My fiance and I are hoping to purchase a property in St Ives and have appointed a St Ives conveyancing firm. Within the past 48 hours our property lawyer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Virgin Money have this evening contacted us to inform me that there is now an issue as our St Ives lawyer is not on their conveyancing panel. What do we do from here?
If you are buying a property requiring 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 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 as you are at liberty to use your preferred St Ives lawyers, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.
A relative pointed out to me me that in buying a property in St Ives there could be various restrictions prohibiting external alterations to a property. Is this right?
We are aware of anumerous of properties in St Ives which have some sort of restriction or requirement of consent to execute external changes. Part of the conveyancing in St Ives should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
Is it correct that all St Ives CQS (Conveyancing Quality Scheme) solicitors are on the Aldermore conveyancing panel?
A selection of lenders now make use of the accreditation scheme as the kick off point for Panel approval such as HSBC and Santander. The Law Society’s CQS accreditation however gives no guarantee to lender panel acceptance. Nevertheless,the CML have indicated that it is likely to become a pre-requisite for solicitors wishing to remain on their approved list of conveyancing solicitors.
Nationwide have agreed my home loan in principle, my bid on a apartment in St Ives has been accepted, what are the next steps?
The property agent will need to know who your solicitors are (make sure the lawyers are on the bank’s approved list). Telephone Nationwide or your broker and finish off any relevant paperwork. Nationwide will sellect a valuer who will get in contact with the estate agent or owners to arrange a slot for the valuation to occur. Once carried out (assuming no problems) it takes about ten days to get a mortgage offer. Nationwide will send the offer to you and your property lawyers. The legal work will then take it’s course according the nature and complexity of the conveyancing in St Ives.
I am looking for a flat up to £235,500 and identified one close by in St Ives I like with amenity areas and station nearby, the downside is that it only has 61 years unexpired on the lease. I can't really find anything else in St Ives in this price bracket, so just wondered if I would be making a mistake buying a short lease?
Should you require a mortgage the remaining unexpired lease term may be an issue. Discount the offer by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for at least 2 years you may request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should consult your conveyancing lawyer concerning this matter.
Taking into account that I will soon spend 450k on a garden flat in St Ives I would like to talk to a lawyer concerning theconveyancing in advance of giving the go ahead to the firm. Is this something that you can arrange?
This is something that we encourage - it is our preference to talk to you we do not take any clients on without you speaking to the lawyer who will be carrying out your conveyancing in St Ives.There is no ‘factory style conveyancing’ - every client is an important individual, not a file number. The law firms that we put you in touch with believe that the fees you are provided with for residential conveyancing in St Ives should be the figure that you are charged.
I’m about to sell my garden apartment in St Ives. Conveyancing solicitors are to be appointed soon, however I have just had a yearly service charge demand – what should I do?
The sensible thing to do is clear the invoice as usual as all rents and maintenance invoices will be apportioned as part of the financial calculations for completion monies, so you will be reimbursed by the buyer for the period running from after the completion date to the subsequent invoice date. Most managing agents will not acknowledge the buyer unless 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. Having a clear account will assist your cause and will leave you no worse off financially.
St Ives Conveyancing for Leasehold Flats - Sample of Queries Prior to buying
Can you inform me if there are any major works in the near future that will likely add a premium to the maintenance fees? What prohibitions exist in the St Ives Lease?