My partner and I are planning to buy a property in Leighton Buzzard and have appointed a Leighton Buzzard conveyancing practice. Within the past 48 hours our solicitor has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. Godiva Mortgages Ltd have this evening contacted us to inform me that there is now an issue as our Leighton Buzzard lawyer is not on their conveyancing panel. Please explain?
When purchasing a property with mortgage finance it is normal 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 property lawyer 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 lawyers to represent them. You don't have to instruct a firm on the bank's conveyancing panel as you are at liberty to use your preferred Leighton Buzzard lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
Last September we completed a house move in Leighton Buzzard. We have noticed several issues with the house which we consider were overlooked in the conveyancing searches. Is there anything we can do? What searches should? have been carried out as part of conveyancing in Leighton Buzzard?
The query is not clear as to the nature of the problems and if they are specific to conveyancing in Leighton Buzzard. Conveyancing searches and due diligence initiated during the legal transfer of property are designed to help avoid problems. As part of the process, a seller completes a form referred to as a SPIF. If the information turns out to be incorrect, then you may have a claim against the seller for any losses that you have suffered. The survey should have identified any problems with the structure of the property. Assuming a detailed survey was carried out and the issues were not identified, you may have a claim against the surveyor. However, if you did not have a full survey, you may be responsible for fixing any defects that have now been noted. We would always encourage buyers to take every possible step to ensure they are completely aware of the condition of a property before purchase regardless of whether they are buying in Leighton Buzzard.
we are a couple who are hoping to buy a newly converted flat in Leighton Buzzard with a residential mortgage from Birmingham Midshires.We use our Leighton Buzzard conveyancing practitioner but Birmingham Midshires advised that she’s not listed on their "panel". It seems we have little choice but to instruct a Birmingham Midshires panel lawyer or retain our preferred solicitor and fork out for a Birmingham Midshires panel lawyer to act for them. We feel as though this is unjust; is there anything we can do?
No, not really. The home loan issued to you is subject to its various provisions, a common one being that lawyers will be on the Birmingham Midshires approved list. Until recently, most banks had large numbers of solicitors on their panels: a borrower could find one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your lawyer to apply to be on the conveyancing panel for Birmingham Midshires
I moved into my flat on 9 July and my personal details are still not on the land registry website. Any reason for this? My conveyancing solicitor in Leighton Buzzard said it should be dealt with in a couple of weeks. Are transfers in Leighton Buzzard particularly slow to register?
There is nothing unique when it comes to conveyancing in Leighton Buzzard registration formalities. As opposed to being determined by geographic area, timeframes can adjust subject to who lodges the application, whether there are errors and whether the Land registry communicate with any 3rd parties. At present roughly 80% of such applications are fully addressed within 12 days but occasionally there can be extensive delays. Registration takes place after the buyer is living at the premises therefore post completion formalities is not always top priority yet if it is urgent that the the registration takes place urgently then you or your lawyers could speak with the land registry and explain the circumstances.
What are your top tips when it comes to choosing a Leighton Buzzard conveyancing firm to carry out our lease extension conveyancing?
When appointing a solicitor for your lease extension (regardless if they are a Leighton Buzzard conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of work. We recommend that you talk with several firms including non Leighton Buzzard conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. The following questions could be useful:
How familiar is the practice with lease extension legislation?
Leighton Buzzard Leasehold Conveyancing - A selection of Questions you should ask Prior to Purchasing
If a Leighton Buzzard lease has fewer than 80 years it will impact the marketability of the apartment. It is worth checking with your mortgage company that they are willing to lend given the lease term. Leases with fewer than 80 years remaining means that you will most likely have to extend the lease at some point and you need to have some idea of what this would cost. Remember, in most cases you will be required to have owned the premises for a couple of years in order to be eligible to exercise a lease extension. What is the length of the lease? It is important to be aware if redecorating or some other major work is due in the foreseeable future that will be shared by the tenants and could well dramatically impact the level of the maintenance charges or necessitate a specific invoice.