My fiance and I are hoping to purchase a home in Rendlesham and have instructed a Rendlesham conveyancing firm. Within the last couple of days our property lawyer has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. Clydesdale have this afternoon contacted us to inform me that there is now an issue as our Rendlesham solicitor is not on their conveyancing panel. What do we do from here?
If you are buying a property needing 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 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 as you are at liberty to use your preferred Rendlesham lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another lawyer into the mix.
I am buying a property without a mortgage in Rendlesham. I have lived for the previous 15 years in Rendlesham. Conveyancing searches are exorbitant. As I have knowledge of the area and road very well should I not bother getting the solicitor to do all the conveyancing searches?
In the absence of a mortgage, then all but one or two of the Rendlesham conveyancing searches are non-obligatory. Your conveyancer will ’encourage you, perhaps strongly, that you should have searches carried out, but she has a professional duty to take that path of encouragement . One thing to consider; if you are intend to sell the house at a future date, it will likely be be of interest to your prospective buyer what the searches disclose. On occasion properties with apparent issues can still reveal unexpected search results. A competent conveyancing solicitor in Rendlesham will provide you some practical guidance here.
Do I choose a Licenced Conveyancer or Solicitor for conveyancing in Rendlesham?
There are two types of lawyers who can execute conveyancing in Rendlesham namely licenced conveyancers or solicitors. Both professionals administer the legal services that you need to complete the sale or purchase of property. Both are required to perform Rendlesham conveyancing on similar standards and guidelines so you may be safe in the knowledge that your conveyancing will be properly conducted and that the requisite procedures should be appropriately taken.
Intending to buy a flat in Rendlesham. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Nottingham conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Rendlesham lawyer is on the Nottingham conveyancing panel.
After what seems like an age I have had an offer on a flat in Rendlesham accepted, the vendors do however have an associated purchase. The sellers have offered on a property, however it’s not been accepted yet, and have viewings of other flats booked. I have chosen a high street conveyancing solicitor in Rendlesham. What should be my next step? When should I get the mortgage application with Santander started?
It is usual to have anxieties where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is approx one thousand pounds, then valuation, Rendlesham conveyancing search charges, etc). First, you must check that your lawyer is on the Santander conveyancing panel. Regarding the next steps this very much dictated by the circumstances of your transaction, attraction to the property and on the state of the market. During a buoyant market the majority of home buyers would apply for the mortgage with Santander and arrange for the valuation and only if it comes back ok would they pay their conveyancer to press on with searches.
How does conveyancing in Rendlesham differ for new build properties?
Most buyers of new build residence in Rendlesham come to us having been asked by the housebuilder to sign contracts and commit to the purchase even before the property is finished. This is because builders in Rendlesham typically buy the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Rendlesham or who has acted in the same development.
I have recently realised that I have Seventy years left on my lease in Rendlesham. I need to get lease extension but my landlord is absent. What should I do?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the Court. You will be obliged to prove that you have made all reasonable attempts to find the landlord. On the whole a specialist would be helpful to carry out a search and prepare an expert document to be accepted by the court as proof that the landlord can not be located. It is advisable to get professional help from a conveyancer both on proving the landlord’s disappearance and the application to the County Court covering Rendlesham.
I bought a studio flat in Rendlesham, conveyancing was carried out in 1999. How much will my lease extension cost? Comparable properties in Rendlesham with a long lease are worth £201,000. The ground rent is £45 yearly. The lease comes to an end on 21st October 2089
With 64 years remaining on your lease we estimate the premium for your lease extension to span between £15,200 and £17,600 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first seeking the advice of a professional.