My wife and I are looking to purchase a property in Bottesford and have appointed a Bottesford conveyancing practice. Within the last couple of days our solicitor has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. TSB have this afternoon contacted us to inform me that there is now an issue as our Bottesford lawyer is not on their approved list of lawyers. What do we do from here?
Where you are buying a property needing a mortgage it is usual for the purchasers' solicitors to also act for 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 solicitor should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You don't have to instruct a firm on the bank's conveyancing panel and you may continue to use your own Bottesford solicitors, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.
Completed the sale of my flat in Bottesford last July yet the purchaser is texting daily to moan that their solicitor is waiting to hear from mine. What are the post completion sale formalities now that I have sold?
Post completion of your sale your solicitor is obliged to send the transfer deeds and all supplemental paperwork to the buyer’s solicitors. Depending on the transaction, your solicitor must also send confirmation that the mortgage has been redeemed to the buyers conveyancers. There are no post completion steps specific conveyancing in Bottesford.
Is there a search tool that I can use to discover of the solicitor conducting my conveyancing in Bottesford is on the lender’sconveyancing panel? I am looking to avoid the situation of having one lawyer for me and one for Norwich and Peterborough Building Society thus spending £175.00 in supplemental conveyancing bill.
You should make use of the search tool on this site. Pick the mortgage company and type ‘Bottesford’ or your location and you will see a number of lawyer based in Bottesford or by proximity to you.
I'm buying a new build house in Bottesford with the aid of help to buy. The sellers refused to budge the amount so I negotiated 6k of additionals instead. The house builders rep told me not disclose to my solicitor about this deal as it may put at risk my loan with Coventry Building Society. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder 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.
Are there any apps to assist me to identify a Bottesford solicitor on the Bank of Scotland conveyancing panel? I have wheels and am willing to travel upto 20miles to meet the solicitor.
You can use the tool on this website. Please select a bank and your location and you will see a number of Bottesford conveyancing lawyers based on proximity. We have listed some Bottesford conveyancing firms towards the end of this page and you can ring them to check if they are on the Bank of Scotland member panel
What makes a Bottesford lease unmortgageable?
Leasehold conveyancing in Bottesford is not unique. Most leases are drafted differently and legal mistakes in the legal wording can result in certain provisions are not included. The following missing provisions could result in a defective lease:
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A duty to insure the building Clauses dealing with recovering service charges for expenditure on the building or common parts.
A defective lease can cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. HSBC Bank, Leeds Building Society, and TSB all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, obliging the buyer to pull out.
I invested in buying a 1 bedroom flat in Bottesford, conveyancing having been completed in 2004. Can you give me give me an indication of the likely cost of a lease extension? Similar properties in Bottesford with over 90 years remaining are worth £216,000. The ground rent is £50 invoiced every year. The lease terminates on 21st October 2095
With only 69 years left to run we estimate the premium for your lease extension to range between £9,500 and £11,000 plus 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 in the absence of comprehensive investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not move forward based on this information without first seeking the advice of a professional.