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Find a Bradley Stoke Conveyancing Solictior on Your Lender’s Panel

Ready to buy a new home in Bradley Stoke? Failing to check that a lawyer is on your lender’s list of approved solicitors can put your Bradley Stoke home move at risk of delay or failure.

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Recently asked questions about conveyancing in Bradley Stoke

I am nearing exchange of contracts for my home in Bradley Stoke and the estate agent has just called to warn that the buyers are appointing a new property lawyer. The reason given is that the lender will only engage with solicitors on their approved list. Why would a big named lender only engage with specific lawyers rather the firm that they want to choose to handle their conveyancing in Bradley Stoke ?

Mortgage companies have always had an approved set of law firms they are content to work with, but in the past few years big names such as Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 15 years.

Banks point to the increase in fraud by way of justification for the reduction – criteria have been narrowed as a smaller panel is easier to monitor. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels. Plenty of firms do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The buyers are not going to have any sway in the decision.

The Bradley Stoke conveyancing firm that just started acting on my purchase in Bradley Stoke have suddenly shut down. I only went with them because I needed a solicitor on the Santander conveyancing panel and my previous Bradley Stoke lawyer was not. I gave my credit card details for them to take one hundred and fifty pounds for searches. What are my options?

If you have an estate agent involved 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 should appoint new lawyers that are on the Santander 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 solicitors should be in a position to help.

Me and my brother own a renovated Edwardian property in Bradley Stoke. Conveyancing practitioner represented me and Skipton Building Society. I happened to do a free search for it on the Land Registry database and there are two entries: the first freehold, the second leasehold with the matching property. I'd like to know for sure, how can I find out??

You need to assess the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Bradley Stoke and other areas of the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with lenders. You can also check the situation with your conveyancing solicitor who conducted the purchase.

Yesterday I discovered that there is a flying freehold element on a property I put an offer in two weeks back in what should have been a straight forward, no chain conveyancing. Bradley Stoke is the location of the property. Can you shed any light on this issue?

Flying freeholds in Bradley Stoke are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Bradley Stoke you must be sure that your lawyer goes through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Bradley Stoke may decide 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 residence.

I've recently bought a leasehold flat in Bradley Stoke. Am I liable to pay service charges for periods before my ownership?

In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

I own a ground floor flat in Bradley Stoke, conveyancing was carried out in 2004. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable properties in Bradley Stoke with over 90 years remaining are worth £255,000. The ground rent is £45 invoiced annually. The lease ends on 21st October 2094

With 73 years unexpired we estimate the premium for your lease extension to be between £8,600 and £9,800 as well as plus your own and the landlord's "reasonable" professional fees.

The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed investigations. Do not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward based on this information without first getting professional advice.

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Find out more about how flying freehold can affect your the value of a property.