My partner and I are hoping to buy a flat in Cranleigh and are in fact using a Cranleigh conveyancing firm. Within the last couple of days our solicitor has sent a preliminary report and documents to look through with the expectation that exchange is imminent. have this afternoon contacted us to advise us that they have now hit a problem as our Cranleigh lawyer is not on their approved list of lawyers. Is this a problem?
Where you are buying a property with the assistance of a mortgage 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 bank 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 bank's conveyancing panel as you are at liberty to use your preferred Cranleigh lawyers, in which case it will likely add costs, and it may delay matters as you are adding another lawyer into the mix.
How can we tell if a Cranleigh conveyancing solicitor on the panel is any good?
When it comes to conveyancing in Cranleigh obtaining recommendations is a sensible starting point. 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 solicitor carrying out your conveyancing.
My partner and I have organised a further advance on our mortgage from as we wish to conduct alterations to our house in Cranleigh. Are we obliged to choose a bricks and mortar Cranleigh solicitor on the conveyancing panel to handle the paperwork?
would not normally require a member of their conveyancing panel to deal with the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the list.
I am due to exchange contracts on my house. I had a double glazing fitted in August 2008, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s mortgage company, are being difficult. The Cranleigh solicitor who is on the conveyancing panel is saying indemnity insurance will be fine but are insisting on a building regulation certificate. Why do have a conveyancing panel if they don't accept advice from them?
It is probably the case that have referred the matter to their valuer. The reason why may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Cranleigh?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Cranleigh. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
Should I be concerned by brokers that I am dealing with are encouraging me to use an internet conveyancing firm rather than a local Cranleigh conveyancing practice?
As is the case with lots of service providers, often recommendations from connections can be most helpful. But there are lots of players in a conveyancing matter; estate agents, financial adviser and mortgage companies might all suggest lawyers to retain. Sometimes these solicitors might be known to one of the organisations as being good in their field, but occasionally there behind the scenes financial incentive behind the endorsement. You have the right to appoint your preferred conveyancer. You need to be aware that the majority of banks specify a panel list of conveyancers you are obliged to use for the mortgage related work in your house move.
I am tempted by the attractive purchase price for a two flats in Cranleigh which have about 50 years remaining on the lease term. Should I regard a short lease as a deal breaker?
A lease is a right to use the premises for a period of time. As a lease shortens the value of the lease deteriorates and it becomes more expensive to acquire a lease extension. For this reason it is generally wise to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease because mortgage companies may be unwilling to lend money on such properties. Lease extension can be a protracted process. We recommend you get professional help from a solicitor and surveyor with experience in this area.
I own a basement flat in Cranleigh, conveyancing was carried out 3 years ago. Can you work out an approximate cost of a lease extension? Corresponding properties in Cranleigh with an extended lease are worth £165,000. The ground rent is £45 levied per year. The lease finishes on 21st October 50
With 50 years remaining on your lease we estimate the premium for your lease extension to range between £36,100 and £41,800 plus costs.
The figure above a general guide to costs for renewing a lease, but we are not able to provide the actual costs without more detailed due diligence. Do not use the figures in tribunal or court proceedings. There may be additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not move forward based on this information before seeking the advice of a professional.