My wife and I are planning to purchase a house in Old Woking and have appointed a Old Woking conveyancing firm. Within the past 48 hours our lawyer has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Nottingham Building Society have this morning contacted us to advise us that there is now an issue as our Old Woking solicitor is not on their conveyancing panel. Please explain?
When purchasing a property with the benefit of a mortgage 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 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 are not legally obliged to appoint a law firm on the lender’s conveyancing panel and you may continue to use your own Old Woking solicitors, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.
We see that you have a search directory listing law firms on the Yorkshire BS conveyancing panel. Do companies pay you a commission if I appoint them for our own conveyancing in Old Woking?
We are a listing service only for law firms wishing to communicate if they are on the Yorkshire BS conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Old Woking.
Should commercial conveyancing searches disclose proposed roadworks that may affect a commercial premises in Old Woking?
Its becoming the norm that commercial conveyancing solicitors in Old Woking will order a SiteSolutions Highways report as it reduces the time that conveyancers invest in sourcing accurate data on highways that impact buildings and development assets in Old Woking. The search result sets out definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Old Woking.
For every commercial conveyancing transaction in Old Woking it is critical to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been dealt with adequately may result in delays to Old Woking commercial conveyancing deals as well as present a risk to future plans for the site. These searches are not ordered for domestic conveyancing in Old Woking.
I moved into my apartment on 2 August and my personal details is yet to be on the land registry website. Need I be worried? My conveyancing solicitor in Old Woking said it would be recorded in less than a month. Are transfers in Old Woking uniquely lengthy to register?
As far as conveyancing in Old Woking is concerned, registration is no faster or slower than anywhere else in the country. Rather than based on location, timescales can differ according to the party submitting the application, whether it is in order and if the Land registry communicate with any 3rd persons or bodies. As of today roughly 80% of submission are completed in less than three weeks but occasionally there can be protracted hold-ups. Historically registration takes place once the new owner is living at the premises thus 'speed' is not usually primary concern but where there is a degree of urgency associated with the registration then you or your solicitor can communicate with the Registry to express the reasoning for an expedited registration.
How does conveyancing in Old Woking differ for new build properties?
Most buyers of new build residence in Old Woking approach us having been asked by the developer to sign contracts and commit to the purchase even before the residence is finished. This is because house builders in Old Woking tend to purchase the real estate, 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 property lawyers 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 used to new build conveyancing in Old Woking or who has acted in the same development.
Having had my offer accepted I require leasehold conveyancing in Old Woking. Before I get started I require certainty as to the number of years remaining on the lease.
Assuming the lease is registered - and most are in Old Woking - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I acquired a basement flat in Old Woking, conveyancing was carried out 8 years ago. How much will my lease extension cost? Comparable flats in Old Woking with a long lease are worth £165,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease ceases on 21st October 2102
With just 77 years remaining on your lease we estimate the premium for your lease extension to be between £7,600 and £8,800 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 a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not move forward based on this information without first getting professional advice.