I am considering applying for a RBS mortgage for purchase of a newly converted (under development) in Colchester with 60% loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for RBS ?
There is nothing to stop you using your solicitor, but RBS will insist on their interests being represented by a firm on their conveyancing panel. There is greater potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
I am the single recipient of my late grandmother’s estate and I have everything in my name alone, including the my former home in Colchester. Conveyancing formalities meant that the Land Registry date was in February. I now wish to sell up. I do know about the Mortgage Lenders six month 'rule', which means that my property ownership will be treated the same way as though I had purchased the property in February. Do I have to wait half a year to sell?
The Council of Mortgage Lenders’ handbook requires 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 caught by that. How sensible a view lenders take of it, depend on the mortgage company as this clause primarily exists to capture subsales or the flipping of property.
Is it the case that all Colchester CQS (Conveyancing Quality Scheme) solicitors are on the TSB conveyancing panel?
Some major banks and building societies now use CQS as the starting point for Panel approval such as HSBC and Santander. The Law Society’s CQS accreditation however gives no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for firms wishing to remain on their approved list of conveyancing solicitors.
RBS have agreed my home loan in principle, my bid on a property in Colchester has been accepted, now what?
Your estate agent will want to know who your solicitors are (ensure that the conveyancing practitioners are on the bank’s approved list). Call up RBS or your financial adviser and finish off any relevant documentation. RBS will instruct a valuer who will get in contact with the selling agent or seller to book a slot for the valuation to take place. Once conducted (assuming no problems) it takes on average a fortnight to receive the mortgage offer. RBS will issue the offer to you and your conveyancers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Colchester.
The deeds to my home are lost. The conveyancers who did the conveyancing in Colchester 4 years ago have long since closed. What do I do?
You no longer need to have the physical original deeds to prove you are the owner of your registered land or property, given that the Land Registry hold details of all registered land or property electronically.
I am buying a new build flat in Colchester. Conveyancing is daunting 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.
Here are examples of a selection of leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Colchester
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Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? 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. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease.
Last September I purchased a leasehold flat in Colchester. Am I liable to pay service charges for periods before completion of my purchase?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I invested in buying a garden flat in Colchester, conveyancing having been completed 4 years ago. How much will my lease extension cost? Corresponding flats in Colchester with over 90 years remaining are worth £222,000. The ground rent is £50 charged once a year. The lease runs out on 21st October 2097
With just 71 years remaining on your lease the likely cost is going to be 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 are not able to supply the actual costs in the absence of comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action based on this information without first seeking the advice of a professional.
My step-son is just in the process of moving home, the home loan was agreed last week in principle. One the seller agreed the offer on the flat we telephoned the mortgage institution to progress the mortgage application. I was very surprised to hear that banks do not accept all conveyancer, they need to be on their approved list, is this correct?
Mortgage Companies normally imposes restrictions either the type or the number of conveyancing practices on their panel. A common example of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that banks have no responsibility for the quality of advice provided by any Colchester conveyancing practitioner on their panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, conveyancing is not their speciality. To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime? Unlikely.