My partner and I are looking to acquire a property in North Walsham and have appointed a North Walsham conveyancing firm. Within the past 48 hours our lawyer has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Chelsea Building Society have this evening contacted us to inform me that there is now an issue as our North Walsham lawyer is not on their approved list of lawyers. What do we do from here?
When purchasing a property with the benefit of a mortgage it is usual for the purchasers' solicitors to also represent 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 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 bank's conveyancing panel and you may continue to use your own North Walsham solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
Can your site be used to recommend a Conveyancing solicitor in North Walsham even where I’m not buying or selling a house, for instance where I intend to acquire an office in North Walsham with a loan from Britannia?
Our comparison service is mainly there to help choose residential conveyancing solicitors in North Walsham but we have listed at the bottom of this page some North Walsham commercial conveyancing firms. You will need to enquire with the company directly to see if they can also act for Britannia
Do commercial conveyancing searches reveal proposed roadworks that could impact a commercial premises in North Walsham?
Many commercial conveyancing solicitors in North Walsham will perform a SiteSolutions Highways report as it reduces the time that conveyancers invest in investigating accurate data on highways that impact buildings and development assets in North Walsham. The search result sets out 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 North Walsham.
For each commercial conveyancing transaction in North Walsham it is crucial to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been dealt with adequately can cause delays to North Walsham commercial conveyancing transactions as well as pose a risk to future plans for the site. These searches are not carried out for residential conveyancing in North Walsham.
I work for a reputable estate agency in North Walsham where we have experienced a number of leasehold sales derailed as a result of leases having less than 80 years remaining. I have been given inconsistent advice from local North Walsham conveyancing firms. Can you clarify whether the vendor of a flat can instigate the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the disposal of the property.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I am the registered owner of a 1 bedroom flat in North Walsham, conveyancing formalities finalised half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Similar properties in North Walsham with over 90 years remaining are worth £190,000. The ground rent is £45 yearly. The lease ends on 21st October 2087
With just 62 years remaining on your lease we estimate the price of your lease extension to span between £17,100 and £19,800 plus costs.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure without more detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first seeking the advice of a professional.
My fiance and I are planning to purchase a three room ground floor flatin North Walsham with a home loan from a bank. We would like to retain our conveyancer in North Walsham however our lender inform us now that he's not listed on their "panel". We have to appoint from the our mortgage company panel firms or stay with our North Walsham conveyancer and incur the extra costs for one of their panel ones to represent our lender. This seems very unfair; is there anything we can do?
No, not really. The lender home loan issued is subject to conditions, one of which will be that solicitors will on the bank's conveyancing panel. in the past, most banks had large numbers of law firms on their panels, including almost all conveyancing solicitors in North Walsham : a mortgagee could choose 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 your lender.