My fiance and I are planning to acquire a flat in Borough Green and are in fact using a Borough Green conveyancing practice. Within the past 48 hours our property lawyer has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. The Royal Bank of Scotland have this morning contacted us to inform me that there is now an issue as our Borough Green solicitor is not on their approved list of lawyers. Is this a problem?
If you are buying a property needing a mortgage it is usual for the purchasers' lawyers 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 are not legally obliged to appoint a law firm on the bank's conveyancing panel and you may continue to use your own Borough Green solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another lawyer into the mix.
My husband and I are purchasing a newly converted flat in Borough Green with a loan from Leeds Building Society.We like our Borough Green conveyancing practitioner but Leeds Building Society says her practice is not listed on their "panel". It seems we are left with no choice but to instruct a Leeds Building Society panel firm or keep our high street solicitor and pay for one of their panel ones to represent them. This seems very unfair; is there anything we can do?
Unfortunately,no. The mortgage offered to you is subject to its various provisions, a common one being that lawyers must be on the Leeds Building Society approved list. in the past, most lenders had large numbers of solicitors on their panels: a borrower could find 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. A further alternative is for your lawyer to apply to be on the conveyancing panel for Leeds Building Society
I am due to move property in March. Does my conveyancing solicitor communicate with the removal company on the day of completion. On a separate note, can you recommend a removal company in Borough Green. Conveyancing solicitor was chosen before I stumbled across this site.
On the afternoon of completion you can pick up the house keys from the property agent but this should only happen once the sellers conveyancers inform the agent that they have the completion monies and the keys can be handed over. After that you should inform the removal company that you are ready to move in. We do not suggest a specific removal organisation but can help you choose a conveyancing in Borough Green or a legal practice with expertise in conveyancing in Borough Green.
I'm the sole recipient of my late father’s estate with all property in now in my sole name, including the my former home in Borough Green. The Borough Green property was put into my name in November. I want to move. I do know about the CML 6 month 'rule', meaning my proprietorship may be considered the same way as if I'd bought the house in November. Is the property unsalable for six months?
The Council of Mortgage Lenders’ handbook instructs conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you could be affected by that. How practical a view banks take of it, depend on the lender as this obligation chiefly exists to identify the purchase and immediately sell or the quick reselling of properties.
Is it the case that all Borough Green solicitor practices on the Nottingham conveyancing panel are overseen by the SRA?
As solicitors, in order to be on the Nottingham approved list of solicitors they would need to be regulated by the Solicitors Regulatory Authority. The majority of banks do list licenced conveyancers on their panel in which case such organisation would be regulated by the Council of Licensed Conveyancers.
I am looking for a flat up to £245,000 and found one round the corner in Borough Green I like with amenity areas and railway links nearby, the downside is that it only has 49 years on the lease. I can't really find anything else in Borough Green for this price, so just wondered if I would be making a grave error purchasing a lease with such few years left?
If you need a mortgage the remaining unexpired lease term will be an issue. Reduce the offer by the anticipated lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for at least twenty four months you could request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer regarding this.
In sourcing the world wide web for the phrase cheap conveyancing in Borough Green it brings up many solicitorsin the area. How do I determine which is the right property lawyer for me?
The best method of seeking the right conveyancer is through a personal testimonial, so enquire of friends and relatives who have bought a property in Borough Green or the reputable estate agent or mortgage broker. Costs for conveyancing in Borough Green differ, so it's a good idea to request a minimum of four fee estimates from different property lawyers. Dont forget to clarify what costs in the quote includes.
I own a leasehold house in Borough Green. Conveyancing and Bank of Scotland mortgage are in place. A letter has just been received from someone claiming to own the freehold. It included a demand for arrears of ground rent dating back to 1993. The conveyancing solicitor in Borough Green who acted for me is not around. Do I pay?
The first thing you should do is contact the Land Registry to make sure that the individual purporting to own the freehold is in fact the registered owner of the freehold reversion. There is no need to incur the fees of a Borough Green conveyancing firm to do this as it can be done on-line for £3. Rest assured that in any event, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I purchased a 1 bedroom flat in Borough Green, conveyancing formalities finalised April 1995. Can you give me give me an indication of the likely cost of a lease extension? Comparable flats in Borough Green with over 90 years remaining are worth £190,000. The average or mid-range amount of ground rent is £65 yearly. The lease terminates on 21st October 2086
With just 61 years unexpired the likely cost is going to range between £18,100 and £20,800 as well as professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before seeking the advice of a professional.