My husband and I are planning to purchase a flat in Thornaby and have instructed a Thornaby conveyancing practice. Within the last couple of days our solicitor has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Platform Home Loans Ltd have this evening contacted us to advise us that they have now hit a problem as our Thornaby solicitor is not on their conveyancing panel. What do we do from here?
If you are buying a property needing a mortgage it is usual for the purchasers' solicitors to also act for 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 mortgage company 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 are not legally obliged to appoint a law firm on the bank's conveyancing panel and you may continue to use your own Thornaby solicitors, in which case it will likely add costs, and it may delay matters as you are adding another lawyer into the mix.
Can you suggest a Britannia sanctioned Thornaby conveyancing conveyancer that can complete within under 3 weeks? Am I best advised to choose a high street Thornaby firm or a national conveyancer?
We can recommend some very good Thornaby conveyancing firms. Another option is to visit the main road in Thornaby. Go in to some well established firms and ask to see a conveyancing solicitor for a fee estimate. Explain your time frames together with the reasons and ask for an assurance on your deadline. Choose the one that appears most efficient.
Over the last few months I have been searching for a ground for flat up to £195,000 and identified one close by in Thornaby I like with amenity areas and station in the vicinity, however it's only got 52 years unexpired on the lease. There is not much else in Thornaby in this price bracket, so just wondered if I would be making a grave error acquiring a lease with such few years left?
Should you require a home loan the shortness of the lease will likely be problematic. Reduce the offer by the anticipated lease extension will cost if not already taken into account. If the existing owner has owned the property for at least 2 years you may request that they start the process of the extension and then assign it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should speak to your conveyancing solicitor about this matter.
Do I need to be suspicious by brokers that I am dealing with are suggesting a factory type conveyancing firm rather than a local Thornaby conveyancing firm?
As with lots of service providers, often suggestions from family and friends can be extremely useful or valuable. Yet there are many parties with a keen interest in a conveyancing deal; estate agents, financial adviser and mortgage companies might all recommend solicitors to choose. Sometimes the solicitors might be known to one of the organisations as being good in their field, but sometimes there might be a financial incentive behind the endorsement. You are free to choose your preferred lawyer. Don't forget that most banks specify a panel list of law firms you have to use for the mortgage related work in your conveyancing.
Having had my offer accepted I require leasehold conveyancing in Thornaby. Before I get started I require certainty as to the remaining lease term.
If the lease is recorded at the land registry - and almost all are in Thornaby - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
Leasehold Conveyancing in Thornaby - Examples of Queries before buying
Please tell me if there are any major works anticipated that will add a premium to the maintenance charges? You should be aware that where the lease has fewer than 80 years it will impact the marketability of the flat. Check with your mortgage company that they are content with residual term of the lease. Leases with less than 80 years remaining means that you will most likely have to extend the lease sooner rather than later and you need to have some idea of how much this would cost. Remember, in most cases you will be required to have been the owner of the property for two years in order to be eligible to extend the lease. The prefered form of lease structure is a share of the freehold. In this situation the leaseholders enjoy control and notwithstanding that a managing agent is usually retained if it is bigger than a house conversion, the managing agent is directed by the tenants.