My wife and I are looking to purchase a property in Urmston and have appointed a Urmston conveyancing firm. Within the last couple of days our property lawyer has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. Clydesdale have this evening contacted us to advise us that they have now hit a problem as our Urmston conveyancer is not on their conveyancing panel. What do we do from here?
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 bank 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 Urmston solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
Will conveyancers request money up-front for conveyancing in Urmston?
If you are buying a property in Urmston your solicitor will ask you place them with monies to cover the the cost of the conveyancing searches. Generally this is asked for to cover the fees of the conveyancing searches. When the down payment is payable against the total price then this will be asked for immediately before contracts are exchanged. The final balance that is needed should be sent to your lawyer shortly before completion.
When it comes to mortgage companies such as Clydesdale, do Urmston conveyancing practitioners incur an annual charge to be on the conveyancing panel?
We are not aware of any mortgage company fees to be on their list of approved firms, although some do charge an administration fee to deal with the processing of the conveyancing panel application.
My husband and I have organised a further advance on our mortgage from RBS as we wish to conduct improvements to our property in Urmston. Do we need to select a bricks and mortar Urmston solicitor on the RBS conveyancing panel to deal with the legals?
RBS would not normally require firms on their conveyancing panel to handle the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the RBS panel.
We have a mortgage agreed in principle with Aldermore. Urmston conveyancing lawyers have been selected. How long does it take for Aldermore to send the offer to the property lawyer?
Some lenders take longer than others. Have Aldermore conducted the survey? Have you informed Aldermore as to your lawyers' details and checked that your lawyers are on the Aldermore conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
Should our lawyer be asking questions concerning flooding during the conveyancing in Urmston.
The risk of flooding is if increasing concern for solicitors dealing with homes in Urmston. Some people will acquire a house in Urmston, completely aware that at some time, it may suffer from flooding. However, aside from the physical destruction, where a property is at risk of flooding, it may be difficult to obtain a mortgage, suitable insurance cover, or sell the property. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Conveyancers are not qualified to offer advice on flood risk, however there are a number of searches that can be initiated by the purchaser or on a buyer’s behalf which can give them a better understanding of the risks in Urmston. The standard completed inquiry forms given to a buyer’s solicitor (where the Conveyancing Protocol is adopted) includes a standard inquiry of the seller to find out whether the property has suffered from flooding. In the event that the residence has been flooded in past which is not notified by the owner, then a purchaser could bring a legal claim for losses stemming from an misleading answer. A buyer’s conveyancers may also conduct an enviro report. This should higlight whether there is any known flood risk. If so, further inquiries will need to be carried out.
Jane (my partner) and I may need to let out our Urmston garden flat for a while due to a career opportunity. We used a Urmston conveyancing firm in 2001 but they have since shut and we did not have the foresight to seek any guidance as to whether the lease prohibits the subletting of the flat. How do we find out?
The lease governs the relationship between the landlord and you the leaseholder; specifically, it will say if subletting is not allowed, or permitted but only subject to certain caveats. The rule is that if the lease contains no expres ban or restriction, subletting is allowed. The majority of leases in Urmston do not contain strict prohibition on subletting – such a clause would adversely affect the market value the property. Instead, there is usually a basic requirement that the owner notifies the freeholder, possibly sending a duplicate of the tenancy agreement.
I inherited a 2 bed flat in Urmston, conveyancing having been completed half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar properties in Urmston with a long lease are worth £216,000. The ground rent is £50 levied per year. The lease comes to an end on 21st October 2095
With just 70 years unexpired the likely cost is going to span between £9,500 and £11,000 plus legals.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure without more comprehensive due diligence. You should not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not move forward based on this information without first getting professional advice.