My husband and I are nearing an exchange on a house in Redland and my mum and dad have sent the exchange deposit to my conveyancer. I am now advised that as the deposit has not arrived from me my conveyancing practitioner needs to make a notification to my mortgage company. Apparently, in also acting for the mortgage company he must inform them that the balance of the purchase price is coming from anyone other than me. I informed the bank about my parents' contribution when I applied for the home loan, so is it really appropriate for this now to hold matters up?
Your conveyancing practitioner is duty bound to check with mortgage company to ensure that they know that the balance of the purchase price is not from your own funds. The solicitor can only notify this to your lender if you agree, failing which, your lawyer must cease to continue acting.
I have been told by my lawyer that chancel insurance is needed on my purchase. What is the typical level of cover needed for conveyancing in Redland?
The right level of chancel indemnity insurance depends on your lender. It would differ for example between Barclays and Bank of Scotland. Conveyancing practitioners as opposed to borrowers take out such policies.
Is it the case that all Redland solicitor practices on the Yorkshire BS conveyancing panel are governed by the SRA?
As solicitors, in order to be on the Yorkshire BS conveyancing panel they would need to be governed by the SRA. Some banks do list licenced conveyancers on their panel and in that case the firms would be regulated by the Council of Licensed Conveyancers.
We are getting a further advance on our home loan from Santander as we want to carry out renovations to our house in Redland. Do we need to choose a local Redland solicitor on the Santander conveyancing panel to handle the legals?
Santander do not ordinarily appoint a member of their conveyancing panel to deal with the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Santander panel.
Should our solicitor be raising questions regarding flooding during the conveyancing in Redland.
The risk of flooding is if increasing concern for conveyancers dealing with homes in Redland. There are those who buy a house in Redland, completely expectant that at some time, it may suffer from flooding. However, aside from the physical destruction, if a property is at risk of flooding, it may be difficult to get a mortgage, satisfactory insurance cover, or dispose of the premises. Steps can be carried out as part of the conveyancing process to forewarn the purchaser.
Conveyancers are not best placed to impart advice on flood risk, however there are a number of searches that may be carried out by the buyer or by their conveyancers which should figure out the risks in Redland. The standard property information forms given to a buyer’s solicitor (where the Conveyancing Protocol is adopted) contains a standard inquiry of the vendor to discover if the premises has ever been flooded. If the property has been flooded in past and is not notified by the vendor, then a buyer could commence a legal claim for losses as a result of such an inaccurate reply. A purchaser’s conveyancers may also conduct an environmental report. This should disclose whether there is a recorded flood risk. If so, additional investigations will need to be carried out.
How easy is it to change solicitor as I have to instruct one who is on the Yorkshire Building Society conveyancing panel. I instructed a high street conveyancing solicitor in Redland round the corner but he is not accepted by Yorkshire Building Society
It would be our pleasure to assist you select a conveyancing solicitor in Redland on the Yorkshire Building Society panel. Please note that the conveyancers that we on the directory do not pay us commission if you instruct them and are under regulation of the SRA who oversee all conveyancing solicitors in Redland. In making use of the find a conveyancing solicitor tool on this page, you can compare and instruct different solicitors and conveyancers both nationally and in Redland.
All being well we will complete the sale of our £375,000 garden flat in Redland in 10 days. The managing agents has quoted £384 for Landlord’s certificate, insurance certificate and previous years service charge statements. Is it legal for a freeholder to charge an administration fee for a flat conveyance in Redland?
Redland conveyancing on leasehold flats often involves the purchaser’s lawyer submitting enquiries for the landlord to address. Although the landlord is not legally bound to address such questions most will be willing to do so. They are at liberty to charge a reasonable administration fee for answering questions or supplying documentation. There is no set fee. The average fee for the information that you are referring to is over three hundred pounds, in some situations it exceeds £800. The management information fee required by the landlord must be sent together with a synopsis of entitlements and obligations in relation to administration charges, without which the invoice is technically not due. Reality however dictates that you have little option but to pay whatever is requested of you if you want to exchange contracts with the buyer.
I acquired a basement flat in Redland, conveyancing having been completed January 1995. Can you give me give me an indication of the likely cost of a lease extension? Comparable properties in Redland with an extended lease are worth £211,000. The average or mid-range amount of ground rent is £45 charged once a year. The lease expires on 21st October 2089
With just 67 years remaining on your lease we estimate the premium for your lease extension to span between £10,500 and £12,000 plus professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to supply the actual costs without more comprehensive investigations. 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 considered and clearly you should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first getting professional advice.
My husband and I are purchasing a garden flat in Redland. When we first instructed property lawyer, they said that they were on all mainstream lender panels. Our financial adviser called yesterday to say that they are not on the Virgin Money approved list. Should that be true, what should we do? Should we just pick a different solicitor that is on their panel or should we cover the costs for dual representation, with Virgin Money appointing their own preferred property lawyer.
When purchasing a property with mortgage finance it is normal for the purchaser’s solicitors to also act for the purchaser's lender. In order to act for a bank or building society a conveyancing practitioner has to be on that lender's conveyancing panel. An application has to be made by the conveyancer to the lender to become a member of the lender's panel and there are increasingly strict conditions which the solicitor has to fulfill. Some lenders now insist their panel firms to be part of the Law Society’s Conveyancing Quality Scheme. Your conveyancer should call Virgin Money to discover 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 Virgin Money's conveyancing panel and you may continue to use your own Redland solicitors, in which case your legal fees may increase, and it may delay matters as you have another set of people involved.