My wife and I are looking to buy a house in Virginia Water and are in fact using a Virginia Water conveyancing practice. Within the past 48 hours our property lawyer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Norwich and Peterborough Building Society have this evening contacted us to advise us that there is now an issue as our Virginia Water solicitor is not on their conveyancing panel. Is this a problem?
If you are buying a property needing a mortgage it is normal for the purchasers' lawyers 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 property lawyer 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 lender’s conveyancing panel and you may continue to use your own Virginia Water solicitors, in which case your legal fees may increase, and it may delay matters as you have another set of people involved.
Our god-son is purchasing a house that has just been built in Virginia Water with a mortgage from Lloyds. His lawyer has advised him of a delay in receiving the ‘Disclosure of Incentive Form’. This document is news to me - what is it and who needs sight of it?
The form is intended to provide information to the main parties engaged in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the Lloyds conveyancing panel as a standard part of the process, and to the valuer when requested. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Lloyds conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Just bought a terraced house in Virginia Water , how long should it take for the Land Registry to register my title? My Virginia Water conveyancing solicitor works at snail pace, so I want to check that my ownership is recorded.
There is nothing unique when it comes to conveyancing in Virginia Water registration formalities. As opposed to being determined by geographic area, timeframes can differ according to who lodges the application, whether it is in order and whether the Land registry have to notify any 3rd parties. As of today in the region of 80% of submission are fully dealt with in less than three weeks but occasionally there can be extensive delays. Registration occurs once the new owner has moved in to the premises therefore an expedited registration is not always an essential issue yet where it is urgent that the the registration takes place urgently then you or your solicitor must communicate with the Registry to express the reasoning for the application to be prioritised.
I've recently found out that there is a flying freehold issue on a property I put an offer in a fortnight ago in what was supposed to be a straight forward, chain free conveyancing. Virginia Water is the location of the property. Is there any guidance you can impart?
Flying freeholds in Virginia Water are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Virginia Water you would need to get your solicitor to go through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Virginia Water may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
In what way can the Landlord & Tenant Act 1954 affect my business premises in Virginia Water and how can your lawyers assist?
The 1954 Act gives protection to commercial lessees, granting the dueness to make a request to court for a renewal tenancy and remain in occupation when the lease reaches an end. There are certain specified grounds that a landlord can refuse a lease renewal and the rules are complex. Fees are different for commercial conveyancing. Virginia Water is one of our many locations in which the firms we work with are based