My husband and I are hoping to purchase a property in Wincanton and are in fact using a Wincanton 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. Bank of Scotland have this morning contacted us to inform me that they have now hit a problem as our Wincanton conveyancer is not on their approved list of lawyers. What do we do from here?
When purchasing a property with mortgage finance 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 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 Wincanton lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
Some advice if I may. My Wincanton lawyer is advising me that she is duty bound toorder Wincanton conveyancing searches resulting from the fact thatthe firm are on the Lloydsapproved lawyer panel. These Wincanton searches cost a lot of money can this be avoided?
Unfortunately both you and your lawyer have little choice here. Given that you are taking out a loan with a bank your conveyancer has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your conveyancer would have previously signed the Terms and Conditions of your lender’s conveyancing panel appointment which obliges them to follow the Council of Mortgage Lenders’ Handbook provisions . Even if you were a cash buyer you would be ill advised not to carry out Wincanton conveyancing searches.
It is a dozen years since I acquired my house in Wincanton. Conveyancing solicitors have recently been retained on the sale but I am unable to find the title documents. Is this a major issue?
You need not be too concerned. Firstly there is a chance that the deeds will be kept by your mortgage company or they may still be with the lawyers who handled your purchase. Secondly in most cases the land will be registered at the land registry and you will be able to establish that you own the property by your conveyancing lawyers procuring current official copies of the land registers. The vast majority of conveyancing in Wincanton relates to registered property but in the unlikely event that your home is unregistered it adds to the complexity but is resolvable.
We're in Wincanton, First time buyers buying with a mortgage (lender is RBS , and our lawyer is on the RBS conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the RBS conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no solicitor 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.
My partner and I may need to let out our Wincanton ground floor flat temporarily due to a new job. We used a Wincanton conveyancing practice in 2003 but they have closed and we did not think at the time seek any guidance as to whether the lease allows us to sublet. How do we find out?
Notwithstanding that your previous Wincanton conveyancing solicitor is no longer available you can check your lease to see if it allows you to sublet the apartment. The rule is that if the lease is silent, subletting is permitted. There may be a precondition that you must seek consent from your landlord or other appropriate person before subletting. The net result is you not allowed to sublet in the absence of prior permission. Such consent is not allowed to be unreasonably turned down. If the lease does not allow you to sublet you should ask your landlord if they are willing to waive this restriction.
I bought a 1st floor flat in Wincanton, conveyancing formalities finalised July 1996. Can you give me give me an indication of the likely cost of a lease extension? Equivalent properties in Wincanton with over 90 years remaining are worth £190,000. The average or mid-range amount of ground rent is £45 charged once a year. The lease terminates on 21st October 2081
With only 62 years left to run we estimate the price of your lease extension to span between £17,100 and £19,800 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive investigations. Do not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first seeking the advice of a professional.