My fiance and I are planning to purchase a home in Red Lodge and have instructed a Red Lodge conveyancing practice. Within the last couple of days our solicitor has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. National Westminster Bank have this evening contacted us to inform me that they have now hit a problem as our Red Lodge lawyer is not on their approved list of lawyers. Please explain?
Where you are buying a property needing a mortgage it is usual for the purchasers' solicitors 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 lawyers to represent them. You are not legally obliged to appoint a law firm on the lender’s conveyancing panel as you are at liberty to use your preferred Red Lodge lawyers, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.
Can you clarify what the consequences are if my solicitor is expelled from the Nottingham Conveyancing panel ahead of completing my conveyancing in Red Lodge?
The first thing to point out is that, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
My wife and I are buying a house in Red Lodge. I might seem paranoid but how we can trust a solicitor? On the day of competition we have to put money into their account. What protection do we have from them run away with our deposit?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
There are a variety of conveyancing solicitors in Red Lodge but how do I know who's good?
We would encourage you not to go for the cheapest Red Lodge conveyancing quote. You really do get what you’re paying for when it comes to conveyancing solicitors. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you know exactly what you’ll have to pay in ahead of time.
Are all Red Lodge Conveyancing Quality Solicitors on the Nationwide conveyancing list of approved practices?
A selection of lenders now use the accreditation scheme as the starting point for Panel membership such as HSBC and Santander. CQS membership however gives no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for solicitors wishing to remain on their approved list of firms.
Do commercial conveyancing searches reveal planned roadworks that may impact a commercial estate in Red Lodge?
Its becoming the norm that commercial conveyancing solicitors in Red Lodge will perform a SiteSolutions Highways report as it dramatically cuts the time that conveyancers spend in researching accurate data on highways that impact buildings and development assets in Red Lodge. The report provides definitive data 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 Red Lodge.
For every commercial conveyancing transaction in Red Lodge it is crucial to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been dealt with adequately may cause delays to Red Lodge commercial conveyancing deals as well as pose a risk to future plans for the site. These searches are not conducted for domestic conveyancing in Red Lodge.
I've recently found out that there is a flying freehold issue on a house I have offered on last month in what should have been a straight forward, no chain conveyancing. Red Lodge is where the house is located. Can you offer any assistance?
Flying freeholds in Red Lodge are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Red Lodge you would need to get your solicitor to go through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Red Lodge may ascertain 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.
I am on look out for some leasehold conveyancing in Red Lodge. Before I get started I require certainty as to the unexpired term of the lease.
If the lease is registered - and most are in Red Lodge - then the leasehold title will always include the basic details 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 bought a split level flat in Red Lodge, conveyancing having been completed half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Similar flats in Red Lodge with an extended lease are worth £192,000. The ground rent is £55 levied per year. The lease terminates on 21st October 2079
You have 54 years left to run the likely cost is going to span between £32,300 and £37,400 plus costs.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not move forward based on this information before seeking the advice of a professional.