My wife and I are planning to purchase a house in Cotgrave and have instructed a Cotgrave conveyancing firm. Within the last couple of days our lawyer has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. Nationwide Building Society have this morning contacted us to advise us that they have now hit a problem as our Cotgrave solicitor is not on their approved list of lawyers. Please explain?
If you are buying a property requiring a mortgage it is usual for the purchasers' lawyers to also act for 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 Quality Scheme. Your solicitor should contact your mortgage company 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 don't have to instruct a firm on the bank's conveyancing panel as you are at liberty to use your preferred Cotgrave lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another lawyer into the mix.
Are the BSA intent on creating a searchable register to list practices on the Coventry BS conveyancing panel for example in Cotgrave?
We would not expect to be advised of any intention on the part of the BSA to promote such a tool.
Over the last few months I have been searching for a flat up to £195,000 and found one round the corner in Cotgrave I like with amenity areas and transport links in the vicinity, the downside is that it's only got 52 remaining years left on the lease. I can't really find anything else in Cotgrave in this price bracket, so just wondered if I would be making a grave error purchasing a short lease?
If you need a mortgage the remaining unexpired lease term will be a potential deal breaker. Reduce the offer by the anticipated lease extension will cost if not already taken into account. If the existing proprietor has owned the property for a minimum of 2 years you can ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should speak to your conveyancing lawyer regarding this.
What tools are available to search for a Cotgrave law firm on the Aldermore conveyancing panel? I am a keen cyclist and am prepared to travel upto 25miles to meet the lawyer.
You can use the search on this website. Please select a lender and your location and you will see a number of Cotgrave conveyancing lawyers locally. We have detailed some Cotgrave conveyancing firms towards the end of this page and you can call them to verify if they are on the Aldermore member panel
My cousin has suggested that I instruct his conveyancers in Cotgrave. Do I take his recommendation?
Much as we are happy to recommend a Cotgrave conveyancing lawyer the ideal way to select a conveyancing solicitor is to seek guidance from friends or relatives who have used the conveyancer that you are considering.
I want to let out my leasehold apartment in Cotgrave. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for permission?
Notwithstanding that your last Cotgrave conveyancing lawyer is not available you can check your lease to see if you are permitted to let out the property. The accepted inference is that if the deeds are silent, subletting is allowed. There may be a precondition that you need to seek consent via your landlord or other appropriate person before subletting. This means that you cannot sublet without prior consent. The consent must not not be unreasonably turned down. If your lease prohibits you from letting out the property you will need to ask your landlord for their consent.
Leasehold Conveyancing in Cotgrave - A selection of Questions you should ask Prior to buying
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Does the lease have onerous restrictions? How long is the Lease?