My solicitor has identified a a problem with the lease for the apartment we are purchasing in Bulwell. The seller’s lawyers have put forward title insurance as a workaround. We are content with insurance and will pay for it. Our conveyancing practitioner says that he must check that the lender is willing to move forward with this solution. Are we the client or is the lender?
Notwithstanding that you have a mortgage offer from the mortgage company does not mean to say that the property will meet their conditions for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook provisions. You and the mortgage company are the client. These conveyancing instructions must be adhered to.
Can I use your services to recommend a Conveyancing solicitor in Bulwell even if I’m not purchasing or disposing of a house, for example where I want to acquire an office in Bulwell with a loan from Nationwide Building Society?
Our comparison service is mainly there to find residential conveyancing solicitors in Bulwell but we have set out towards the bottom of this page a few Bulwell commercial conveyancing firms. You will need to enquire with the firm directly to establish if they are also authorised to represent Nationwide Building Society
My grandmother passed away last year and as sole heir and executor I was left the house in Bulwell. The house had a relatively small loan left on it of around £4500. I want to transfer the title deeds into my name whilst I re-mortgage to Skipton, pay off the mortgage. Is this possible?
Where you plan to re-mortgage then Skipton will insist on your using a conveyancer on the Skipton conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Skipton conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Skipton mortgage is registered as a charge at the Land Registry.
Is it the case that all Bulwell CQS (Conveyancing Quality Scheme) solicitors are on the Clydesdale conveyancing panel?
It is true that some banks and building societies now utilise CQS as the kick off point for Panel approval such as HSBC and Santander. The Law Society’s CQS accreditation however is no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for firms wishing to join their approved list of conveyancing solicitors.
is it true that all Bulwell solicitors on the HSBC conveyancing panel are governed by the Solicitors Regulatory Authority?
As solicitors, in order to be on the HSBC approved list of solicitors they would need to be regulated by the SRA. Some banks do list licenced conveyancers on their panel in which case such practice would be governed by the Council of Licensed Conveyancers.
I'm at the point of viewing apartments in Bulwell and I am about to put in an offer. Is it premature to have a solicitor in place? I will be getting a home loan with Principality.
You should start obtaining conveyancing estimates from solicitors ASAP. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and forward their details on to the estate agent. As you are seeking a mortgage with Principality, ask your prospective lawyers if they are on the Principality conveyancing panel otherwise they can't do the mortgage legal work.
I'm buying a new build house in Bulwell benefiting from help to buy. The sellers refused to budge the amount so I negotiated five thousand pounds worth of additionals instead. The property agent told me not reveal to my conveyancer about the side-deal as it may put at risk my loan with the bank. Is this normal?.
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.
Can you provide any top tips for leasehold conveyancing in Bulwell from the perspective of speeding up the sale process?
- Much of the frustration in leasehold conveyancing in Bulwell can be avoided where you get in touch lawyers the minute your agents start marketing the property and request that they start to put together the leasehold documentation which will be required by the purchasers’ solicitors. If there is a history of any disputes with your freeholder or managing agents it is very important that these are settled prior to the flat being put on the market. The purchasers and their solicitors will be reluctant to purchase a property where there is an ongoing dispute. You may need to swallow your pride and discharge any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the purchasers, but it is clearly preferable to present the dispute as historic as opposed to ongoing. The majority of landlords or managing agents in Bulwell charge for supplying management packs for a leasehold premises. You or your lawyers should find out the fee that they propose to charge. The management information sought on or before finding a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most usual cause of frustration in leasehold conveyancing in Bulwell. You believe that you know the number of years remaining on your lease but it would be wise to double-check via your solicitors. A purchaser's lawyer will not be happy to advise their client to proceed with the purchase of a leasehold property the lease term is less than 80 years. It is therefore important at an as soon as possible that you identify whether the lease term for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.
I bought a garden flat in Bulwell, conveyancing was carried out in 2000. How much will my lease extension cost? Comparable flats in Bulwell with a long lease are worth £191,000. The ground rent is £55 charged once a year. The lease runs out on 21st October 2078
You have 53 years remaining on your lease the likely cost is going to span between £27,600 and £31,800 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 detailed 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 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 seeking the advice of a professional.