We are buying a 2 bedroom apartment in Earl Shilton with a mortgage. We like our Earl Shilton conveyancer, but the bank advise he's not on their "panel". It appears that we have little option but to instruct one of the bank panel conveyancing practices or keep our Earl Shilton solicitor as well as pay for one of their panel ones to represent them. We feel that this is inequitable; is there anything we can do?
Unfortunately,no. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your Earl Shilton conveyancing solicitor to apply to be on the conveyancing panel.
When it comes to lenders such as TSB, do Earl Shilton conveyancing practitioners have to pay an annual charge to be on the list of approved solicitors?
We are not aware of any lender fees to register on their panel, although some do levy an administration charge to deal with the processing of the conveyancing panel application.
I am purchasing a property in Earl Shilton. One unusual aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Santander be concerned?
Given that your lender is Santander your lawyer must comply with the conveyancing requirements set out in Part two of UK Finance Lenders’ Handbook for Santander. The CML Handbook sets out minimum specifications for solar panel roof-space leases, and property lawyers are required to report to Santander where a lease fails to satisfy these specifications. The conditions relate to the installation of panels on properties countrywide and is not limited to Earl Shilton.
Nottingham have agreed my home loan in principle, my offer on a house in Earl Shilton has been agreed to, now what?
The estate agent will wish to be advised as to your property lawyer's details (be sure the lawyers are on the bank’s approved list). Contact Nottingham or your broker and finish off any outstanding documentation. Nottingham will instruct a valuer who will get in touch with the selling agent or seller to book a slot for the valuation to take place. Once conducted (assuming no problems) it takes about a week for the mortgage offer to be issued. Nottingham will send the offer to you and your conveyancing practitioners. The legal work will then take it’s course according the nature and complexity of the conveyancing in Earl Shilton.
It has been five months since my purchase conveyancing in Earl Shilton completed. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I am buying a new build flat in Earl Shilton. Conveyancing is necessary evil 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 conveyancing.
Set out below is a sample of a few leasehold new build questions that you should expect your new-build leasehold conveyancing in Earl Shilton
-
Please provide evidence that the form of Lease proposed has been approved by the Land Registry. Please supply a car parking plan. The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose?
In relation to leasehold conveyancing in Earl Shilton what are the most frequent lease problems?
Leasehold conveyancing in Earl Shilton is not unique. Most leases are drafted differently and drafting errors can result in certain sections are not included. For example, if your lease is missing any of the following, it could be defective:
-
A provision to repair to or maintain elements of the building A duty to insure the building
A defective lease can cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. National Westminster Bank, Virgin Money, and Godiva Mortgages Ltd all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, forcing the purchaser to withdraw.
I am the registered owner of a 2 bed flat in Earl Shilton, conveyancing was carried out half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Corresponding properties in Earl Shilton with a long lease are worth £260,000. The average or mid-range amount of ground rent is £45 invoiced every year. The lease ceases on 21st October 2099
With 74 years remaining on your lease the likely cost is going to span between £8,600 and £9,800 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not move forward based on this information before seeking the advice of a professional.
I am unfit to get to my Earl Shilton conveyancing practitioners office to sign documents for conveyancing in Earl Shilton – will this be problematic?
No. Earl Shilton conveyancing lawyers can deal with conveyancing transactions for clients throughout the rest of the country. It is not necessary for you to be able to attend a Earl Shilton conveyancers office. Almost all conveyancer can undertake everything via phone, post and email - whatever works for you.