My fiance and I are hoping to acquire a house in Gerrards Cross and are in fact using a Gerrards Cross conveyancing firm. Within the last couple of days our property lawyer 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 there is now an issue as our Gerrards Cross conveyancer is not on their conveyancing panel. Is this a problem?
If you are buying a property requiring a mortgage it is conventional 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 Quality Scheme. Your property lawyer 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 Gerrards Cross lawyers, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.
We are about to exchange buying a house in Gerrards Cross but as a consequence of damage from some water damage at the property I have was able negotiate reparation from the current proprietors of £2k taking the form of a deduction in the price. I had intended this to be addressed as part of the conveyancing process yet Aldermore will not agree to this. Why were they approached?
Any property lawyer being on the Aldermore conveyancing panel is obliged to advise Aldermore of any amendments to the sale price. If you prohibit your lawyer to notify the reduction to Aldermore then they would have to discontinue acting for you. In addition, Aldermore and you would have to appoint a new solicitor for your conveyancing in Gerrards Cross.
I am helping my aunt sell her flat in Gerrards Cross. Will the conveyancing solicitor commission an energy assessment or should I organise this?
Following the demise of Home Packs, energy performance certificates remained a compulsory element of moving house. An EPC must be commissioned before the property is advertised. It is not as aspect of the sale process that conveyancers ordinarily arrange. Where you are instructing a Gerrards Cross conveyancing lawyer they may be able to arrange EPC’s given their contacts with long established Gerrards Cross assessors
I have decided to exercise my right to buy my property in Gerrards Cross off the council. I have a mortgage agreed with RBS. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with RBS, you will need to appoint a solicitor on the RBS conveyancing panel.
Clydesdale have agreed my home loan in principle, my bid on a flat in Gerrards Cross has been accepted, what happens next?
The estate agent will need to be advised as to your conveyancer's details (ensure that the lawyers are on the bank’s panel). Call up Clydesdale or your financial adviser and finish off any relevant documentation. Clydesdale will appoint a valuer who will get in touch with the selling agent or seller to book an appointment. Once carried out (assuming no problems) it takes about ten days for the mortgage offer to be issued. Clydesdale will issue the offer to you and your conveyancers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Gerrards Cross.
How does conveyancing in Gerrards Cross differ for new build properties?
Most buyers of new build premises in Gerrards Cross come to us having been asked by the developer to exchange contracts and commit to the purchase even before the house is finished. This is because developers in Gerrards Cross usually acquire the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Gerrards Cross or who has acted in the same development.
We are midway through purchasing a property in Gerrards Cross. Conveyancing lawyer has phoned to say the title is "Leasehold". Does this impact our mortgage valuation?
Gerrards Cross conveyancing does not normally involve leasehold houses. The main consideration here is the unexpired lease term and the ground rent. If there are hundred of years years remaining with a peppercorn rent, it's almost the same as freehold, so it’s unlikely to impact the marketability significantly.
At the other end of the spectrum, if it's, say, Sixty years it will have a adverse impact on the value, and probably wouldn't be acceptable to the lender. The remaining lease term and ground rent will be set out in the lease to be supplied to your solicitor.