My husband and I are hoping to buy a property in Exton and have appointed a Exton conveyancing practice. 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. Virgin Money have this evening contacted us to inform me that they have now hit a problem as our Exton conveyancer is not on their approved list of lawyers. Is this a problem?
When purchasing a property with mortgage finance it is standard 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 as you are at liberty to use your preferred Exton lawyers, in which case your legal fees may increase, and it may delay matters as you have another set of people involved.
My partner and I have lately bought a property in Exton. We have since encountered a number of issues with the house which we believe were overlooked in the conveyancing searches. Is there anything we can do? Can you clarify the nature of searches that should have been carried out as part of conveyancing in Exton?
The question is not clear as what problems have arisen and if they are unique to conveyancing in Exton. Conveyancing searches and due diligence undertaken during the buying process are carried out to help avoid problems. As part of the process, a seller fills in a form referred to as a SPIF. answers turns out to be misleading, you may have a misrepresentation claim against the seller for any losses that you have suffered. The survey should have identified any problems with the structure of the property. Assuming a detailed survey was carried out and the issues were not identified, you may have a claim against the surveyor. However, if you did not have a full survey, you may be responsible for fixing any defects that have now been noted. We would always encourage buyers to take every possible step to ensure they are completely aware of the condition of a property before purchase regardless of whether they are buying in Exton.
I am purchasing a terraced house in Exton. Conveyancing solicitors are said to be ‘a necessary evil’ but can I do it myself?
Leaving aside the complexities and merits of DIY conveyancing in Exton you will have to appoint a solicitor on your bank's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Exton.
Do I choose a Licenced Conveyancer or Solicitor for conveyancing in Exton?
There are two types of lawyers who can carry out conveyancing in Exton namely licenced conveyancers or solicitors. The two can handle the legal services that you need to complete the disposal or purchase of property. Both are obliged to execute Exton conveyancing to the same quality and guidelines so you may be sure that your conveyancing will be properly carried out and that all requisite steps will be accurately attended to.
My bid for a property was accepted at auction in Exton. Conveyancing is needed. What are my next steps?
Given that you have now for in every practical sense signed on the dotted line you now have to appoint a conveyancing lawyer soon as you now have a fast approaching deadline in which to complete the purchase. An auction property should have an associated auction pack. This will likely include evidence of title and search results. Where you are dealing with leasehold property the conveyancing papers should include a copy of the lease, management information and a sellers leasehold information form and other conveyancing paperwork specific to leasehold premises. You need to pass this on to the solicitor working for you at the earliest opportunity. You also need to ensure that your finances are in place to complete on the on the contractual date .
When it comes to lenders such as Santander, do Exton conveyancers have to pay an annual charge to be on the conveyancing panel?
We are not aware of any mortgage company fees to register on their panel, although some do charge an administration fee to deal with the processing of the conveyancing panel application.
Yesterday I discovered that there is a flying freehold element on a house I have offered on a fortnight ago in what was supposed to be a simple, chain free conveyancing. Exton is where the house is located. Can you shed any light on this issue?
Flying freeholds in Exton are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Exton you must be sure that your lawyer goes through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Exton may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
I own a leasehold flat in Exton. Conveyancing and Aldermore mortgage are in place. A letter has just been received from someone saying they have taken over the freehold. It included a ground rent demand for rent dating back to 1992. The conveyancing solicitor in Exton who previously acted has now retired. Do I pay?
The first thing you should do is make enquiries of HMLR to be sure that the individual claiming to own the freehold is in fact the new freeholder. You do not need to incur the fees of a Exton conveyancing practitioner to do this as it can be done on-line for less than a fiver. You should note that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I inherited a garden flat in Exton, conveyancing was carried out half a dozen years ago. Can you work out an approximate cost of a lease extension? Corresponding properties in Exton with an extended lease are worth £171,000. The average or mid-range amount of ground rent is £50 per annum. The lease comes to an end on 21st October 2104
With only 79 years remaining on your lease the likely cost is going to be between £8,600 and £9,800 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for extending 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 may be other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not take any other action based on this information without first getting professional advice.