My fiance and I are hoping to purchase a flat in Roade and have appointed a Roade conveyancing practice. Within the last couple of days our lawyer has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Britannia have this evening contacted us to inform me that there is now an issue as our Roade lawyer is not on their approved list of lawyers. Is this a problem?
Where you are buying a property with the assistance of a mortgage it is conventional 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 Accreditation Scheme. Your solicitor 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 solicitors to act. You don't have to instruct a firm on the lender’s conveyancing panel as you are at liberty to use your preferred Roade lawyers, in which case it will likely add costs, and it may delay matters as you have another set of people involved.
Do the Building Society Association intend to launch a online directory to list law firms on the Loughborough BS conveyancing panel for instance in Roade?
We would not expect to be advised of any plans on the part of the BSA to promote such a search facility.
Various web forums that I have come across warn that are the primary reason for hinderance in Roade house deals. Is that correct?
The Council of Property Search Organisations (CoPSO) has noted the determinations of research by MoveWithUs that conveyancing searches do not figure amongst the top 10 causes of delays in the conveyancing process. Local searches are unlikely to be the root cause of slowing down conveyancing in Roade.
Are there restrictive covenants that are commonly identified during conveyancing in Roade?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Roade. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I decided to have a survey carried out on a property in Roade in advance of appointing conveyancers. I have been advised that there is a flying freehold element to the property. My surveyor advised that some lenders tend not give a loan on this type of property.
It depends who your proposed lender is. Bank of Scotland has different requirements for example to Birmingham Midshires. Should you wish to call us we can check with the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Roade. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Roade to see if the conveyancing costs will increase in light of this.
Planning to sign contracts shortly on a leasehold property in Roade. Conveyancing lawyers assured me that they are sending me a report tomorrow. What should I be looking out for?
Your report on title for your leasehold conveyancing in Roade should include some of the following:
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Will you be prohibited or prevented from having pets in the property? The physical extent of the demise. This might be the apartment itself but might incorporate a roof area or storage are if appropriate. Changes to the property You should receive a copy of the lease Details of the parties to the lease, for example these could be the lessee, superior lessor, freeholder
I purchased a basement flat in Roade, conveyancing was carried out 7 years ago. Can you work out an approximate cost of a lease extension? Comparable flats in Roade with a long lease are worth £190,000. The ground rent is £45 invoiced every year. The lease expires on 21st October 2086
With just 62 years unexpired we estimate the price of your lease extension to range between £17,100 and £19,800 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range 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 investigations. Do not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not take any other action based on this information before getting professional advice.