My partner and I are hoping to acquire a house in Thrapston and are in fact using a Thrapston conveyancing practice. Within the past 48 hours our solicitor has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. Nottingham Building Society have this afternoon contacted us to inform me that they have now hit a problem as our Thrapston lawyer is not on their conveyancing panel. Is this a problem?
When purchasing a property with mortgage finance it is usual for the purchasers' solicitors to also act for 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 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 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 Thrapston lawyers, in which case it will likely add costs, and it may delay matters as you are adding another lawyer into the mix.
We're in Thrapston, FTBs purchasing with a mortgage (lender is Aldermore , and our lawyer is on the Aldermore conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Aldermore conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no lawyer 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.
Are there restrictive covenants that are commonly picked up during conveyancing in Thrapston?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Thrapston. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
Taking into account that I will soon spend 450k on a house in Thrapston I would like to talk to a conveyancer regarding thetransaction ahead of instructing the firm. Can this be arranged?
Absolutely - we would be pleased to talk to you we do not take any clients on without you first talking to the lawyer due to be conducting your property ownership legalities in Thrapston.There is no ‘factory style conveyancing’ - each client is an important person, not a case reference. The law firms that we put you in touch with believe that the figure you are provided with for residential conveyancing in Thrapston should be the amount on the final invoice that you are charged.
I've recently bought a leasehold flat in Thrapston. 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. It is an essential part 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).
I inherited a garden flat in Thrapston, conveyancing formalities finalised in 1996. Can you work out an approximate cost of a lease extension? Similar flats in Thrapston with a long lease are worth £195,000. The ground rent is £45 invoiced annually. The lease expires on 21st October 2082
You have 63 years remaining on your lease we estimate the price of your lease extension to range between £16,200 and £18,600 plus professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not take any other action based on this information without first getting professional advice.