My fiance and I are planning to acquire a home in West Smithfield and are in fact using a West Smithfield conveyancing practice. Within the past 48 hours our conveyancer has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. Halifax have this afternoon contacted us to advise us that they have now hit a problem as our West Smithfield conveyancer is not on their approved list of lawyers. What do we do from here?
When purchasing a property with the benefit of a mortgage it is usual for the purchasers' solicitors to also act for 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 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 lawyers to represent them. You are not legally obliged to appoint a law firm on the lender’s conveyancing panel and you may continue to use your own West Smithfield solicitors, in which case your legal fees may increase, and it may delay matters as you have another set of people involved.
I just bought a house at auction in West Smithfield. Conveyancing is needed. What is next?
Given that you have now exchanged you will need to appoint a conveyancing lawyer quickly as you will have a tight deadline in which to complete the property. An auction property will have a bespoke auction pack. This will include evidence of title and search results. In the case of leasehold property the legal papers should provide a copy of the lease, management information and a sellers leasehold information form and other conveyancing paperwork specific to a leasehold property. You should hand this to your appointed conveyancing solicitor as soon as possible. You also need to ensure that your finances are in place to complete the transaction on the set completion date.
We had appointed conveyancers based in West Smithfield on the Yorkshire BS solicitor approved list. They are now charging me an additional amount for handling the Yorkshire BS mortgage. Is this a supplemental conveyancing fee set by Yorkshire BS?
Provided it is contained in their Terms and Conditions or estimate then yes your solicitor may levy a fee for this. The charge is not dictated by Yorkshire BS but by your West Smithfield lawyer. Numerous firms on the Yorkshire BS panel will quote an ‘acting for lender’ fee but some practices incorporate it on their overall fee.
How can we know in advance if a West Smithfield conveyancing solicitor on the Clydesdale panel is any good?
When it comes to conveyancing in West Smithfield getting recommendations is a sensible start. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one advertising the lowest fees. We would always advocate that you speak with the lawyer handling your conveyancing.
I'm buying my first flat in West Smithfield benefiting from help to buy. The developers refused to move on the price so I negotiated 6k of fixtures and fittings instead. The house builders rep suggested that I not inform my solicitor about this extras as it may affect my mortgage with the lender. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Yesterday I discovered that there is a flying freehold element on a house I put an offer in last month in what was supposed to be a simple, no chain conveyancing. West Smithfield is the location of the property. What do you suggest?
Flying freeholds in West Smithfield are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside West Smithfield you would need to get your solicitor to go through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in West Smithfield may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
In surfing the internet for the words cheap conveyancing in West Smithfield it brings up many property lawyersin the area. How do I determine which is the suitable property lawyer for the sale of my house?
The preferential method of choosing a suitable conveyancer is via personal referral, so seek the counsel of friends and relatives who have acquired a property in West Smithfield or a local estate agent or mortgage broker. Fees for conveyancing in West Smithfield differ, so it's advisable to secure a minimum of four costs illustrations from varying types of companies. Make sure that you clarify that the fees are fixed.
What are your top tips when it comes to appointing a West Smithfield conveyancing firm to deal with our lease extension?
When appointing a conveyancer for your lease extension (regardless if they are a West Smithfield conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of work. We recommend that you make enquires with several firms including non West Smithfield conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. The following questions could be useful:
Can they put you in touch with clients in West Smithfield who can give a testimonial? How familiar is the practice with lease extension legislation?
After months of correspondence we simply can't agree with our landlord on how much the lease extension should cost for our flat in West Smithfield. Can we issue an application to the Residential Property Tribunal Service?
You certainly can. We can put you in touch with a West Smithfield conveyancing firm who can help.
An example of a Lease Extension decision for a West Smithfield residence is Flat 89 Trinity Court Grays Inn Road in February 2013. the Tribunal found that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 to the Leasehold Reform, Housing and Urban Development Act 1993 should be £36,229. This case related to 1 flat. The unexpired lease term was 66.8 years.