My wife and I are looking to purchase a property in Ramsey and have appointed a Ramsey conveyancing firm. Within the past 48 hours our conveyancer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. HSBC Bank have this evening contacted us to advise us that there is now an issue as our Ramsey lawyer is not on their approved list of lawyers. What do we do from here?
When purchasing a property with the benefit of a mortgage it is standard 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 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 are not legally obliged to appoint a law firm on the bank's conveyancing panel and you may continue to use your own Ramsey solicitors, in which case it will likely add costs, and it may delay matters as you are adding another lawyer into the mix.
Last January we completed a house move in Ramsey. We have noticed several issues with the property which we believe were omitted in the conveyancing searches. Do we have any recourse? Can you clarify the type of searches that needed to have been carried out for conveyancing in Ramsey?
It is not clear from the question as to the nature of the problems and if they are relate to conveyancing in Ramsey. Conveyancing searches and due diligence initiated during the legal transfer of property are supposed to help avoid problems. As part of the legal transfer of property, a seller completes a questionnaire called a SPIF. If the information is misleading, then you may have a claim against the seller for any losses that you have suffered. The survey should have identified any problems with the structure of the property. Assuming a detailed survey was carried out and the issues were not identified, you may have a claim against the surveyor. However, if you did not have a full survey, you may be responsible for fixing any defects that have now been noted. We would always encourage buyers to take every possible step to ensure they are completely aware of the condition of a property before purchase regardless of whether they are buying in Ramsey.
I am expecting a AIP from Yorkshire BS this week so we know how much we could potentially offer as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Yorkshire BS recommend any Ramsey solicitors on the Yorkshire BS conveyancing panel, or is it better to go independently?
You will need to appoint Ramsey solicitors independently although you'll need to choose one on the Yorkshire BS conveyancing panel. The solicitor represents both you and Yorkshire BS through the process.
I have paid off my mortgage with Leeds Building Society. I assume I don't need a Ramsey lawyer on the Leeds Building Society panel to remove the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Leeds Building Society mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Leeds Building Society mortgage from the register. Leeds Building Society, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Leeds Building Society has sent the Land Registry the discharge electronically, and
- Leeds Building Society has instructed the Land Registry to do so
Leeds Building Society have agreed my home loan in principle, my bid on a property in Ramsey has been accepted, what are the next steps?
The property agent will want to know who your solicitors are (ensure that the solicitors are on the bank’s approved list). Call up Leeds Building Society or your broker and finalise any relevant documentation. Leeds Building Society will appoint a valuer who will get in contact with the estate agent or seller to schedule a time for the valuation to happen. Once conducted (assuming no problems) it takes approximately ten days to receive the mortgage offer. Leeds Building Society will send the offer to you and your property lawyers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Ramsey.
Should commercial conveyancing searches reveal planned roadworks that could impact a commercial estate in Ramsey?
Its becoming the norm that commercial conveyancing solicitors in Ramsey will perform a SiteSolutions Highways report as it dramatically cuts the time that conveyancers invest in looking into accurate data on highways that impact buildings and development assets in Ramsey. 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 Ramsey.
For each commercial conveyancing transaction in Ramsey it is critical to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been addressed adequately can cause delays to Ramsey commercial conveyancing transactions as well as pose a risk to future plans for the site. These searches are not carried out for residential conveyancing in Ramsey.
How does conveyancing in Ramsey differ for newly converted properties?
Most buyers of new build property in Ramsey come to us having been asked by the seller to sign contracts and commit to the purchase even before the residence is ready to move into. This is because house builders in Ramsey usually acquire 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 accustomed to new build conveyancing in Ramsey or who has acted in the same development.
Can you provide any advice for leasehold conveyancing in Ramsey from the perspective of saving time on the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Ramsey can be reduced if you instruct lawyers as soon as your agents start marketing the property and ask them to collate the leasehold information which will be required by the buyers’ lawyers. If you have had 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 purchasers and their solicitors will be concerned about purchasing a property where there is a current dispute. You may have to bite the bullet 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 are still duty bound to disclose details of the dispute to the purchasers, but it is better to present the dispute as historic rather than unsettled. If you have carried out any alterations to the residence would they have required Landlord’s approval? In particular have you laid down wooden flooring? Most leases in Ramsey state that internal structural changes or laying down wooden flooring require a licence from the Landlord consenting to such alterations. Where you fail to have the consents to hand do not communicate with the landlord without checking with your conveyancer before hand. Some Ramsey leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers obtain bank and professional references. Any bank reference will need to confirm that the buyers are able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their lawyers.
I acquired a 1 bedroom flat in Ramsey, conveyancing formalities finalised June 2005. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent properties in Ramsey with over 90 years remaining are worth £191,000. The ground rent is £55 yearly. The lease comes to an end on 21st October 2079
With only 53 years remaining on your lease we estimate the premium for your lease extension to range between £27,600 and £31,800 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure in the absence of detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first getting professional advice.