My fiance and I are looking to purchase a flat in Radford and have appointed a Radford conveyancing practice. Within the last couple of days our property lawyer has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Barclays Direct have this morning contacted us to inform me that they have now hit a problem as our Radford conveyancer is not on their approved list of lawyers. Please explain?
Where you are buying a property requiring a mortgage 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 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 lender’s conveyancing panel as you are at liberty to use your preferred Radford lawyers, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.
Is it possible for conveyancing in Radford to be concluded inside 10 days?
In a situation where you are under time constraints to sign contracts it is highly recommended that your solicitor is familiar with the location as they will benefit local connections and knowledge. It is even conceivable that they may have conducted previoushouses in the same road. Therefore consider using a Radford conveyancing lawyer. Second, make sure that the lawyer is on the on the approved list for your mortgage company. It is believed that nearly one in five of Radford conveyancing deals are suspended or derailed after finding out that a buyer’s solicitor was not on their mortgage lender’s list of approved solicitors. In many cases this discovery resulted in the conveyancing being held up by an average of 21 days. It is estimated that this issue affects approximately one hundred thousand home sales every year. Almost all Radford conveyancing firms can not act for certain mortgage companies so do check as early as possible.
I am purchasing a flat and require a conveyancing solicitor in Radford who is on the National Westminster Bank solicitor. Could you point me in the right direction as regards a solicitor?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for National Westminster Bank in certain locations such as Radford. We dont recommend any particular firm.
Various web forums that I have come across warn that are the number one reason for stalling in Radford house deals. Is that correct?
The Council of Property Search Organisations (CoPSO) has noted the conclusions of a review by MoveWithUs that conveyancing searches do not feature within the common causes of hindrances during the legal transfer of property. Local searches are not likely to be the root cause of delay in conveyancing in Radford.
Back In 2002, I bought a leasehold house in Radford. Conveyancing and Nationwide Building Society mortgage organised. A letter has just been received from someone saying they have taken over the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1997. The conveyancing solicitor in Radford who previously acted has long since retired. Do I pay?
The first thing you should do is make enquiries of the Land Registry to be sure that the individual claiming to own the freehold is in fact the new freeholder. You do not need to instruct a Radford conveyancing firm to do this as you can do this on the Land Registry website for less than a fiver. Rest assured that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
Leasehold Conveyancing in Radford - A selection of Questions you should consider Prior to buying
It is important to be aware if redecorating or some other significant cost is due shortly to be shared amongst the leaseholders and could well dramatically increase the the service fees or result in a specific payment. How many years remain on the lease? Plenty Radford leasehold properties will have a service charge for the upkeep of the block set by the landlord. Should you purchase the property you will have to meet this charge, normally in instalments throughout the year. This could be anything from several hundred pounds to thousands of pounds for bigger purpose-built blocks. There will also be a rentcharge for you to pay yearly, ordinarily this is not a exorbitant amount, say around £25-£75 but you should to enquire it because on occasion it could be surprisingly expensive.