My partner and I are looking to acquire a home in Cromer and are in fact using a Cromer conveyancing practice. Within the past 48 hours our conveyancer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Britannia have this evening contacted us to inform me that they have now hit a problem as our Cromer conveyancer is not on their conveyancing panel. Please explain?
When purchasing a property with the benefit of a mortgage it is normal 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 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 don't have to instruct a firm on the bank's conveyancing panel and you may continue to use your own Cromer solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
I am purchasing a house mortgage free in Cromer. I have lived for the last 15 years in Cromer. Conveyancing searches are exorbitant. As I have knowledge of the road and vicinity very well must I have all the conveyancing searches?
In the absence of a home loan, then all but one or two of the Cromer conveyancing searches are at your discretion. Your lawyer will try and sway you, no-doubt strongly, that you should have searches done, but she has a professional duty to do this. Do consider; if you are likely to sell the house at a future date, it will likely be be of importance to your future purchaser what the searches reveal. On occasion properties with functional issues can still reveal unexpected search results. A good conveyancing solicitor in Cromer will be able to give you some helpful advice here.
I am considering applying for a Lloyds mortgage for purchase of a new build (under development) in Cromer with 60% loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for Lloyds ?
There is nothing to stop you using your solicitor, but Lloyds will insist on their interests being represented by a firm on their conveyancing panel. There is greater potential for delays and confusion with an additional lawyer added to the mix, and it will undoubtedly be more expensive too.
I have todaybecome aware that Wolstenholmes have closed. They conducted my conveyancing in Cromer for a purchase of a leasehold apartment 18 months ago. How can I establish that the property is registered correctly in the name of the former proprietor?
The easiest method to check if the property is registered to you, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Cromer conveyancing specialists.
I'm remortgaging my primary house to a BTL mortgage with Skipton Building Society and I will use the rest of the raised equity as a deposit on another house. The location we are interested in is Cromer. Will your lawyers be able to act for the two banks and tie in the transactions?
Make use of our search tool on this site to be sure that the lawyers are approved by both lenders. Having checked that they are the conveyancer should be able to simultaneously deal with the two deals but you should talk with you solicitor and communicate your expectations and requirements.
Due to sign contracts shortly on a studio apartment in Cromer. Conveyancing lawyers assured me that they will have a report out to me within the next couple of days. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Cromer should include some of the following:
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You should be sent a copy of the lease Additions to the premises Does the lease require carpeting throughout thus preventing wood flooring? You need to be advised what is to be regarded as a Nuisance in the lease Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice?
I invested in buying a 1st floor flat in Cromer, conveyancing was carried out March 2002. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar flats in Cromer with an extended lease are worth £190,000. The average or mid-range amount of ground rent is £45 levied per year. The lease comes to an end on 21st October 2087
With just 62 years remaining on your lease we estimate the price of your lease extension to span between £17,100 and £19,800 as well as legals.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to advice on the actual costs without more comprehensive investigations. You should not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before getting professional advice.