My fiance and I are hoping to buy a home in Talbot Green and are in fact using a Talbot Green 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. Britannia have this afternoon contacted us to advise us that there is now an issue as our Talbot Green conveyancer is not on their approved list of lawyers. What do we do from here?
If you are buying a property requiring a mortgage it is standard 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 Accreditation Scheme. Your solicitor 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 lawyers to represent them. You don't have to instruct a firm on the lender’s conveyancing panel and you may continue to use your own Talbot Green solicitors, in which case it will likely add costs, and it may delay matters as you have another set of people involved.
My lawyer has identified a a legal deficiency with the lease for the flat we are purchasing in Talbot Green. The seller’s lawyers have offered defective title insurance as a solution. We are happy with insurance and will cover the costs. Our property lawyer says that he must check that the lender is content with this solution. Who is the client here, us or the mortgage company ?
Even though you have a mortgage offer from the bank does not mean to say that the property will meet their requirements for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook requirements. You and the bank are the client. These conveyancing instructions have to be complied with.
We are downsizing from our home in Talbot Green and the buyers lawyers are claiming that there is a possibility that the property was built land that was not decontaminated. Any high street Talbot Green conveyancer would know this is not the case. It does beg the question why the purchasers instructed a factory type conveyancing firm as opposed to a conveyancing solicitor in Talbot Green. We have lived in Talbot Green for 5 years we know of no issue. Do we contact our local Authority to seek confirmation that the buyers are looking for.
It would appear that you have a conveyancing lawyer currently acting for you. What do they say? You must enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same ailment)
Over the last few months I have been searching for a leasehold apartment up to £305k and identified one close by in Talbot Green I like with open areas and station in the vicinity, however it's only got 51 years unexpired on the lease. There is not much else in Talbot Green in this price bracket, so just wondered if I would be making a mistake acquiring a lease with such few years left?
Should you need a mortgage the remaining unexpired lease term will be a potential deal breaker. Discount the price by the anticipated lease extension will cost if not already taken into account. If the current owner has owned the property for a minimum of twenty four months you can request that they commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should speak to your conveyancing solicitor concerning this.
How does the Landlord & Tenant Act 1954 impact my business premises in Talbot Green and how can your lawyers assist?
The 1954 Act affords security of tenure to business lessees, granting the dueness to apply to court for a continuation of occupancy when the lease comes to an end. There are certain specified grounds where a landlord can refuse a lease renewal and the rules are complex. Fees are different for commercial conveyancing. Talbot Green is one of the hundreds of locations in which the firms we work with are located