We're in Emersons Green, First timers buying with a mortgage (lender is Leeds Building Society , and our lawyer is on the Leeds Building Society conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Leeds Building Society conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancing practitioner should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
My wife and I are purchasing a apartment in Emersons Green. It might be a silly question but how we can trust a solicitor? At some point we have to deposit our life savings into their account. What protection do we have from them run away with our money?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
When it comes to mortgage companies such as Skipton, do Emersons Green lawyers have to pay an annual charge to be on the list of approved solicitors?
We are unaware of any mortgage company fees to register on their list of approved firms, although some do charge an administration charge to deal with the processing of the conveyancing panel submission.
About to purchase apartment in Emersons Green. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Co-operative conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Emersons Green solicitor is on the Co-operative conveyancing panel.
I have been told that property searches are the primary reason for obstruction in Emersons Green conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) released conclusions of research by MoveWithUs that conveyancing searches do not figure within the common causes of hindrances during the legal transfer of property. Searches are not likely to be the root cause of holding up conveyancing in Emersons Green.
Yesterday I discovered that there is a flying freehold element on a house I have offered on two weeks back in what should have been a quick, chain free conveyancing. Emersons Green is the location of the property. Is there any guidance you can give?
Flying freeholds in Emersons Green are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Emersons Green 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 Emersons Green 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 Emersons Green. Do I have any liability for service charges relating to a period prior to completion of my purchase?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part 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).
Emersons Green Conveyancing for Leasehold Flats - A selection of Queries before buying
Please note if it is fewer than 80 years it will affect the salability of the property. It is worth checking with your lender that they are willing to lend given the lease term. Leases with fewer than 80 years remaining means that you will almost definitely have to extend the lease sooner rather than later and you need to have some idea of what this would cost. For most Emersons Greenlease extensions you will need to own the premises for two years in order to be eligible to carry out a lease extension. How many of the leaseholders are in arrears for their service charge payments? The answer will be useful as a) areas may result in problems in the building as the communal areas may start to deteriorate if services are not paid for b) if the leaseholders have a dispute with the running of the building you will want to have full disclosure