My husband and I are looking to acquire a property in Stanwell and have appointed a Stanwell conveyancing practice. Within the last couple of days our property lawyer has sent a preliminary report and documents to look through with a view to exchanging next week. Yorkshire Building Society have this afternoon contacted us to inform me that there is now an issue as our Stanwell lawyer is not on their approved list of lawyers. Is this a problem?
When purchasing a property with mortgage finance 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 bank 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 don't have to instruct a firm on the lender’s conveyancing panel as you are at liberty to use your preferred Stanwell 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.
We're in Stanwell, First time buyers purchasing with a mortgage (lender is TSB , and our lawyer is on the TSB conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the TSB conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
What can a local search reveal concerning the house we're purchasing in Stanwell?
Stanwell conveyancing often commences with the submitting local authority searches directly from your local Authority or via a personal search company for example Searchflow The local search plays a central role in most Stanwell conveyancing purchase; that is if you don’t want any nasty once you have moved into your property. The search should reveal data on, amongst other things, details on planning applications applicable to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen topic sections.
I am looking for a leasehold apartment up to £195,000 and identified one near me in Stanwell I like with open areas and transport links nearby, however it's only got 51 years unexpired on the lease. There is not much else in Stanwell in this price bracket, so just wondered if I would be making a mistake purchasing a short lease?
If you need a mortgage the shortness of the lease may be an issue. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the current owner has owned the property for at least twenty four months you could request that they commence the lease extension formalities and pass it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should speak to your conveyancing solicitor regarding this.
How does one remove a deceased person's details from the title deeds for a property in Stanwell?
Where a Stanwell property is co-owned and one of the proprietors passes away, the name will not immediately be removed from the Land Registry title. It is not necessary to remove their name as when it comes to a disposal you would simply need to supply proof why the joint proprietor is not a party to the conveyance, such as the probate documents.
With the aim of making the sale conveyancing smoother in the future you may arrange to have the deceased party removed from the title entries by submitting an application to HMLR with evidence of the death. There is no charge from the Registry for this service.