My partner and I are hoping to purchase a property in Stevenage and have appointed a Stevenage conveyancing firm. Within the past 48 hours our lawyer has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. National Westminster Bank have this afternoon contacted us to inform me that they have now hit a problem as our Stevenage conveyancer is not on their approved list of lawyers. Is this a problem?
Where you are buying a property with the assistance of a mortgage it is usual for the purchasers' solicitors to also represent the mortgage company. 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 solicitor 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 are not legally obliged to appoint a law firm on the lender’s conveyancing panel and you may continue to use your own Stevenage solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another lawyer into the mix.
In the event thatI were to purchase a straightforward propertyin Stevenage mortgage fee and dispense with a survey and no conveyancing searches how much could I expect to to save on my conveyancing in Stevenage?
The only reduction in fees you would make on is the Stevenage conveyancing searches. A conveyancing practitioner still got to do everything else - money laundering, liaising with your sellers lawyer, SDLT submission, register the title etc. You might save a bit for them not needing to register a charge however it will not be meaningful.
We see that you have a search directory identifying firms on the Nottingham conveyancing panel. Do firms pay you a commission if I retain them for our own conveyancing in Stevenage?
We are a listing service only for law firms wishing to communicate if they are on the Nottingham conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Stevenage.
The deeds to my home are lost. The lawyers who handled the conveyancing in Stevenage 5 years ago have long since closed. Will I be able to sell the house?
These day there are copies made of almost everything, and your lawyer should be aware precisely where to locate all the appropriate paperwork so you may buy or dispose of your property without any difficulty. Where duplicates are not available, your conveyancer can put in place insurance or indemnities protecting you against future claims on the property.
Last September I purchased a leasehold house in Stevenage. Am I liable to pay service charges for periods before my ownership?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Stevenage Leasehold Conveyancing - A selection of Questions you should consider Prior to buying
The prefered form of lease structure is a share of the freehold. In this situation the leaseholders enjoy control and although a managing agent is often retained if it is bigger than a house conversion, the managing agent is directed by the tenants. Please inform me if there are any major works in the near future that could add a premium to the maintenance charges?