I am in the process of selling my apartment in Brundall and the estate agent has just text me to advise that the purchasers are appointing a new solicitor. The reason given is that the bank will only work with solicitors on their conveyancing panel. On what basis would a leading lender only engage with specific law firms rather the firm that they want to choose for their conveyancing in Brundall ?
Mortgage companies have always had an approved set of law firms that can act for them, but in the last few years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Mortgage companies blame a rise in fraud by way of justification for the pruning – criteria have been tightened as a smaller panel is easier to monitor. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is being contacted daily by practices that have been removed from panels. Some are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The purchasers are unlikely to have any sway in the decision.
My fiance and I intend to remortgage our flat in Brundall with Barclays. We have a son 18 who lives at home. Our solicitor requested us to identify anyone over the age of 17 other than ourselves who lives in the flat. The solicitor has now sent a form for our son to sign, waiving any legal rights in the event that the property is forfeited by the lender. I have a couple of questions (1) Is this form unique to the Barclays conveyancing panel as he did not need to sign this form when we bought 4 years ago (2) In signing this form is our son in any way compromising his right to inherit the property?
On the face of it your lawyer has done nothing wrong as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Barclays. This is solely used to protect Barclays if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave. It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Barclays had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
I am the only recipient of my late grandmother’s estate and I have everything in my name now, including the my former home in Brundall. Conveyancing formalities meant that the Land Registry date was in February. I want to move. I do know about the Mortgage Lenders 6 month 'rule', meaning my property ownership may be regarded the same way as though I had purchased the house in February. Do I have to wait 6 months to sell?
The CML handbook obliges conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you may be caught by that. Some mortgage companies would take a sensible view as this requirement principally exists to pick up on subsales or the quick reselling of property.
We had appointed solicitors with offices in Brundall on the Santander solicitor panel. They are now charging me a supplemental sum for dealing with the Santander mortgage. Is this a supplemental conveyancing fee specified by Santander?
Unfortunately, so long as it is in their Terms of Engagement or Quote then yes your property lawyer is entitled to levy a fee for this. This charge is not dictated by Santander but by your Brundall conveyancer. Numerous firms on the Santander panel will levy ’dealing with mortgage’ fee but many practices include it on their overall fee.
How can we tell if a Brundall conveyancing solicitor on the Clydesdale panel is any good?
When it comes to conveyancing in Brundall getting recommendations is a sensible starting point. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one which is cheap as chips. We would always advise that you speak with the lawyer handling your transaction.
I used Arc property Solicitors several years ago for my conveyancing in Brundall. I now require my file but cannot find the solicitor. What do I do?
Do contact the Solicitors Regulatory Authority (SRA) to help locate your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Brundall of the conveyancing firm of solicitors you previously used, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
I opted to have a survey completed on a house in Brundall before appointing lawyers. I have been told that there is a flying freehold aspect to the property. Our surveyor has said that some banks may refuse to grant a mortgage on a flying freehold home.
It depends who your proposed lender is. HSBC has different requirements for example to Birmingham Midshires. Should you wish to telephone us we can check with the relevant bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Brundall. Conveyancing will be smoother if you use a solicitor in Brundall especially if they are accustomed to such properties in Brundall.
I am looking at a couple of apartments in Brundall which have in the region of fifty years remaining on the lease term. Will this present a problem?
A lease is a right to use the property for a period of time. As the lease shortens the value of the lease reduces and it becomes more expensive to extend the lease. This is why it is generally wise to extend the lease term. More often than not it is difficult to sell a property with a short lease as mortgage companies may be unwilling to lend money on such properties. Lease enfranchisement can be a protracted process. We advise that you seek professional help from a conveyancer and surveyor with experience in this arena.
I invested in buying a 1 bedroom flat in Brundall, conveyancing having been completed July 1995. Can you please calculate a probable premium for a statutory lease extension? Comparable properties in Brundall with over 90 years remaining are worth £265,000. The ground rent is £50 charged once a year. The lease ends on 21st October 2102
With just 76 years remaining on your lease the likely cost is going to be between £8,600 and £9,800 as well as legals.
The suggested premium range 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 detailed investigations. You should not use this information in tribunal or court proceedings. There are no doubt other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first getting professional advice.