My husband and I are planning to purchase a property in Ingatestone and have instructed a Ingatestone conveyancing practice. 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. Leeds Building Society have this afternoon contacted us to inform me that there is now an issue as our Ingatestone conveyancer is not on their conveyancing panel. Is this a problem?
If you are buying a property with the assistance of a mortgage it is conventional for the purchasers' solicitors to also act for the purchaser's lender. 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 lender 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 Ingatestone lawyers, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.
Why do I have to pay up front for conveyancing in Ingatestone?
If you are buying a property in Ingatestone your solicitor will request that you place them with funds to cover the search fees. Ordinarily this is requested to cover the fees of the conveyancing searches. If any down payment is payable against the sale price then this will be asked for shortly ahead of contracts are exchanged. Any further balance that is needed will be payable a few days prior to the day of completion.
My house in Ingatestone is up for sale and I have accepted an offer. Does the property lawyer have to be required to be on the Barclays conveyancing panel in order to deal with redeeming my mortgage?
Ordinarily, even if your lawyer is not on the Barclays conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their panel criteria fairly frequently currently.
Do commercial conveyancing searches reveal proposed roadworks that could impact a commercial estate in Ingatestone?
Its becoming the norm that commercial conveyancing solicitors in Ingatestone will order a SiteSolutions Highways report as it dramatically cuts the time that conveyancers expend in sourcing accurate data on highways that impact buildings and development assets in Ingatestone. The report provides definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Ingatestone.
For every commercial conveyancing transaction in Ingatestone it is critical to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been addressed adequately could result in delays to Ingatestone commercial conveyancing transactions as well as pose a risk to future intentions for the site. These searches are not conducted for residential conveyancing in Ingatestone.
I have been on the look out for a leasehold apartment up to £235,500 and identified one near me in Ingatestone I like with amenity areas and railway links in the vicinity, the downside is that it's only got 49 years unexpired on the lease. There is not much else in Ingatestone in this price bracket, so just wondered if I would be making a grave error buying a short lease?
If you need a mortgage the remaining unexpired lease term will likely be a potential deal breaker. Reduce the price by the anticipated lease extension will cost if it has not already been discounted. If the existing owner has owned the property for a minimum of 2 years you can request that they commence the lease extension formalities and pass it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this matter.