My fiance and I are hoping to purchase a property in Milton and are in fact using a Milton conveyancing firm. Within the past 48 hours our lawyer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Bank of Scotland have this evening contacted us to advise us that there is now an issue as our Milton conveyancer is not on their conveyancing panel. What do we do from here?
Where you are buying a property needing 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 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 solicitors to act. You don't have to instruct a firm on the lender’s conveyancing panel and you may continue to use your own Milton solicitors, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.
Have completed on a a terraced house in Milton , how long will it take for the Land Registry to record the transfer to my name? My Milton conveyancing solicitor has been very slow, so I want to be sure the registration is concluded.
As far as conveyancing in Milton registration is no faster or slower than the rest of the country. Rather than based on location, timescales can vary according to who lodges the application, whether it is in order and if the Land registry communicate with any interested parties. Currently in the region of 80% of submission are fully dealt with within 12 days but some can be subject to longer delays. Registration occurs once the purchaser has moved in to the premises thus registration formalities is not usually primary concern yet if there is a degree of urgency associated with the registration then you or your solicitor can contact the land registry and explain the circumstances.
About to purchase a new build apartment in Milton. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Set out below are examples of a selection of leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Milton
Please confirm the Lease plans are surveyor prepared. Please supply evidence that the form of Lease proposed has been approved by the Land Registry. Please supply a car parking plan. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company?
I am thinking of appointing a conveyancing solicitor in Milton for my home move. Is there any facility to review a solicitor's record with the profession’s regulator?
One can find presented Solicitor Regulator Association (SRA) determinations resulting from investigations from 2008 onwards. Visit Check a solicitor's record. To find records Pre 2008, or to check a solicitors record, telephone 0870 606 2555, 08.00 - 18.00 Monday, Wednesday, Thursday, Friday and 09.30 - 18.00 Tuesday. For callers outside the UK, call +44 (0)121 329 6800. The regulator could monitor telephone calls for training purposes.
Are there frequently found problems that you see in leases for Milton properties?
There is nothing unique about leasehold conveyancing in Milton. All leases are individual and legal mistakes in the legal wording can sometimes mean that certain clauses are missing. For example, if your lease is missing any of the following, it could be defective:
Insurance obligations Maintenance charge proportions which don’t add up to the correct percentage
A defective lease will likely cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Lloyds TSB Bank, Norwich and Peterborough Building Society, and Alliance & Leicester all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to grant the mortgage, obliging the purchaser to withdraw.
I acquired a 1st floor flat in Milton, conveyancing having been completed 10 years ago. How much will my lease extension cost? Similar properties in Milton with a long lease are worth £195,000. The average or mid-range amount of ground rent is £45 invoiced every year. The lease ends on 21st October 2084
With 63 years left to run we estimate the price of your lease extension to be between £16,200 and £18,600 plus professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed investigations. You should not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you move forward based on this information before getting professional advice.