My husband and I are looking to acquire a home in Grange Park and are in fact using a Grange Park conveyancing practice. Within the last couple of days our property lawyer has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Clydesdale have this evening contacted us to advise us that there is now an issue as our Grange Park conveyancer is not on their conveyancing panel. What do we do from here?
Where you are buying a property with the assistance 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 Quality 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 solicitors to act. You don't have to instruct a firm on the lender’s conveyancing panel and you may continue to use your own Grange Park solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
We were just about to exchange contracts for a garden flat in Grange Park. We encountered a snag. The loan offer with Britannia expires on 21/10/2019 but the vendors are putting forward a completion date of 23/10/2019. Can one extend the loan expiry date?
The best person to address this issue is your lawyer who will hopefully determine whether he or she is corresponding with the mortgage broker, vendor’s representatives, property agents or conceivably all parties given what has gone on in your house move as of today.
Have just purchased a probate house at auction in Grange Park. Conveyancing is needed. What is next?
Given that you are now exchanged you now have to retain a conveyancing lawyer soon as you are facing a fast approaching a drop dead date to complete the transaction. All auction property will have an associated legal set of papers. This should include the copy title deeds, local authority and drainage searches. Where you are dealing with leasehold premises the legal papers may include a copy of the lease, management information and a sellers leasehold information form and other conveyancing documentation specific to a leasehold property. You need to pass this on to your appointed conveyancing solicitor ASAP. You also need to ensure that you have funds organised to complete the transaction on the set completion date.
Planning on purchasing a flat in Grange Park. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Lloyds conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Grange Park conveyancer is on the Lloyds conveyancing panel.
After shopping around on the internet I have found a Grange Park conveyancer having made sure that they are on the Nationwide conveyancing panel. Does my lawyer arrange the survey of the property?
Nationwide will need an independent valuation of the property. Your lawyer will not arrange this. Usually Nationwide will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Grange Park surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
How does conveyancing in Grange Park differ for new build properties?
Most buyers of new build or newly converted property in Grange Park contact us having been asked by the seller to sign contracts and commit to the purchase even before the premises is constructed. This is because new home sellers in Grange Park tend to purchase the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Grange Park or who has acted in the same development.
Over the last few months I have been searching for a leasehold apartment up to £235,500 and identified one close by in Grange Park I like with a park and railway links nearby, however it's only got 49 years unexpired on the lease. There is not much else in Grange Park for this price, so just wondered if I would be making a grave error buying a short lease?
Should you need a mortgage the shortness of the lease will be an issue. Reduce the price by the anticipated lease extension will cost if not already taken into account. If the current proprietor has owned the premises for at least twenty four months you may ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer about this matter.
I have selected a Grange Park conveyancing solicitor for our house purchase (novice purchasers) and have picked up in the terms and conditions that they are not governed by the Financial Conduct Authority. Should I be worried or is that standard with property lawyer?
We can't see why they should be. Most conveyancer don't lend money. You should check that they are regulated by the SRA, who have specific obligations in place on funds held on client account.