My partner and I are hoping to purchase a house in Fenny Stratford and are in fact using a Fenny Stratford conveyancing firm. Within the past 48 hours our property lawyer has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Platform Home Loans Ltd have this evening contacted us to advise us that there is now an issue as our Fenny Stratford lawyer is not on their conveyancing panel. Please explain?
If you are buying a property needing a mortgage it is normal for the purchasers' lawyers 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 Fenny Stratford lawyers, in which case it will likely add costs, and it may delay matters as you are adding another lawyer into the mix.
Should conveyancers request money up-front for conveyancing in Fenny Stratford?
Where you are retaining lawyers for conveyancing in Fenny Stratford your solicitor will request that you to provide them with monies to cover the search fees. Ordinarily this is asked for to cover the fees of the conveyancing searches. When the deposit is payable against the sale price then this should be required immediately prior to contracts are exchanged. The closing balance that is due will be payable a few days prior to the completion date.
I need some expedited conveyancing in Fenny Stratford as I have an ultimatum to sign on the dotted line inside 4 weeks. Luckily I do not require a mortgage. Is it possible to escape the need for conveyancing searches to save fees and time?
As you are are a cash buyer you are at liberty not to have searches conducted although no solicitor would recommend that you don't. With lots of history conveyancing in Fenny Stratford the following are instances of what can arise and adversely impact future saleability: Enforcement Notices, Outstanding Fees, Overdue Grants, Unadopted Roads,...
I am looking for a ground for flat up to £235,500 and found one close by in Fenny Stratford I like with a park and station in the vicinity, the downside is that it's only got 51 years on the lease. I can't really find anything else in Fenny Stratford suitable, so just wondered if I would be making a grave error acquiring a short lease?
Should you need a mortgage that many years will be a potential deal breaker. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for a minimum of 2 years you can request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should consult your conveyancing solicitor concerning this matter.
How does the Landlord & Tenant Act 1954 impact my business premises in Fenny Stratford and how can you help?
The particular law that you refer to affords protection to commercial tenants, giving them the legal entitlement to apply to court for a continuation of occupancy at the end of the lease term. There are limited grounds that a landlord can refuse a lease renewal and the rules are complex. Fees are different for commercial conveyancing. Fenny Stratford is one of the numerous locations in which our lawyers are based
Me and my wife have just had an offer accepted on a property and had an appointment on Tuesday with Nationwide for the mortgage. They advised us that when it comes to appointing a lawyer that unless they are on their approved panel of conveyancers then we will incur an additional fee of about two hundred pounds. This is because they would then have to appoint a property lawyer to act on their behalf as well as the one we select for ourselves and we will be on the hook for their fees. I have asked Nationwide to send me with a list so I can request estimates only from their approved conveyancers but was told that I need to check with each individual lawyer to see if they are on the panel. Is there a list online?
You should ask Nationwide what their panel criteria is for a solicitor.Thereafter ask the property lawyer of your choice whether they meet the criteria and have they acted on mortgages for Nationwide before. Where the answer to those is yes, then just double check with Nationwide. Alternatively please make use of our search tool and we should be able to identify a lawyer in Fenny Stratford on the panel for Nationwide.