I was told recently by my lender that my Shaftesbury lawyer is not on the bank Conveyancing panel. What can I do to be sure if this is correct?
You need to call your Shaftesbury lawyer directly. It is reasonable to expect your lawyer to advise you what has happened. Where they are not on the panel they may be able to suggest a Shaftesbury conveyancing firm that is on the approved list of lawyers for your mortgage company.
Can you point me to a directory of Kent Reliance panel conveyancers in Shaftesbury on the Building Society Association’s Website?
No. There is no such directory service on the Council of Mortgage Lenders or Building Society Association websites. A small selection of banks make their panel listings open the public online. If you are seeking to appoint a Shaftesbury property lawyer on the Kent Reliance please use our facility.
We were going to get a DIP from RBS this week so we can work out what to offer on a property we like as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do RBS recommend any Shaftesbury solicitors on the RBS conveyancing panel, or is it better to go independently?
You will need to appoint Shaftesbury solicitors independently although you'll need to choose one on the RBS conveyancing panel. The solicitor represents both you and RBS through the process.
It is not clear whether my bank obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my Shaftesbury bank branch on various occasions and was advised it wasn't a problem and they would lend. My Shaftesbury conveyancing solicitor - who is on the lender conveyancing panel- called to say that they refuse to lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. I simply don't know who is right.
Your lawyer must follow the Council of Mortgage Lenders’ Handbook Part 2 requirements for your bank. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
A colleague suggested that if I am buying in Shaftesbury I should carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
A search of this type is occasionally quoted for as part of the standard Shaftesbury conveyancing searches. It is not a small report of about 40 pages, listing and detailing significant information about Shaftesbury around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average House Prices, Crime statistics, Local Education with maps and statistics, Local Amenities and other useful information concerning Shaftesbury.
I got the keys to my apartment on 16 April and the transaction details is yet to be on the land registry website. Any reason for this? My conveyancing solicitor in Shaftesbury expressed confidence that it should be recorded in a couple of weeks. Are transfers in Shaftesbury particularly slow to register?
As far as conveyancing in Shaftesbury is concerned, registration is no quicker or slower than anywhere else in England and Wales. Rather than based on location, timeframes can differ subject to the party submitting the application, whether it is in order and whether the Land registry must send notices to any third parties. Currently approximately three quarters of submission are fully dealt with in less than three weeks but occasionally there can be protracted delays. Registration takes place after the buyer has moved in to the property therefore 'speed' is not typically an essential issue yet if it is urgent that the the registration takes place urgently then you or your lawyers could communicate with the Registry to express the reasoning for the application to be prioritised.
How does conveyancing in Shaftesbury differ for new build properties?
Most buyers of new build premises in Shaftesbury come to us having been asked by the seller to sign contracts and commit to the purchase even before the property is finished. This is because builders in Shaftesbury tend to buy the site, 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 conveyancers 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 Shaftesbury or who has acted in the same development.
Having had my offer accepted I require leasehold conveyancing in Shaftesbury. Before I set the wheels in motion I require certainty as to the unexpired term of the lease.
If the lease is registered - and almost all are in Shaftesbury - then the leasehold title will always include the short particulars 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.
Shaftesbury Leasehold Conveyancing - A selection of Queries Prior to Purchasing
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Where a Shaftesbury lease has fewer than 80 years it will have adverse implications on the value of the flat. It is worth checking with your mortgage company that they are willing to to proceed given the lease term. Leases with fewer than 80 years remaining means that you will almost definitely need a lease extension sooner rather than later and it is worth finding out how much this would cost. Remember, in most cases you will be required to have been the owner of the residence for two years before you are legally able to extend the lease. What is the the remaining lease term? Who is in charge of the building?