My husband and I are planning to purchase a house in Saffron Walden and have instructed a Saffron Walden conveyancing firm. Within the last couple of days our lawyer has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Bank of Scotland have this evening contacted us to advise us that they have now hit a problem as our Saffron Walden conveyancer is not on their conveyancing panel. What do we do from here?
When purchasing a property with mortgage finance it is normal 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 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 lawyers to represent them. You are not legally obliged to appoint a law firm on the lender’s conveyancing panel and you may continue to use your own Saffron Walden solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
My wife and I purchasing a victorian detached house in Saffron Walden. Our aim is to convert the garage to a playroom at the house.Will legal work on the property include checks to ascertain if these alterations were previously refused?
Your solicitor should check the deeds as conveyancing in Saffron Walden will occasionally reveal restrictions in the title documents which prevent certain works or need the permission of a 3rd party. Certain works need local authority planning consent and approval in accordance building regulations. Some locations are designated conservation areas and special planning restrictions apply which frequently prevent or impact extensions. You should check these issues with a surveyor prior to committing yourself to a purchase.
My conveyancer has informed me that breach of easement insurance is required on my purchase. What is the typical level of cover needed for conveyancing in Saffron Walden?
The right level of breach of easement indemnity insurance should be dictated by who your lender. It would differ for example between Barclays and The Mortgage Works. Conveyancing lawyers as opposed to borrowers take out such insurances.
I currently have a mortgage with Skipton for my property in Saffron Walden. Conveyancing has been completed a year ago. If I am intending to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Skipton?
You must advise Skipton before renting your property as this is likely to be a breach of Skipton’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Skipton directly. You need not do this via a Skipton conveyancing panel firm.
I am looking for a leasehold apartment up to £245,000 and identified one close by in Saffron Walden I like with amenity areas and transport links nearby, however it only has 49 years on the lease. There is not much else in Saffron Walden for this price, so just wondered if I would be making a grave error buying a short lease?
If you require a home loan the remaining unexpired lease term will be problematic. Reduce the offer by the amount the lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for at least 2 years you could ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should speak to your conveyancing solicitor concerning this matter.
Is it best to use a Saffron Walden conveyancing solicitor based in the location that I am hoping to buy? We have a good friend who can deal with the legal formalities however they are based over three hundred miles drive away.
The benefit of a high street Saffron Walden conveyancing practice is that you can pop in to execute documents, deliver your identification documents and pester them if necessary. Having local Saffron Walden know how is a plus. However nothing is more important than finding someone that will do a good and efficient job. If other friends have instructed your friend and they were content that must surpass using an unknown Saffron Walden conveyancing solicitor just because they are based in the area.
Estate agents have just been given the go-ahead to market my 2 bed apartment in Saffron Walden. Conveyancing solicitors are to be appointed soon, but I have recently had a yearly service charge demand – should I leave it to the buyer to sort out?
It best that you pay the service charge as you normally would because all ground rent and maintenance payments should be allotted on completion, so you will be reimbursed by the purchaser for the period running from after the completion date to the subsequent invoice date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
Leasehold Conveyancing in Saffron Walden - A selection of Questions you should consider before Purchasing
Are there any major works in the planning that will likely add a premium to the maintenance costs? How many years remain on the lease? Who manages the block?