My wife and I are hoping to purchase a home in Ravenshead and are in fact using a Ravenshead conveyancing firm. Within the last couple of days our lawyer has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. Godiva Mortgages Ltd have this morning contacted us to advise us that they have now hit a problem as our Ravenshead conveyancer is not on their conveyancing panel. Please explain?
When purchasing a property with the benefit of a mortgage it is normal for the purchasers' solicitors to also act for the mortgage company. 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 Accreditation Scheme. Your solicitor 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 lender’s conveyancing panel and you may continue to use your own Ravenshead solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
It is a dozen years since I bought my house in Ravenshead. Conveyancing solicitors have now been instructed on the sale but I am unable to locate the title deeds. Will this jeopardise the sale?
Don’t worry too much. Firstly the deeds may be kept by the mortgage company or they may be in the possession of the solicitor who oversaw your purchase. Secondly the likelihood is that the property will be registered at the land registry and you will be able to prove you are the registered owner by your conveyancing solicitors acquiring current official copies of the land registers. Almost all conveyancing in Ravenshead relates to registered property but in the rare situation where your property is not registered it adds to the complexity but is not insurmountable.
Do the Building Society Association intend to launch a search tool with a view to to identify solicitors on the Melton Mowbray Building Society conveyancing panel for example in Ravenshead?
Lexsure has not been advised of any intention on the part of the BSA to promote such a register.
We are buying a property and the conveyancer has identified Chancel Repair for which the property may be liable because it falls into the area of such a church. He has mentioned insurance. Is this strictly required for conveyancing in Ravenshead
Unless a prior purchase of the premises completed after 12 October 2013 you could expect conveyancing practitioners conducting conveyancing in Ravenshead to remain encouraging a chancel search and or chancel repair liability policy.
Should I use a Ravenshead conveyancing practitioner who is local to the property I am purchasing? We have a good friend who can execute the conveyancing however his firm is located 400kilometers drive away.
The primary upside of using a local Ravenshead conveyancing firm is that you can drop in to execute paperwork, present your identification documents and pester them if necessary. They will also have local knowledge which is a plus. That being said it's more important to get someone that will pull out all the stops for you. If you know people who used your friend and the majority were impressed that should trump using an unfamiliar Ravenshead conveyancing lawyer just because they are based in the area.
What makes a Ravenshead lease problematic?
Leasehold conveyancing in Ravenshead is not unique. All leases are unique and drafting errors can result in certain provisions are missing. For example, if your lease is missing any of the following, it could be defective:
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A duty to insure the building
You may have a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Lloyds TSB Bank, Norwich and Peterborough Building Society, and Nottingham Building Society all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, obliging the purchaser to pull out.
I acquired a 1st floor flat in Ravenshead, conveyancing formalities finalised 3 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable flats in Ravenshead with over 90 years remaining are worth £170,000. The ground rent is £50 invoiced every year. The lease expires on 21st October 2102
With only 78 years left to run we estimate the price of your lease extension to range between £7,600 and £8,800 as well as legals.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure without more comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first seeking the advice of a professional.