My partner and I are hoping to acquire a property in Grantham and are in fact using a Grantham conveyancing firm. Within the last couple of days our conveyancer has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Barclays Direct have this morning contacted us to advise us that there is now an issue as our Grantham conveyancer is not on their approved list of lawyers. What do we do from here?
When purchasing a property with mortgage finance it is conventional 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 Quality 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 don't have to instruct a firm on the lender’s conveyancing panel and you may continue to use your own Grantham solicitors, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.
It is 10 years ago since I purchased my home in Grantham. Conveyancing solicitors have recently been appointed on the sale but I am unable to find my title deeds. Is this a problem?
Don’t worry too much. Firstly the deeds may be kept by your lender or they may be in the possession of the lawyers who acted in your purchase. Secondly the likelihood is that the property will be recorded at the land registry and you will be able to establish that you are the registered owner by your conveyancing solicitors procuring current official copies of the land registers. The vast majority of conveyancing in Grantham relates to registered property but in the rare situation where your property is unregistered it is more of a problem but is not insurmountable.
Do I need to pay for insurance to protect me from financial exposure to chancel repairs when acquiring a residence in Grantham?
Unless a prior purchase of the house took place post 12 October 2013 you may assume that lawyers handling conveyancing in Grantham to continue to suggest a chancel search and or insurance against a claim.
Despite weeks of looking the Title Certificate and documents to my property are lost. The solicitors who handled the conveyancing in Grantham 5 years ago no longer exist. What are my options?
Assuming you have a registered title the details of your proprietorship will be documented by HMLR under a Title Number. It is possible to execute a search at the Land Registry, locate your house and order up to date copies of the property title for less than a fiver. If the title is Leasehold then the Land Registry will in most cases hold a certified duplicate of the Registered Lease and again, a copy can be ordered for £20 inclusive of VAT.
Over the last few months I have been searching for a ground for flat up to £245,000 and found one round the corner in Grantham I like with open areas and transport links in the vicinity, however it's only got 61 years unexpired on the lease. I can't really find anything else in Grantham suitable, so just wondered if I would be making a mistake acquiring a short lease?
If you require a home loan that many years will likely be problematic. Reduce the offer by the amount the lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for at least 2 years you can ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should consult your conveyancing lawyer about this matter.
What is the reason for my conveyancing practitioner requiring a list of items of identification before they can proceed with selling or buying a property in Grantham?
Grantham lawyers are obliged by the Law Society, SRA, HM Land Registry and current AML Regulations to certify that the have verified the identity of their clients. It is also sometimes a requirement of your mortgage offer. In addition they have to complete various forms, particularly those relating to Land Tax and need to have information such as your full names, national insurance number and date of birth.