My fiance and I are looking to acquire a house in Stanford Le Hope and have instructed a Stanford Le Hope conveyancing firm. Within the last couple of days our conveyancer has sent a preliminary report and documents to look through with a view to exchanging next week. Aldermore have this afternoon contacted us to inform me that there is now an issue as our Stanford Le Hope conveyancer is not on their conveyancing panel. Is this a problem?
When purchasing a property with the benefit of a mortgage it is standard 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 Quality 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 bank's conveyancing panel as you are at liberty to use your preferred Stanford Le Hope lawyers, in which case your legal fees may increase, and it may delay matters as you have another set of people involved.
It is is a decade since I purchased my home in Stanford Le Hope. Conveyancing solicitors have now been appointed on the sale but I am unable to locate my title deeds. Is this a problem?
You need not be too concerned. First there is a possibility that the deeds will be with the mortgage company or they may be in the possession of the solicitor who handled your purchase. Secondly the chances are that the title will be registered at the land registry and you will be able to prove you are the registered owner by your conveyancing lawyers acquiring up to date copy of the land registers. Nearly all conveyancing in Stanford Le Hope relates to registered property but in the rare situation where your home is not registered it adds to the complexity but is not insurmountable.
What does commercial conveyancing in Stanford Le Hope cover?
Non domestic conveyancing in Stanford Le Hope covers a wide range of guidance, provided by regulated solicitors, relating to business property. By way of example, this type of conveyancing can cover the sale or purchase of freehold business premises or, more commonly, the transfer of existing leases or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial loans and the termination of leases.
I today plan to offer on a house that appears to be perfect, at a great figure which is making it more attractive. I have just been informed that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns buying a house with a leasehold title in Stanford Le Hope. Conveyancing lawyers have are about to be appointed. Will they explain the issues?
Most houses in Stanford Le Hope are freehold rather than leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area who can assist with the conveyancing process. It is clear that you are buying in Stanford Le Hope so you should seriously consider looking for a Stanford Le Hope conveyancing solicitor and check that they are used to transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a leaseholder you will not be entirely free to do whatever you want to the property. The lease comes with conditions for example requiring the landlord’spermission to conduct alterations. You may also be required to pay a contribution towards the upkeep of the estate where the house is located on an estate. Your lawyer should advise you fully on all the issues.
I acquired a 1 bedroom flat in Stanford Le Hope, conveyancing formalities finalised 4 years ago. How much will my lease extension cost? Corresponding flats in Stanford Le Hope with over 90 years remaining are worth £195,000. The ground rent is £45 invoiced every year. The lease finishes on 21st October 2086
With 63 years left to run the likely cost is going to range between £16,200 and £18,600 plus professional fees.
The figure above a general guide to costs for renewing a lease, but we are not able to advice on the actual costs without more comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action based on this information before getting professional advice.
My wife and I have chosen a Stanford Le Hope conveyancing solicitor for our house purchase (first time buyers) and have picked up in the terms and conditions that they are not covered by the FCA. Am I right to be worried or is that the norm with conveyancing practitioner?
We can't see why they should be. Most conveyancer don't lend money. They should be regulated by the Solicitors Regulation Authority, who set stringent obligations covering monies held by them.