My husband and I are looking to acquire a house in Romney and have instructed a Romney conveyancing practice. Within the past 48 hours our solicitor has sent a preliminary report and documents to look through with a view to exchanging next week. Alliance & Leicester have this morning contacted us to advise us that there is now an issue as our Romney solicitor is not on their approved list of lawyers. Please explain?
When purchasing a property with mortgage finance it is usual 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 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 Romney lawyers, in which case your legal fees may increase, and it may delay matters as you have another set of people involved.
We're in Romney, First time buyers buying with a mortgage (lender is Leeds Building Society , and our lawyer is on the Leeds Building Society conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Leeds Building Society 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.
Will commercial conveyancing searches reveal proposed roadworks that could impact a commercial property in Romney?
Many commercial conveyancing solicitors in Romney will perform a SiteSolutions Highways report as it reduces the time that conveyancers expend in sourcing accurate data on highways that impact buildings and development assets in Romney. The report provides definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Romney.
For each commercial conveyancing transaction in Romney it is critical to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been dealt with adequately can cause delays to Romney commercial conveyancing transactions as well as pose a risk to future intentions for the site. These searches are not carried out for domestic conveyancing in Romney.
How does conveyancing in Romney differ for newly converted properties?
Most buyers of new build residence in Romney contact us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the property is built. This is because new home sellers in Romney tend to purchase 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 property lawyers 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 Romney or who has acted in the same development.
I have just started marketing my 2 bed flat in Romney. Conveyancing is yet to be initiated, however I have just had a quarterly service charge invoice – should I leave it to the buyer to sort out?
The sensible thing to do is pay the service charge as normal given that all ground rent and maintenance invoices will be apportioned on completion, so you will be reimbursed by the purchaser for the period running from after the completion date to the subsequent invoice date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I own a split level flat in Romney, conveyancing formalities finalised 3 years ago. Can you please calculate a probable premium for a statutory lease extension? Corresponding properties in Romney with over 90 years remaining are worth £176,000. The average or mid-range amount of ground rent is £50 invoiced annually. The lease terminates on 21st October 2105
With just 80 years unexpired the likely cost is going to span between £8,600 and £9,800 as well as costs.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to supply the actual costs without more detailed due diligence. Do not use this information 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 move forward based on this information without first seeking the advice of a professional.