My wife and I are looking to acquire a home in Rainhill and have instructed a Rainhill conveyancing practice. Within the past 48 hours our lawyer has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Coventry Building Society have this morning contacted us to inform me that there is now an issue as our Rainhill solicitor is not on their conveyancing panel. Please explain?
If you are buying a property requiring a mortgage it is usual 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 Rainhill solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
Why is leasehold purchase conveyancing in Rainhill is more expensive?
The conveyancing costs on a leasehold premises in Rainhill is often higher as compared to a freehold residence. This is because there is an amount of extra work necessary in communicating with the freeholder and management company to collate the evidence concerning whether the rent and maintenance charges have been paid and whether there are any large sums expected to be spent in the near future on repairs or maintenance of the building.
Me and my partner are buying a house in Rainhill. I might seem paranoid but how we can trust a lawyer? On the day of competition we have to put money into their account. What protection do we have from them run away with our monies?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
I am planning to move house in March. Does my conveyancing solicitor call the removal company on the completion day. On a separate note, can you recommend a removal company in Rainhill. Conveyancing lawyer was chosen prior to coming across this site.
On the afternoon of completion you will need to pick up the keys from your selling agent however this can only take place once the previous owners conveyancers inform the agent that they have the completion monies and the keys can be handed over. Subsequently you can advise the removal men that they can start moving you in. We are not in a position to suggest a specific removal company but can help you locate a conveyancing in Rainhill or a lawyer with expertise in conveyancing in Rainhill.
Having read lots of mortgage guides, I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my local Rainhill solicitor - who is on the Kent Reliance conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
Kent Reliance will need an independent valuation of the property. Your lawyer will not arrange this. Usually Kent Reliance will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your conveyancing practitioner will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Rainhill postcode. As you are getting a mortgage with Kent Reliance, you could contact them to see if they have a list of approved surveyors in Rainhill.
How does conveyancing in Rainhill differ for newly converted properties?
Most buyers of new build or newly converted property in Rainhill contact us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the property is finished. This is because house builders in Rainhill usually acquire the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Rainhill or who has acted in the same development.
I have been on the look out for a leasehold apartment up to £235,500 and found one round the corner in Rainhill I like with a park and railway links nearby, the downside is that it's only got 49 remaining years left on the lease. I can't really find anything else in Rainhill in this price bracket, so just wondered if I would be making a grave error purchasing a short lease?
Should you need a mortgage the shortness of the lease will likely be an issue. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for a minimum of twenty four months you could request that they commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this matter.