My wife and I are planning to purchase a flat in Dunholme and have appointed a Dunholme conveyancing firm. Within the last couple of days our conveyancer has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. Nationwide Building Society have this afternoon contacted us to inform me that they have now hit a problem as our Dunholme lawyer is not on their approved list of lawyers. Is this a problem?
Where you are buying a property requiring a mortgage it is standard 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 solicitors to act. 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 Dunholme lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
It is a dozen years since I acquired my home in Dunholme. Conveyancing lawyers have just been instructed on the sale but I am unable to locate the title documents. Is this a major issue?
You need not be too concerned. Firstly the deeds may be kept by your mortgage company or they could be in the possession of the conveyancers who oversaw your purchase. Secondly in most cases the title will be registered at the land registry and you will be able to establish that you own the property by your conveyancing lawyers acquiring up to date copy of the land registers. Nearly all conveyancing in Dunholme involves registered property but in the unlikely event that your home is unregistered it adds to the complexity but is not insurmountable.
We are buying a terrace house in Dunholme. We would like to an extension at the rear at the property.Will the conveyancing process involve enquiries to determine if these alterations are permitted?
Your conveyancer should review the registered title as conveyancing in Dunholme will sometimes reveal restrictions in the title deeds which prohibit certain changes or need the consent of another owner. Many works call for local authority planning permissions and approval in accordance building regulations. Some locations are designated conservation areas and special planning restrictions apply which often prevent or impact extensions. It would be prudent to check these things with a surveyor ahead of any purchase.
I am being told by my solicitor that chancel insurance is necessary on my purchase. What is the level of cover for Dunholme conveyancing?
The appropriate level of chancel indemnity insurance should be dictated by who who your lender is. It would differ for example between Accord Mortgages Ltd and Chelsea Building Society. Conveyancing practitioners as opposed to members of the public take out such policies.
I have instructed a Dunholme lawyer having made sure that they are on the TSB conveyancing panel. Does my lawyer arrange the survey of the property?
TSB will need an independent valuation of the property. Your lawyer will not arrange this. Usually TSB will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Dunholme surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
Should our lawyer be making enquiries concerning flooding as part of the conveyancing in Dunholme.
The risk of flooding is if increasing concern for lawyers dealing with homes in Dunholme. Some people will acquire a property in Dunholme, fully expectant that at some time, it may suffer from flooding. However, aside from the physical destruction, where a house is at risk of flooding, it may be difficult to get a mortgage, adequate building insurance, or dispose of the premises. Steps can be carried out during the course of a property purchase to forewarn the buyer.
Solicitors are not qualified to impart advice on flood risk, however there are a number of checks that may be carried out by the buyer or by their conveyancers which should give them a better understanding of the risks in Dunholme. The standard completed inquiry forms sent to a buyer’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a standard question of the vendor to discover if the property has suffered from flooding. In the event that the residence has been flooded in past and is not disclosed by the seller, then a buyer could commence a legal claim for losses as a result of such an incorrect reply. The buyer’s conveyancers may also commission an environmental report. This should higlight whether there is a recorded flood risk. If so, additional investigations will need to be made.
I’m about to sell my basement apartment in Dunholme. Conveyancing solicitors are to be appointed soon, however I have recently received a half-yearly service charge demand – Do I pay up?
It best that you discharge the service charge as normal because all rents and maintenance invoices will be apportioned as part of the financial calculations for completion monies, so you will be reimbursed by the buyer 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 inherited a basement flat in Dunholme, conveyancing having been completed December 1998. Can you work out an approximate cost of a lease extension? Equivalent properties in Dunholme with a long lease are worth £176,000. The ground rent is £50 charged once a year. The lease runs out on 21st October 2099
With just 80 years unexpired we estimate the premium for your lease extension to span between £8,600 and £9,800 as well as plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure in the absence of detailed investigations. Do not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you move forward based on this information without first seeking the advice of a professional.