My wife and I are hoping to purchase a flat in Stone and are in fact using a Stone conveyancing practice. Within the last couple of days our conveyancer has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. Coventry Building Society have this afternoon contacted us to inform me that there is now an issue as our Stone solicitor is not on their approved list of lawyers. Please explain?
If you are buying a property requiring a mortgage it is usual for the purchasers' solicitors 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 Quality Scheme. Your solicitor 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 don't have to instruct a firm on the bank's conveyancing panel as you are at liberty to use your preferred Stone lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another lawyer into the mix.
I appreciate that there are debates on Chancel Insurance on online forums. Am I compelled to take this when purchasing a property in Stone? or I am told that there is historic law that could mean that owners of property residing in a parish church boundary may be liable to contribute towards repairs to the chancel in proximity to the church. Is this a legitimate concern for conveyancing in Stone?
Unless a previous purchase of the property took place post 12 October 2013 you may expect conveyancing practitioners delivering conveyancing in Stone to continue to advocate a chancel search and or chancel repair liability policy.
Just had an offer accepted on a new build flat in Stone. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Set out below are examples of a few leasehold new build questions that you should expect your new-build leasehold conveyancing in Stone
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Please supply evidence that the form of Lease proposed has been approved by the Land Registry. Please confirm the Lease plans are architect prepared. There must be mutual enforceability of lessee’s covenants. Please supply a car parking plan. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme.
I'm refinancing my current home to a buy to let loan with Virgin Money and I will use the ballance of the raised equity as a deposit on another property. The location we are interested in is Stone. Will your conveyancers be able to act for both sets of mortgage companies and tie in the two deals?
Do use our comparison tool on this site to ensure that the solicitors are on the relevant lender panels. Having checked that they are your solicitor should be able to simultaneously deal with the two conveyancing matters but you should talk with you solicitor and make apparent your expectations and requirements.
Planning to sign contracts shortly on a basement flat in Stone. Conveyancing solicitors assured me that they are sending me a report next week. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Stone should include some of the following:
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Changes to the flat The physical extent of the property. This might be the apartment itself but could also incorporate a loft or cellar if relevant. Whether your lease has a provision for a reserve fund? Repair and maintenance of the premises Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice?
I inherited a ground floor flat in Stone, conveyancing having been completed in 2002. How much will my lease extension cost? Corresponding properties in Stone with over 90 years remaining are worth £180,000. The average or mid-range amount of ground rent is £65 invoiced every year. The lease ends on 21st October 2083
With just 58 years left to run we estimate the premium for your lease extension to span between £22,800 and £26,400 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to supply the actual costs in the absence of comprehensive due diligence. You should not use this information in tribunal or court proceedings. There are no doubt additional concerns 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 seeking the advice of a professional.
Your search tool is useful but there are many lawyers listed near Stone being on the mortgage company conveyancing panel. It would be a lot more helpful if you could recommend a specific firm on the lender approved panel?
We are not in the business of recommending one firm above another as the right Stone conveyancing firm for you depends on where your priorities lie. For example you may require a local firm with Stone knowledge or you might be looking for the low cost conveyancing. Before you appoint your lawyer we advise you to speak to two or three of the the firms listed to gain comfort as to which one is right for you..