Am I correct in assuming that the fact that my conveyancer in Theale is not identified on my mortgage company's solicitor panel that there is a problem with the standard of his conveyancing?
It would not be wise to jump to that conclusion. There are plenty of reasonable explanations. Just recently a report by the solicitors regulator revealed that over three quarters of law firms surveyed had been removed from at least one lender panel. The top 5 reasons are as follows: (1) lack of transactions (2) the solicitor is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Should you be concerned you should contact the Theale conveyancing practice and enquire why they are no longer on the approved list for your bank.
We were just about to exchange contracts for a leasehold flat in Theale. We have hit a stumbling block. The mortgage offer with Bank of Ireland runs out on 23/9/2024 but the sellers are suggesting a completion date of 25/9/2024. Is it possible to prolong the loan offer?
The person best placed to address this concern is your lawyer who will calculate if they better off negotiating with the bank, owner’s representatives, estate agents or conceivably all three taking into account the circumstances your conveyancing to date.
When will exchange of contracts take place for purchase conveyancing in Theale and do I need to attend the conveyancers office?
Where you are local to one of the conveyancing solicitors in Theale you are welcome to attend to sign contracts. That being said, the lender approved solicitors we work with supply a nationwide conveyancing service and give just as detailed and professional a job for you when communicating with you by post or email. The signing of the contract is not the point of no return. Signing on the dotted line is necessary for the solicitor to exchange contracts at the appropriate time, which will usually be very shortly after signing. The exchange process is is usually a five minute process, although where a long "chain" is in the mix, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Theale)to be in the office available at the end of the phone to exchange contracts.
The Theale conveyancing solicitors that just started acting on my purchase in Theale have without warning closed. I only went with them because I had to have a firm on the Bank of Ireland conveyancing panel and my previous Theale lawyer was not. I paid them £170 in advance. What should be my next steps?
Assuming that you have an Estate Agent in the equation then let them know immediately so that they can let the sellers know that there may be a slight delay due to the problems encountered. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You will need to appoint new lawyers that are on the Bank of Ireland conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new lawyers may be able to help.
The estate agent has sent us the confirmation of our purchase of a new build flat in Theale. Conveyancing is necessary evil 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 is a sample of a selection of leasehold new build questions that you should expect your new-build leasehold conveyancing in Theale
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The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore.
Do you have any top tips for leasehold conveyancing in Theale with the purpose of speeding up the sale process?
- A significant proportion of the delay in leasehold conveyancing in Theale can be reduced where you appoint lawyers as soon as you market your property and request that they start to collate the leasehold documentation which will be required by the purchasers’ representatives. If there is a history of conflict with your freeholder or managing agents it is very important that these are resolved before the property is marketed. The purchasers and their solicitors will be warry about purchasing a property where there is a current dispute. You may have to bite the bullet and discharge any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the purchasers, but it is better to reveal the dispute as over rather than unresolved. If you are supposed to have a share in the freehold, you should make sure that you have the original share certificate. Arranging a re-issued share certificate can be a lengthy process and delays many a Theale conveyancing transaction. Where a new share certificate is needed, you should approach the company officers or managing agents (where relevant) for this at the earliest opportunity. The majority of landlords or managing agents in Theale levy fees for supplying management packs for a leasehold home. You or your lawyers should enquire as to the fee that they propose to charge. The management information can be applied for on or before finding a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most frequent reason for delay in leasehold conveyancing in Theale.
Theale Leasehold Conveyancing - Sample of Questions you should consider Prior to Purchasing
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You should be aware if it is fewer than eighty years it will affect the value of the property. It is worth checking with your lender that they are willing to go ahead with the loan given the lease term. A short lease means that you will almost definitely have to extend the lease at some point and it is worth discovering what this would cost. For most Thealelease extensions you will need to own the premises for 24 months in order to be legally able to extend the lease. Does the lease contain onerous restrictions? The prefered form of lease structure is if the freehold interest is in the ownership of the leaseholders. In this scenario the leaseholders benefit from being in charge if their destiny and although a managing agent is usually retained where the building is larger than a house conversion, the managing agent employed by the leaseholders.