My husband and I are planning to buy a house in Burnopfield and are in fact using a Burnopfield conveyancing practice. Within the last couple of days our property lawyer has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. Platform Home Loans Ltd have this afternoon contacted us to inform me that there is now an issue as our Burnopfield lawyer is not on their approved list of lawyers. Please explain?
If you are buying a property requiring a mortgage it is conventional for the purchasers' lawyers to also represent 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 property lawyer 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 lawyers to represent them. You are not legally obliged to appoint a law firm on the lender’s conveyancing panel and you may continue to use your own Burnopfield solicitors, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.
Completed the sale of my flat in Burnopfield last October but my buyer keeps SMS messaging daily complaining that his solicitor needs to hear from mylawyer. What should have happened now that I have sold?
Post completion of your house sale your conveyancer should deliver the transfer deeds and all of the paperwork to the purchaser's solicitors. Where appropriate, your solicitor must also evidence that the home loan has been redeemed to the buyers solicitors. There is unlikely to be post completion procedures peculiar conveyancing in Burnopfield.
Can you point me to a directory of Skipton panel conveyancers in Burnopfield on the Council of Mortgage Lender’s Website?
Unfortunately not yet. There is no such facility on the CML or Building Society Association sites. A small selection of banks make their panel listings available online. Where you are looking for a Burnopfield property lawyer on the Skipton please make the most of our tool.
We have a mortgage agreed in principle with TSB. Burnopfield conveyancing practitioners are selected. How long does it take for TSB to forward the offer to the conveyancing practitioner?
Some lenders take longer than others. Have TSB completed the valuation? Have you advised TSB as to your lawyers' details and checked that your lawyers are on the TSB conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
It is not clear whether my bank requires a lease extension. I have called into my local Burnopfield bank branch on numerous occasions and was reassured it wasn't an issue and they will lend. My Burnopfield conveyancing solicitor - who is on the bank conveyancing panel- called and was told they refuse to lend based on their published requirements. Who do I believe?
The conveyancing practitioner must follow the CML Handbook Part 2 provisions for your lender. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years remaining.
Just had an offer accepted on a new build apartment in Burnopfield. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Set out below is a sample of a few leasehold new build questions that you may expect your new-build leasehold conveyancing in Burnopfield
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Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Forfeiture - bankruptcy or liquidation must not apply under this provision.
Yesterday I discovered that there is a flying freehold element on a house I have offered on two weeks back in what was supposed to be a straight forward, no chain conveyancing. Burnopfield is where the house is located. Is there any advice you can impart?
Flying freeholds in Burnopfield are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Burnopfield you would need to get your solicitor to go through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Burnopfield may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
I am employed by a long established estate agent office in Burnopfield where we have experienced a number of leasehold sales put at risk due to leases having less than 80 years remaining. I have been given inconsistent advice from local Burnopfield conveyancing solicitors. Can you clarify whether the seller of a flat can initiate the lease extension formalities for the buyer?
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 buyer need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the sale.
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 ground floor flat in Burnopfield, conveyancing having been completed in 2000. How much will my lease extension cost? Equivalent flats in Burnopfield with over 90 years remaining are worth £165,000. The ground rent is £50 per annum. The lease ends on 21st October 2103
With just 78 years unexpired we estimate the premium for your lease extension to span between £7,600 and £8,800 plus professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to supply the actual costs without more detailed investigations. 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 taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before getting professional advice.