Am I correct in assuming that the fact that my solicitor in Boldon is not identified on my lender's solicitor panel that there is a problem with the standard of the firm’s work?
It would not be wise to jump to that conclusion. There are plenty of reasonable explanations. A recent report by the solicitors regulator indicated 76% of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) low volume of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Where you are concerned you should contact the Boldon conveyancing firm and ask them why they are no longer on the approved list for your bank.
I am the registered owner of a freehold house in Boldon but still invoiced for rent, why is this and what is this?
It’s unusual for properties in Boldon and has limited impact for conveyancing in Boldon but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for hundreds of years, but the Rent Charge Act 1977 barred the creation of fresh rentcharges from 1977 onwards.
Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 will be dispensed with completely.
Is it the case that all Boldon CQS (Conveyancing Quality Scheme) solicitors are on the Barclays conveyancing list of approved practices?
A selection of banks and building societies now use CQS as the starting point for Panel membership such as HSBC and Santander. CQS membership however gives no guarantee to lender panel acceptance. Nevertheless,the CML have indicated that it is likely to become a pre-requisite for solicitors wishing to join their panels.
Is there a list of HSBC panel conveyancers in Boldon on the Building Society Association’s Website?
Unfortunately not yet. There is no such directory service on the Council of Mortgage Lenders or Building Society Association sites. A small selection of mortgage companies make their panel listings open the public on the web. Where you are seeking to appoint a Boldon lawyer on the HSBC please use our tool.
I am currently in the process of buying my council flat in Boldon. I have a mortgage offer with RBS. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with RBS, you will need to appoint a solicitor on the RBS conveyancing panel.
Should I be suspicious by third parties that I am dealing with are suggesting an online conveyancing firm rather than a local Boldon conveyancing company?
As is the case with many service providers, often input from connections can be very helpful. But there are many players in a conveyancing transaction; estate agents, financial adviser and mortgage companies might all recommend solicitors to appoint. On occasion the lawyers might be known to one of the organisations as one of the best in their field, but occasionally there is an underlying commercial relationship behind the endorsement. You are free to choose your own lawyer. However, bear in mind that the majority of mortgage providers specify a panel list of conveyancers you must use for the mortgage related work in your conveyancing.
I work for a reputable estate agency in Boldon where we have experienced a few flat sales put at risk as a result of leases having less than 80 years remaining. I have been given contradictory information from local Boldon conveyancing solicitors. Can you confirm whether the owner of a flat can initiate the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the disposal of the property.
Alternatively, it may be possible 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 invested in buying a split level flat in Boldon, 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 flats in Boldon with an extended lease are worth £211,000. The average or mid-range amount of ground rent is £45 charged once a year. The lease comes to an end on 21st October 2094
With just 68 years left to run we estimate the premium for your lease extension to be between £9,500 and £11,000 as well as plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not move forward based on this information before seeking the advice of a professional.
How up-to-date is your search tool for the mortgage company conveyancing panel in Boldon? Do the lenders send you an updated list?
Boldon firms and firms conducting conveyancing in Boldon themselves provide us confirmation that they are on the bank conveyancing panel as opposed to being supplied with a list from the bank directly.