime statistics, Local Education with plans and statistics, Local Amenities and other useful data regarding Downton.
About to purchase a new build flat in Downton. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Here is a sample of a selection of leasehold new build questions that you may expect your new-build leasehold conveyancing in Downton
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There must be mutual enforceability of lessee’s covenants. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Forfeiture - bankruptcy or liquidation must not apply under this provision. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified.
I want to sublet my leasehold flat in Downton. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?
Your lease governs the relationship between the freeholder and you the flat owner; in particular, it will say if subletting is prohibited, or permitted but only subject to certain caveats. The rule is that if the lease contains no expres ban or restriction, subletting is allowed. The majority of leases in Downton do not prevent subletting altogether – such a clause would undoubtedly devalue the flat. Instead, there is usually simply a requirement that the owner notifies the freeholder, possibly supplying a duplicate of the sublease.
I own a ground floor flat in Downton, conveyancing was carried out October 1995. Can you work out an approximate cost of a lease extension? Comparable flats in Downton with a long lease are worth £206,000. The average or mid-range amount of ground rent is £45 invoiced annually. The lease ceases on 21st October 2093
With only 67 years left to run we estimate the premium for your lease extension to be between £10,500 and £12,000 as well as costs.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed due diligence. You should not use this information in tribunal or court proceedings. There may be other concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before getting professional advice.