My wife and I are hoping to purchase a property in Mevagissey and have instructed a Mevagissey conveyancing firm. Within the last couple of days our property lawyer has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. Chelsea Building Society have this evening contacted us to advise us that they have now hit a problem as our Mevagissey lawyer is not on their conveyancing panel. Is this a problem?
When purchasing a property with the benefit of a mortgage it is usual 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 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 bank's conveyancing panel and you may continue to use your own Mevagissey solicitors, in which case your legal fees may increase, and it may delay matters as you have another set of people involved.
Finally the sale completed on my house in Mevagissey last August but my buyer keeps e-mailing every few hours to say his conveyancer needs to hear from mine. What are the post completion sale legalities following completion?
Following your house sale your solicitor is obliged to deliver the transfer deeds and all of the paperwork to the purchaser's conveyancer. Depending on the transaction, your conveyancer must also confirm that the legal charge in favour of the lender has been repaid to the purchasers lawyers. There is unlikely to be post completion steps unique to conveyancing in Mevagissey.
I've recently found out that there is a flying freehold issue on a house I put an offer in last month in what should have been a straight forward, chain free conveyancing. Mevagissey is the location of the property. Is there any advice you can give?
Flying freeholds in Mevagissey are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Mevagissey you would need to get your solicitor to go through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Mevagissey may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
My husband and I are new to the buying process - had an offer accepted, yet the agent advised that the vendor will only move forward if we use the agent's chosen conveyancers as they need a ‘quick sale’. Our preferred option is to instruct a local conveyancer used to conveyancing in Mevagissey
It is unlikely the owners are behind this. Should the seller desire ‘a quick sale', taking such a hostile approach to a serious buyer is going to damage their objectives. Contact the vendors directly and make the point that (a)you are motivated buyers (b)you are ready to go, with mortgage lined up © you are unencumbered (d) you intend to proceed fast (e)but you are going to use your preferred Mevagissey conveyancing lawyers - not the ones that will give their negotiator at the agency a introducer fee or achieve conveyancing thresholds demanded by senior management.
Last January I purchased a leasehold flat in Mevagissey. Do I have any liability for service charges relating to a period prior to completion of my purchase?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I acquired a 1st floor flat in Mevagissey, conveyancing formalities finalised in 2011. Can you let me have an estimated range of the fair premium for a lease extension? Comparable properties in Mevagissey with a long lease are worth £206,000. The ground rent is £45 invoiced annually. The lease finishes on 21st October 2091
With only 66 years remaining on your lease we estimate the price of your lease extension to range between £11,400 and £13,200 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. You should not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not take any other action based on this information without first getting professional advice.
I have read on various online forums that when choosing a conveyancing lawyer they need approved by your mortgage company. This is my first home move but I have an AIP from Birmingham Midhshires and I already have a family conveyancing solicitor in Mevagissey on standby. Will Nat West Bank require an approved lawyer to be instructed? Does a list of approved conveyancers even exist so I can choose a conveyancing solicitor in Mevagissey?
You need to choose a solicitor that is on the Nat West Bank panel. Just telephone your preferred Mevagissey conveyancing lawyer to check if they are on the Nat West Bank panel. If they are not approved you have a couple of options open to you here:
- Proceed with your existing Mevagissey conveyancing practitioner but Nat West Bank will undoubtedly instruct a conveyancer from their approved panel. The net result is additional cost and probable frustration.
- Appoint a new lawyer to conduct the conveyancing, ensuring that they are on the Nat West Bank conveyancing panel.
- Convince your lawyer to do everything within their powers to join the Nat West Bank conveyancing panel.