My wife and I are planning to buy a flat in Belmont and have instructed a Belmont 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. Barnsley Building Society have this afternoon contacted us to advise us that there is now an issue as our Belmont conveyancer is not on their conveyancing panel. Is this a problem?
When purchasing a property with the benefit of a mortgage it is conventional for the purchasers' lawyers to also represent 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 lawyers to represent them. You are not legally obliged to appoint a law firm on the bank's conveyancing panel as you are at liberty to use your preferred Belmont lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another lawyer into the mix.
I am acquiring a property mortgage free in Belmont. I have been residing for the last twelve years in Belmont. Conveyancing searches are a lot of money. As I have knowledge of the road and vicinity very well must I have all the conveyancing searches?
In the absence of a home loan, then all but one or two of the Belmont conveyancing searches are non-obligatory. Your solicitor will try and sway you, no-doubt strongly, that you should have searches completed, but he is duty bound to do this. One thing to consider; if you are likely to dispose of the house one day, it may be of interest to your future purchaser what the searches determine. Sometimes properties with apparent issues can still reveal unexpected search results. A good conveyancing solicitor in Belmont will be able to give you some helpful guidance in this regard.
We see that you have a search directory identifying solicitors on the Nottingham conveyancing panel. Do firms pay you a commission if I instruct them for our own conveyancing in Belmont?
We are a listing service only for law firms wishing to communicate if they are on the Nottingham conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Belmont.
How do I check that the solicitor handling my conveyancing in Belmont is on the mortgage lender’sconveyancing panel? I am looking to avoid the situation of having one lawyer for me and one for Barnsley Building Society thus paying £192.00 in additional legal invoice.
Feel free to make the most of the search tool on this site. Pick the lender and type ‘Belmont’ or your preferred area and you will see a number of lawyer based in Belmont or by proximity to you.
About to purchase a new build flat in Belmont. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Set out below are examples of a few leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Belmont
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Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Forfeiture - bankruptcy or liquidation must not apply under this provision. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Please provide evidence that the form of Lease proposed has been approved by the Land Registry.
I only have Fifty years unexpired on my flat in Belmont. I need to get lease extension but my freeholder is can not be found. What options are available to me?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be granted an extra 90 years by the Court. You will be obliged to demonstrate that you or your lawyers have used your best endeavours to find the lessor. In some cases an enquiry agent would be helpful to conduct investigations and prepare an expert document to be accepted by the court as proof that the freeholder is indeed missing. It is advisable to get professional help from a solicitor both on devolving into the landlord’s disappearance and the application to the County Court overseeing Belmont.
After years of negotiations we cannot agree with our landlord on how much the lease extension should cost for our flat in Belmont. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Where there is a absentee freeholder or where there is dispute about the premium for a lease extension, under the relevant legislation it is possible to make an application to the LVT to assess the sum to be paid.
An example of a Lease Extension matter before the tribunal for a Belmont residence is 197 Byron Road in March 2013. In relation to the value of the extended lease the tribunal concluded that the appropriate premium should be £19237 This case affected 1 flat. The unexpired term was 70.92 years.