My wife and I are purchasing a 2 bedroom apartment in Belford with a mortgage. We have a Belford lawyer, however the bank says he's not on their "panel". It seems we have no option but to select one of the mortgage company panel firms or retain our Belford solicitor as well as pay for one of their panel ones to represent them. This feels very unfair; are we not able to demand that the bank use our Belford lawyer ?
Unfortunately,no. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the lender’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your Belford conveyancing solicitor to apply to be on the conveyancing panel.
Finally the sale completed on my house in Belford last February but the buyer keeps calling me to say their conveyancer needs to hear from mine. What are the post completion sale formalities now that I have sold?
Post completion of your disposal your solicitor should deliver the transfer documentation and all additional paperwork to the buyer’s solicitors. Where appropriate, your solicitor should also confirm that the mortgage has been repaid to the buyers solicitors. There are no post completion procedures peculiar conveyancing in Belford.
What happens if my lawyer’s firm is expelled from the Leeds Building Society Conveyancing panel ahead of completing my conveyancing in Belford?
First, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
I am buying a new build house in Belford benefiting from help to buy. The sellers would not reduce the amount so I negotiated £7000 of extras instead. The property agent told me not inform my lawyer about this deal as it will adversely affect my loan with the lender. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
In what way does the Landlord & Tenant Act 1954 affect my business property in Belford and how can your lawyers assist?
The particular law that you refer to affords a safeguard to business tenants, giving them the legal entitlement to make a request to court for a continuation of occupancy at the end of the lease term. There are certain specified grounds that a landlord can refuse a lease renewal and the rules are involved. Fees are different for commercial conveyancing. Belford is one of our many locations in which the firms we work with are located
What makes a Belford lease unmortgageable?
There is nothing unique about leasehold conveyancing in Belford. All leases are unique and legal mistakes in the legal wording can sometimes mean that certain provisions are erroneous. For example, if your lease is missing any of the following, it could be defective:
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Clauses dealing with recovering service charges for expenditure on the building or common parts. A provision to repair to or maintain elements of the building
A defective lease will likely cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Accord Mortgages Ltd, Virgin Money, and Platform Home Loans Ltd all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, forcing the purchaser to pull out.
Belford Conveyancing for Leasehold Flats - Examples of Questions you should ask Prior to buying
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The best form of lease arrangement is if the freehold title is owned by the leaseholders. In this situation the lessees enjoy control and notwithstanding that a managing agent is usually retained where the building is bigger than a house conversion, the managing agent retained by the leaseholders. Does the lease include onerous restrictions? Does the lease have more than 82 years remaining?