My partner and I are hoping to buy a home in Marford and are in fact using a Marford conveyancing practice. Within the past 48 hours our property lawyer has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. Britannia have this evening contacted us to advise us that they have now hit a problem as our Marford conveyancer is not on their approved list of lawyers. Please explain?
When purchasing a property with mortgage finance it is conventional for the purchasers' solicitors to also act for 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 mortgage company 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 and you may continue to use your own Marford solicitors, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.
I am buying a house and need a conveyancing solicitor in Marford who is on the Alliance & Leicester solicitor. Can you recommend a local conveyancing firm?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for Alliance & Leicester in certain locations such as Marford. We dont recommend any particular firm.
Will my solicitor be raising questions regarding flooding as part of the conveyancing in Marford.
Flooding is a growing risk for solicitors conducting conveyancing in Marford. Plenty of people will purchase a property in Marford, completely expectant that at some time, it may suffer from flooding. However, leaving to one side the physical destruction, where a house is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory building insurance, or sell the property. There are steps that can be taken during the course of a property purchase to forewarn the purchaser.
Lawyers are not best placed to offer advice on flood risk, however there are a number of checks that may be initiated by the buyer or on a buyer’s behalf which should figure out the risks in Marford. The standard property information forms supplied to a purchaser’s solicitor (where the Conveyancing Protocol is adopted) contains a standard inquiry of the owner to discover if the premises has suffered from flooding. If flooding has previously occurred and is not revealed by the seller, then a purchaser may commence a compensation claim as a result of such an incorrect answer. The purchaser’s lawyers will also conduct an enviro report. This will higlight if there is any known flood risk. If so, additional investigations should be conducted.
I opted to have a survey done on a house in Marford before retaining lawyers. I have been informed that there is a flying freehold overhang to the property. The surveyor advised that some lenders may not grant a mortgage on a flying freehold house.
It depends who your proposed lender is. Bank of Scotland has different instructions from Nationwide. Should you wish to telephone us we can look into this further with the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Marford. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Marford to see if the conveyancing costs will increase in light of this.
I've found a house that appears to tick a lot of boxes, at a great price which is making it all the more appealing. I have since been informed that it's a leasehold as opposed to freehold. I am assuming that there are issues buying a leasehold house in Marford. Conveyancing lawyers have are soon to be instructed. Will they explain the issues?
Most houses in Marford are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are buying in Marford in which case you should be looking for a Marford conveyancing solicitor and check that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a tenant you will not be entirely free to do whatever you want to the property. The lease comes with conditions for example requiring the freeholder’sconsent to carry out changes to the property. It may be necessary to pay a contribution towards the maintenance of the communal areas where the property is located on an estate. Your conveyancer should report to you on the legal implications.
I bought a basement flat in Marford, conveyancing having been completed 9 years ago. How much will my lease extension cost? Comparable properties in Marford with an extended lease are worth £176,000. The ground rent is £50 invoiced annually. The lease finishes on 21st October 2099
You have 80 years left to run the likely cost is going to be between £8,600 and £9,800 plus professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to provide the actual costs in the absence of comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first seeking the advice of a professional.