I am considering applying for a Nationwide mortgage for purchase of a new build (under development) in Bestwood with 65 per cent LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Nationwide ?
There is nothing to stop you using your solicitor, but Nationwide will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
Is there a list of Bank of Ireland panel conveyancers in Bestwood on the Council of Mortgage Lender’s Website?
No. There is no such facility on the Council of Mortgage Lenders or Building Society Association sites. Very few lending institutions make their panel listings available online. Where you are seeking to appoint a Bestwood lawyer on the Bank of Ireland please make the most of our tool.
We had instructed solicitors based in Bestwood on the Nottingham solicitor panel. They have just billed me a supplemental fee for dealing with the Nottingham mortgage. Is this a supplemental conveyancing fee set by Nottingham?
As unfair as it may appear, as long as it’s in their Terms and Conditions or estimate then yes your property lawyer can levy a fee for this. This fee is not dictated by Nottingham but by your Bestwood solicitor. Plenty of firms on the Nottingham panel will levy an ‘acting for lender’ fee and others do not.
I am expecting a OIP from RBS this week so we can work out what to offer on a property we like as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do RBS recommend any Bestwood solicitors on the RBS conveyancing panel, or is it better to go independently?
You will need to appoint Bestwood solicitors independently although you'll need to choose one on the RBS conveyancing panel. The solicitor represents both you and RBS through the process.
My partner and I are selling our house in Bestwood and the buyers lawyers are claiming that there is a risk of it being built on contaminated land. A local lawyer would know this is not the case. For the life of me I don't know why the purchasers instructed a nationwide conveyancing practice as opposed to a conveyancing solicitor in Bestwood. We have lived in Bestwood for many years we know that this is a non issue. Is it a good idea to get in touch with our local Authority to obtain confirmation that the buyers are looking for.
It sounds as though you may have a conveyancing firm currently acting for you. What do they say? You must check with 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 health insurance to cover that same illness)
Me and my brother own a semi-detached Edwardian property in Bestwood. Conveyancing solicitor represented me and Accord Mortgages Ltd. I did a free Land Registry search last week and there are a couple of entries: one for freehold, another for leasehold with the matching property. I'd like to know for sure, how can I find out??
You need to read the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Bestwood and other locations in the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also check the position with your conveyancing lawyer who completed the work.
I am employed by a reputable estate agency in Bestwood where we have experienced a number of flat sales jeopardised due to short leases. I have been given conflicting advice from local Bestwood conveyancing firms. Can you shed some light as to whether the seller of a flat can start the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the sale.
An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I purchased a studio flat in Bestwood, conveyancing formalities finalised August 1999. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Similar flats in Bestwood with an extended lease are worth £227,000. The ground rent is £50 invoiced annually. The lease ends on 21st October 2098
With only 72 years remaining on your lease we estimate the premium for your lease extension to span between £9,500 and £11,000 as well as costs.
The figure above a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure in the absence of detailed due diligence. Do not use this information in tribunal or court proceedings. There may be other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before getting professional advice.
My nephew is just in the process of moving house, he had his mortgage in principle. After the seller agreed the offer on the flat we called the lender to issue the formal offer. We were disappointed to hear that mortgage companies do not accept all solicitor, they need to be on their approved list, is this legal?
Banks ordinarily restrict either the type or the number of conveyancing solicitors on their panel. A common example of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that lenders have no responsibility for the quality of advice provided by any Bestwood conveyancing practitioner on their panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, conveyancing is not their speciality. To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime? Presumably not.