My fiance and I are hoping to acquire a property in Steyning and have appointed a Steyning conveyancing practice. Within the last couple of days our lawyer has sent a preliminary report and documents to look through with a view to exchanging next week. Barclays Direct have this evening contacted us to advise us that they have now hit a problem as our Steyning conveyancer is not on their approved list of lawyers. Is this a problem?
Where you are buying a property needing a mortgage it is usual for the purchasers' solicitors to also act for 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 solicitor should contact your lender 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 lender’s conveyancing panel and you may continue to use your own Steyning solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another lawyer into the mix.
Are the Steyning conveyancing solicitors identified as being on the TSB conveyancing panel, together with their details provided by TSB?
Steyning conveyancing firms themselves provide us confirmation that they are on the TSB conveyancing panel as opposed to being supplied with a list from TSB directly.
Do commercial conveyancing searches disclose planned roadworks that may affect a commercial site in Steyning?
Many commercial conveyancing solicitors in Steyning will conduct 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 Steyning. The search result 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 Steyning.
For each commercial conveyancing transaction in Steyning it is critical to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been addressed adequately can result in delays to Steyning commercial conveyancing transactions as well as pose a risk to future plans for the site. These searches are not conducted for residential conveyancing in Steyning.
How does conveyancing in Steyning differ for new build properties?
Most buyers of new build residence in Steyning come to us having been asked by the developer to exchange contracts and commit to the purchase even before the residence is constructed. This is because developers in Steyning typically 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 accustomed to new build conveyancing in Steyning or who has acted in the same development.
Can you provide any advice for leasehold conveyancing in Steyning from the point of view of saving time on the sale process?
- Much of the delay in leasehold conveyancing in Steyning can be bypassed if you get in touch lawyers as soon as your agents start advertising the property and request that they start to collate the leasehold information needed by the purchasers’ lawyers. If you hold a share in a the freehold, you should ensure that you have the original share document. Arranging a duplicate share certificate is often a lengthy formality and delays many a Steyning home move. If a new share is necessary, you should approach the company director and secretary or managing agents (where applicable) for this at the earliest opportunity. If there is a history of any disputes with your freeholder or managing agents it is essential that these are settled prior to the flat being put on the market. The purchasers and their solicitors will be reluctant to purchase a flat where there is an ongoing dispute. You will have to accept that you will have to pay any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the buyers, but it is clearly preferable to present the dispute as over as opposed to ongoing. Some Steyning leases require Licence to Assign from the landlord. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers obtain bank and professional references. The bank reference will need to confirm that the buyers are able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their lawyers. In the event that you altered the property did you need the Landlord’s permission? In particular have you installed wooden flooring? Most leases in Steyning state that internal structural alterations or laying down wooden flooring calls for a licence from the Landlord approving such works. If you fail to have the paperwork in place you should not communicate with the landlord without checking with your solicitor first.
I invested in buying a split level flat in Steyning, conveyancing formalities finalised half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable properties in Steyning with a long lease are worth £180,000. The ground rent is £65 per annum. The lease finishes on 21st October 2083
With 58 years remaining on your lease we estimate the premium for your lease extension to range between £22,800 and £26,400 as well as costs.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed investigations. You should not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before seeking the advice of a professional.