My husband and I are hoping to acquire a property in New Invention and have appointed a New Invention conveyancing practice. Within the last couple of days our solicitor has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. Nationwide Building Society have this afternoon contacted us to inform me that they have now hit a problem as our New Invention conveyancer is not on their approved list of lawyers. Is this a problem?
When purchasing a property with mortgage finance it is standard 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 Quality 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 bank's conveyancing panel and you may continue to use your own New Invention solicitors, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.
I am buying a newly built flat in New Invention and my conveyancer is advising me that she has to the lender to reveal incentives from the builder. The Estate Agents are hassling me to sign contracts and I don't want to prolong matters. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your solicitor. A precondition to being on a lender panel is to comply with the UK Finance Lenders’ Handbook provisions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
When will exchange of contracts take place for domestic conveyancing in New Invention and am I required to be at the lawyers branch?
Where you are in close proximity to our conveyancing solicitors in New Invention you are invited in to sign documents. That being said, the lender approved solicitors we work with offer a national conveyancing service and give as equally detailed and professional a job for you when dealing with you digitally. The signing of the property agreement is not when everything is set in stone. A signed contract is just a prerequisite for the conveyancer to exchange contracts when the time is right, which is ordinarily shortly after signing. The procedure is nowadays normally dealt with by telephone and can be very rapid, although where a lengthy "chain" is involved, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in New Invention)to be in the office available at the end of the phone to exchange contracts.
The deeds to our property are lost. The lawyers who dealt with the conveyancing in New Invention 10 years ago no longer exist. What are my next steps?
Assuming the title is registered the details of your ownership will be documented by the Land Registry with a Title Number. It is easy to perform a search at the Land Registry, identify your property and get up to date copies of the property title for a small fee. If the property is Leasehold then the Land Registry will usually retain a certified copy of the Registered Lease and again, a copy can be ordered for a small fee.
Back In 2008, I bought a leasehold flat in New Invention. Conveyancing and National Westminster Bank mortgage organised. A letter has just been received from someone saying they have taken over the freehold. Attached was a ground rent demand for rent dating back to 1992. The conveyancing solicitor in New Invention who previously acted has long since retired. What should I do?
The first thing you should do is make enquiries of the Land Registry to make sure that this person is indeed the new freeholder. You do not need to incur the fees of a New Invention conveyancing solicitor to do this as it can be done on-line for £3. Rest assured that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I invested in buying a ground floor flat in New Invention, conveyancing was carried out March 2008. Can you work out an approximate cost of a lease extension? Equivalent flats in New Invention with a long lease are worth £206,000. The ground rent is £45 invoiced annually. The lease comes to an end on 21st October 2086
With 66 years left to run the likely cost is going to be between £12,400 and £14,200 plus legals.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to advice on the actual costs without more comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before seeking the advice of a professional.