My partner and I are planning to acquire a property in West Green and are in fact using a West Green conveyancing firm. Within the past 48 hours our lawyer has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. Britannia have this afternoon contacted us to advise us that there is now an issue as our West Green solicitor is not on their approved list of lawyers. Is this a problem?
When purchasing a property with mortgage finance it is standard 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 Accreditation 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 don't have to instruct a firm on the bank's conveyancing panel and you may continue to use your own West Green solicitors, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.
Our nephew is about to exchange on a house that has just been built in West Green with a home loan from Principality. His solicitor has said that there is a delay in completing the ‘Disclosure of Incentive Form’. Who needs to receive the form?
The document 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 Principality conveyancing panel as a standard part of the process, and to the surveyor when asked. 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 Principality conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Why do I have to pay up front when it comes to conveyancing in West Green?
If you are buying a property in West Green your solicitor will ask you place them with funds to cover the search fees. Normally this is called for to cover the fees of the conveyancing searches. If any down payment is payable against the total price then this will be needed shortly ahead of exchange of contracts. Any further balance that is due should be transferred shortly before completion.
Over the last few months I have been searching for a ground for flat up to £245,000 and found one round the corner in West Green I like with open areas and transport links nearby, however it's only got 52 remaining years left on the lease. I can't really find anything else in West Green suitable, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you need a home loan that many years will likely be an issue. Reduce the price by the anticipated lease extension will cost if it has not already been discounted. If the existing owner has owned the property for at least 2 years you can ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should consult your conveyancing lawyer regarding this matter.
Am I best advised to use a West Green conveyancing solicitor in close proximity to the house I am buying? I have an old university friend who can deal with the conveyancing however they are based 300miles drive away.
The primary upside of using a high street West Green conveyancing firm is that you can pop in to sign documents, deliver your ID and apply pressure on them if necessary. Having local West Green know how is a plus. However nothing is more important than finding someone that will do a good and efficient job. If if people you trust instructed your friend and in the main were happy that should outweigh using an unknown West Green conveyancing lawyer just because they are based in the area.