My wife and I are hoping to buy a house in Lancing and are in fact using a Lancing conveyancing practice. Within the past 48 hours our property lawyer has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. Bank of Ireland have this evening contacted us to advise us that they have now hit a problem as our Lancing conveyancer is not on their conveyancing panel. What do we do from here?
When purchasing a property with mortgage finance it is usual for the purchasers' solicitors to also represent 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 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 are not legally obliged to appoint a law firm on the lender’s conveyancing panel as you are at liberty to use your preferred Lancing lawyers, in which case your legal fees may increase, and it may delay matters as you have another set of people involved.
AssumingI was to buy a simple residential housein Lancing for cash and dispense with a survey and no local authority searches how much would I expect to have to pay for conveyancing in Lancing?
Any savings you would achieve will be limited to the Lancing conveyancing searches. The property lawyer is obliged to do the vast majority of work - money laundering, correspond with your vendors solicitor, stamp duty submission, register the ownership etc. A slight saving might be made by not needing to register a mortgage but it won't be a lot.
Do all mortgage companies provide you with an approved list of Lancing conveyancing solicitors? How do you know who is on the Skipton conveyancing panel?
Lancing conveyancing firms themselves provide us confirmation that they are on the Skipton conveyancing panel as opposed to being supplied with a list from Skipton directly.
Will our solicitor be asking questions concerning flooding during the conveyancing in Lancing.
The risk of flooding is if increasing concern for conveyancers conducting conveyancing in Lancing. Plenty of people will buy a house in Lancing, fully aware that at some time, it may be flooded. However, leaving to one side the physical damage, where a property is at risk of flooding, it may be difficult to get a mortgage, satisfactory insurance cover, or dispose of the property. Steps can be carried out as part of the conveyancing process to forewarn the purchaser.
Conveyancers are not qualified to give advice on flood risk, but there are a number of checks that can be undertaken by the buyer or by their lawyers which should figure out the risks in Lancing. The standard information supplied to a buyer’s lawyer (where the Conveyancing Protocol is adopted) contains a standard inquiry of the seller to find out whether the property has historically flooded. In the event that flooding has previously occurred and is not revealed by the seller, then a buyer could bring a claim for damages stemming from an incorrect response. The purchaser’s solicitors will also carry out an enviro report. This will higlight if there is any known flood risk. If so, additional investigations will need to be made.
Taking into account that I will soon spend 450k on a house in Lancing I would like to have a conversation with the conveyancer concerning thehome move ahead of giving the go ahead to the firm. Can this be arranged?
This is something that we recommend - it is our preference to talk to you we do not take any clients on without you first talking to the lawyer due to be conducting your property ownership legalities in Lancing.There is no ‘factory style conveyancing’ - each client is an important individual, not a case reference. The law firms that we put you in touch with believe that the fees you are quoted for your conveyancing in Lancing should be the amount on the final invoice that you are charged.
I want to sublet my leasehold apartment in Lancing. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for permission?
Notwithstanding that your last Lancing conveyancing solicitor is not available you can review your lease to check if it allows you to sublet the property. The rule is that if the deeds are non-specific, subletting is permitted. Quite often there is a prerequisite that you are obliged to seek consent via your landlord or other appropriate person in advance of subletting. This means you not allowed to sublet without prior permission. Such consent is not allowed to be unreasonably withheld. If the lease does not allow you to sublet you should ask your landlord for their consent.
I purchased a leasehold flat in Lancing, conveyancing formalities finalised August 1998. How much will my lease extension cost? Corresponding properties in Lancing with over 90 years remaining are worth £216,000. The ground rent is £50 invoiced annually. The lease finishes on 21st October 2093
With just 69 years unexpired we estimate the premium for your lease extension to span between £9,500 and £11,000 as well as costs.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. Do not use this information in tribunal or court proceedings. There are no doubt other issues 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 without first seeking the advice of a professional.