My wife and I are planning to purchase a house in Longfield and have instructed a Longfield conveyancing practice. Within the last couple of days our solicitor has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. Virgin Money have this morning contacted us to inform me that there is now an issue as our Longfield solicitor is not on their conveyancing panel. What do we do from here?
When purchasing a property with the benefit of a mortgage it is standard 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 Quality Scheme. Your property lawyer should contact your mortgage company 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 and you may continue to use your own Longfield solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another lawyer into the mix.
I am currently in the process of buying my council flat in Longfield. I have a mortgage agreed with HSBC. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with HSBC, you will need to appoint a solicitor on the HSBC conveyancing panel.
I am selling my flat. I had a double glazing fitted in March 2010, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's mortgage company, UBS are being pedantic. The Longfield solicitor who is on the UBS conveyancing panel is recommending indemnity insurance as a solution but UBS are insisting on a building regulation certificate. Why do UBS have a conveyancing panel if they don't accept advice from them?
It is probably the case that UBS have referred the matter to their valuer. The reason why UBS may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
After what feels like an age I have had an offer on a maisonette in Longfield agreed to, but there is a chain. The sellers have offered on a flat, but it’s not been accepted yet, and are looking at other properties booked. I have selected a nearby conveyancing solicitor in Longfield. What do I do now? When do I get the mortgage application with Kent Reliance started?
It is understandable to have concerns where there is a chain as you are unlikely to want to incur costs too early (home loan application is approx £1k, then valuation, Longfield conveyancing search costs, etc). First, you should ensure that your solicitor is on the Kent Reliance approved list. Concerning the next stages this very much dictated by the specifics of your case, motivation for this property and on the state of the market. In a rising market many buyers would apply for the mortgage with Kent Reliance and pay for the valuation and only if it comes back ok would they pay their conveyancer to move forward with the conveyancing in Longfield.
I have been told that property searches are the primary cause of delay in Longfield conveyancing transactions. Is this right?
The Council of Property Search Organisations (CoPSO) has noted the conclusions of a review by MoveWithUs that conveyancing searches do not feature within the common causes of hindrances during the legal transfer of property. Searches are not likely to feature in any slowing down conveyancing in Longfield.
I have been on the look out for a flat up to £235,500 and found one round the corner in Longfield I like with open areas and station in the vicinity, however it only has 52 years on the lease. There is not much else in Longfield suitable, so just wondered if I would be making a grave error buying a lease with such few years left?
If you require a mortgage the shortness of the lease will likely be problematic. Discount the offer by the amount the lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for a minimum of 2 years you may request that they start the process of the extension and pass it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should consult your conveyancing solicitor concerning this.
Can you provide any top tips for leasehold conveyancing in Longfield from the point of view of expediting the sale process?
- Much of the frustration in leasehold conveyancing in Longfield can be reduced where you get in touch lawyers as soon as you market your property and request that they start to put together the leasehold information which will be required by the buyers’ lawyers. If there is a history of conflict with your landlord or managing agents it is very important that these are settled prior to the flat being put on the market. The buyers and their solicitors will be reluctant to purchase a property where there is an ongoing dispute. You may need to swallow your pride and discharge any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the purchasers, but it is clearly preferable to reveal the dispute as historic rather than unsettled. The majority of freeholders or Management Companies in Longfield charge for supplying management packs for a leasehold property. You or your lawyers should enquire as to the fee that they propose to charge. The management information sought on or before finding a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most common cause of delay in leasehold conveyancing in Longfield. You believe that you know the number of years remaining on your lease but it would be wise to double-check by asking your conveyancers. A purchaser's conveyancer will be unlikely to recommend their client to where the remaining number of years is less than 80 years. In the circumstances it is essential at an as soon as possible that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale.
Longfield Conveyancing for Leasehold Flats - Sample of Questions you should ask Prior to Purchasing
-
Best to be warned whether changing the roof or some other significant cost is pending to be shared amongst the tenants and will dramatically increase the the maintenance costs or require a specific payment. Does this lease have more than 82 years left? How much is the maintenance charge and ground rent on the property?
I happen to be an executor of my recently deceased mum’s Will, with a house in Longfield which will be marketed. The bungalow has never been registered at HMLR and I'm told that some EAs will insist that it is done before they will move forward. What's the procedure for this?
In the situation that you have set out it seems sensible to apply to register in the names of the personal representative(s) as named in the probate and in their capacity as PRs. The Land Registry’s online guidance explains how to register for the first time and what is required re the deeds and forms. You would need to include and certified copy of the probate as well and complete the form FR1 to refer to the PRs as the applicant.