My wife and I are looking to acquire a house in Rufford and have instructed a Rufford conveyancing firm. Within the last couple of days our conveyancer has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Clydesdale have this afternoon contacted us to advise us that they have now hit a problem as our Rufford solicitor is not on their approved list of lawyers. Please explain?
If you are buying a property with the assistance of a mortgage it is conventional 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 Accreditation Scheme. Your solicitor 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 lawyers to represent them. You are not legally obliged to appoint a law firm on the bank's conveyancing panel as you are at liberty to use your preferred Rufford lawyers, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.
We are planning to acquire a house and need a conveyancing solicitor in Rufford who is on the Nottingham conveyancing panel. 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 be listed as being on the approved conveyancing panel for Nottingham . We don't recommend any particular firms conducting conveyancing in Rufford.
How does conveyancing in Rufford differ for new build properties?
Most buyers of new build premises in Rufford approach us having been asked by the developer to sign contracts and commit to the purchase even before the house is constructed. This is because house builders in Rufford tend to 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 Rufford or who has acted in the same development.
Due to the guidance of my in-laws I had a survey completed on a house in Rufford in advance of retaining solicitors. I have been advised that there is a flying freehold aspect to the property. Our surveyor has said that some lenders may refuse to give a loan on such a property.
It depends who your proposed lender is. Bank of Scotland has different instructions from Birmingham Midshires. Should you wish to call us we can look into this further via the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Rufford. Conveyancing may be slightly more expensive based on your lender's requirements.
I own a leasehold flat in Rufford. Conveyancing was finalised in 2010. I have read on a number of consumer forums that I should not allow the the remaining lease term to fall too short. Why is that a problem?
Rufford leasehold properties are for a prescribed term - often ninety nine years when they are first granted. However many flats in Rufford were constructed or converted in the 70’s80’s and so these leases now have under eighty years unexpired. That may seem like a long time but Banks, Building Societies and other mortgage lenders on the whole need leases to have a minimum of 75 years unexpired to adequate security. This means that when you come to sell the property you will need to extend the term of your lease if you are approaching eighty years. To enhance your property value you should be considering whether to extend your lease long before you come to sell it. Furthermore advantages to doing so before the lease hits eighty years as when the lease falls below 80 years the amount you have to pay to extend starts to escalate.