My wife and I are looking to acquire a property in Marshfield and have instructed a Marshfield conveyancing firm. Within the past 48 hours our lawyer has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. TSB have this evening contacted us to advise us that they have now hit a problem as our Marshfield solicitor is not on their approved list of lawyers. Is this a problem?
When purchasing a property with the benefit of a mortgage it is usual for the purchasers' solicitors 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 solicitor 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 don't have to instruct a firm on the lender’s conveyancing panel as you are at liberty to use your preferred Marshfield lawyers, in which case it will likely add costs, and it may delay matters as you are adding another lawyer into the mix.
I have an AIP. The lender mentioned the mortgage came with free conveyancing. Is the implication that I have to instruct their panel conveyancer as I would much rather instruct a specialised conveyancing solicitor in Marshfield?
Do check but the chances are that give you one of their panel conveyancers should you accept the "fee-free" deal. Contact the lender and explore if they allow a monetary alternative. In the past a few lenders offered a £250 cashback as a further option in which case you could put that amount towards the cost for your conveyancing solicitor near Marshfield.
Should commercial conveyancing searches reveal impending roadworks that could impact a commercial property in Marshfield?
Many commercial conveyancing solicitors in Marshfield will order a SiteSolutions Highways report as it reduces the time that conveyancers invest in researching accurate data on highways that impact buildings and development assets in Marshfield. The report provides definitive information 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 Marshfield.
For each commercial conveyancing transaction in Marshfield it is crucial to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been addressed adequately may result in delays to Marshfield commercial conveyancing transactions as well as present a risk to future intentions for the site. These searches are not conducted for domestic conveyancing in Marshfield.
Just had an offer accepted on a new build flat in Marshfield. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Here are examples of a selection of leasehold new build questions that you may expect your new-build leasehold conveyancing in Marshfield
Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Forfeiture - bankruptcy or liquidation must not apply under this provision. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company?
My husband and I have an offer in principle from Nationwide Building Society who have advised that they will lend up to £117k. At what point do we need to instruct a solicitor for conveyancing? Marshfield is where we plan to move to.
It would be wise to instruct a lawyer now requesting that they generate a file on your behalf. This will trigger: 1) the estate agent to send out the Sales Memorandum to the relevant parties 2) the seller’s conveyancing practitioner to submit the draft paperwork. That being said, do not ask your conveyancing practitioner to order searches until you have your valuation report via Nationwide Building Society and you are happy to move forward.