My partner and I are planning to buy a flat in Bounds Green and are in fact using a Bounds Green conveyancing firm. Within the last couple of days our conveyancer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. have this evening contacted us to advise us that they have now hit a problem as our Bounds Green solicitor is not on their approved list of lawyers. Please explain?
When purchasing a property with mortgage finance it is usual 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 solicitor should contact your lender 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 and you may continue to use your own Bounds Green solicitors, in which case it will likely add costs, and it may delay matters as you are adding another lawyer into the mix.
My lawyer in Bounds Green has never been on on the Conveyancing Panel. Is it possible for me to retain my family solicitor notwithstanding that they are not on the approved list?
The limited options open to you here include:
- Carry on with your existing Bounds Green lawyers but will need to use a conveyancer on their list of acceptable firms. This will result in additional total legal fees and cause frustration.
- Find a new solicitor to act in the conveyancing, not forgetting to check they are approved.
- Persuade your based solicitor to seek to join the panel
My partner and I are intent on selling our home in Bounds Green and according to the buyers it appears that there is a risk of it being built on contaminated land. A local conveyancer would know that there is no such problem. For the life of me I don't know why the purchasers are using a national conveyancing firm as opposed to a conveyancing solicitor in Bounds Green. We have lived in Bounds Green for many years we know of no issue. Is it a good idea to contact our local Authority to seek clarification that there is no issue.
It would appear that you have a conveyancing firm already. Are they able to advise? You should check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same illness)
I need to find a conveyancing solicitor for remortgage conveyancing in Bounds Green. I have land on a site which appears to be the perfect answer If there is a chance to get all formalities completed via web that would be ideal. Should I be concerned? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
I have just appointed agents to market my basement apartment in Bounds Green. Conveyancing is yet to be initiated, but I have recently received a quarterly maintenance charge demand – what should I do?
Your conveyancing lawyer is likely to suggest that you should discharge the invoice as you normally would as all ground rent and maintenance charges should be allotted on completion, so you will be reimbursed by the purchaser for the period running from after the completion date to the subsequent invoice date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I purchased a 1 bedroom flat in Bounds Green, conveyancing having been completed 3 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent flats in Bounds Green with over 90 years remaining are worth £165,000. The ground rent is £45 per annum. The lease finishes on 21st October 50
With just 50 years left to run we estimate the price of your lease extension to range between £36,100 and £41,800 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to supply a more accurate figure in the absence of detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before getting professional advice.