My husband and I are hoping to buy a home in Silverdale and have instructed a Silverdale conveyancing firm. Within the past 48 hours our property lawyer has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Yorkshire Building Society have this afternoon contacted us to inform me that they have now hit a problem as our Silverdale conveyancer is not on their approved list of lawyers. Please explain?
When purchasing a property with mortgage finance it is standard for the purchasers' lawyers to also represent 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 property lawyer 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 solicitors to act. You are not legally obliged to appoint a law firm on the bank's conveyancing panel and you may continue to use your own Silverdale solicitors, in which case it will likely add costs, and it may delay matters as you have another set of people involved.
Please help. My Silverdale lawyer is assuring me that she is duty bound toapply for Silverdale conveyancing searches asthe firm are on the Nat Westapproved lawyer panel. Is my lawyer correct?
Unfortunately both you and your lawyer have little choice here. Given that you are taking out a loan with a mortgage company your lawyer has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your property lawyer would have previously signed the Terms and Conditions of your lender’s conveyancing panel appointment which obliges them to follow the Council of Mortgage Lenders’ Handbook provisions . Even if you were a cash buyer you would be ill advised not to carry out Silverdale conveyancing searches.
I am purchasing a garden flat in Silverdale. Can I do my own conveyancing?
Leaving aside the complexities and merits of DIY conveyancing in Silverdale you will have to appoint a solicitor on your mortgage company's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Silverdale.
I am looking for a leasehold apartment up to £245,000 and found one close by in Silverdale I like with open areas and transport links nearby, however it only has 49 years unexpired on the lease. There is not much else in Silverdale suitable, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you require a mortgage the shortness of the lease will be an issue. Reduce the offer by the amount the lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for at least twenty four months you can ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this matter.
Taking into account that I will soon spend hundreds of thousands of pounds on a two bedroom apartment in Silverdale I would like to talk to a lawyer about myconveyancing in advance of giving the go ahead to the firm. Is this something that you can arrange?
We could not agree more - we would be delighted to talk to you we do not take any clients on without you first talking to the conveyancer due to be carrying out your property ownership legalities in Silverdale.There is no ‘factory style conveyancing’ - each client is unique person, not a matter reference. The solicitors that we put you in touch with believe that the fees you are quoted for your conveyancing in Silverdale should be the figure that you are charged.
What are your top tips when it comes to choosing a Silverdale conveyancing firm to deal with our lease extension?
If you are instructing a conveyancer for lease extension works (regardless if they are a Silverdale conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of work. We advise that you speak with two or three firms including non Silverdale conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. The following questions could be helpful:
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What volume of lease extensions has the firm conducted in Silverdale in the last 12 months?
I acquired a garden flat in Silverdale, conveyancing was carried out 10 years ago. Can you please calculate a probable premium for a statutory lease extension? Corresponding flats in Silverdale with over 90 years remaining are worth £216,000. The ground rent is £50 invoiced annually. The lease runs out on 21st October 2093
With only 69 years left to run the likely cost is going to be between £9,500 and £11,000 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed investigations. Do not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be considered 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.