I am nearing exchange of contracts for my ground floor flat in East Hunsbury and the estate agent has just telephoned to advise that the purchasers are swapping law firm. The excuse is that the bank will only deal with property lawyers on their approved list. On what basis would a big named lender only work with specific law firms rather the firm that they want to select to handle their conveyancing in East Hunsbury ?
Lenders have always had panels of law firms they are content to work with, but in the last few years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for over 25 years.
Lending institutions point to the increase in fraud by way of justification for the reduction – criteria have been tightened as a smaller panel is easier to keep an eye on. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is being contacted daily by practices that have been removed from panels. Some are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The purchasers are unlikely to have any impact on this.
We expect to receive a OIP from RBS this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do RBS recommend any East Hunsbury solicitors on the RBS conveyancing panel, or is it better to go independently?
You will need to appoint East Hunsbury solicitors independently although you'll need to choose one on the RBS conveyancing panel. The solicitor represents both you and RBS through the process.
I have paid off my mortgage with Bank of Ireland. I assume I don't need a East Hunsbury lawyer on the Bank of Ireland panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your Bank of Ireland mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Bank of Ireland mortgage from the register. Bank of Ireland, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Bank of Ireland has sent the Land Registry the discharge electronically, and
- Bank of Ireland has instructed the Land Registry to do so
Intending to buy a maisonette in East Hunsbury. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Yorkshire BS conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the East Hunsbury solicitor is on the Yorkshire BS conveyancing panel.
Despite weeks of looking the Title Certificate and documents to my property can not be found. The conveyancers who conducted the conveyancing in East Hunsbury 10 years ago have long since closed. Will I be able to sell the house?
Assuming you have a registered title the details of your proprietorship will be retained by HMLR with a Title Number. It is easy to perform a search at the Land Registry, identify your property and secure up to date copies of the property title for a small fee. Where the title is Leasehold then the Land Registry will usually retain a certified copy of the Registered Lease and again, a copy can be retrieved for a small fee.
I'm buying my first flat in East Hunsbury with a loan from National Westminster Bank. The developers refused to budge the price so I negotiated £7000 of fixtures and fittings instead. The house builders rep advised me not reveal to my solicitor about the deal as it may put at risk my mortgage with National Westminster Bank. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Should I appoint a East Hunsbury conveyancing solicitor based in the location that I am buying? An old friend can deal with the legal formalities however her office is a couple of hundredkilometers away.
The benefit of a local East Hunsbury conveyancing practice is that you can pop in to execute paperwork, hand in your identification documents and pester them where appropriate. Having local East Hunsbury know how is a bonus. However nothing is more important than finding someone that will do a good and efficient job. If other friends have instructed your friend and in the main were impressed that must outweigh using an unknown East Hunsbury conveyancing solicitor just because they are round the corner.
Can you offer any advice when it comes to finding a East Hunsbury conveyancing firm to deal with our lease extension?
When appointing a solicitor for lease extension works (regardless if they are a East Hunsbury conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of work. We recommend that you speak with several firms including non East Hunsbury conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. The following questions could be helpful:
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What volume of lease extensions has the firm completed in East Hunsbury in the last twenty four months? Can they put you in touch with clients in East Hunsbury who can give a testimonial?
I inherited a split level flat in East Hunsbury, conveyancing was carried out half a dozen years ago. Can you work out an approximate cost of a lease extension? Similar flats in East Hunsbury with a long lease are worth £211,000. The ground rent is £50 per annum. The lease expires on 21st October 2093
With just 68 years left to run we estimate the price of your lease extension to span between £9,500 and £11,000 plus professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to supply a more accurate figure in the absence of comprehensive investigations. You should not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first seeking the advice of a professional.