My husband and I are planning to buy a property in Gateshead and have appointed a Gateshead conveyancing practice. Within the last couple of days our lawyer has sent a preliminary report and documents to look through with a view to exchanging next week. Nottingham Building Society have this evening contacted us to inform me that they have now hit a problem as our Gateshead conveyancer is not on their conveyancing panel. Is this a problem?
When purchasing a property with the benefit of a mortgage it is standard 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 solicitor 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 are not legally obliged to appoint a law firm on the lender’s conveyancing panel as you are at liberty to use your preferred Gateshead lawyers, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.
All was ready to complete my purchase in Gateshead next Thursday. I have now been asked to send a copy of my building insurance schedule by my solicitor as as she informs me that she is duty bound to validate that it is in order for the lender. What does the insurance need to cover?
Any lawyer on acting for lenders would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s Part 2 instructions. These obligations are not unique to conveyancing in Gateshead.
How up to date is your database of Gateshead solicitors on the RBS conveyancing panel? Do RBS send you an updated list?
Gateshead conveyancing firms themselves provide us confirmation that they are on the RBS conveyancing panel as opposed to being supplied with a list from RBS directly.
I purchased my home on 2 July and my personal details is yet to be on the land registry website. Should I be concerned? My conveyancing solicitor in Gateshead expressed confidence that it will be registered in less than a month. Are properties in Gateshead uniquely lengthy to register?
There is nothing unique when it comes to conveyancing in Gateshead registration formalities. Rather than based on location, timeframes can adjust depending on the party submitting the application, whether it is in order and whether the Land registry communicate with any interested parties. As of today in the region of 80% of such applications are completed in less than three weeks but some can be subject to extensive delays. Registration occurs after the new owner has moved in to the premises therefore an expedited registration is not typically primary concern yet where it is urgent that the the registration takes place urgently then you or your lawyers can contact the land registry and explain the circumstances.
I am buying a new build house in Gateshead with the aid of help to buy. The builders would not reduce the amount so I negotiated 6k of fixtures and fittings instead. The house builders rep told me not reveal to my lawyer about the extras as it would affect my mortgage with the 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.
Back In 2005, I bought a leasehold house in Gateshead. Conveyancing and Britannia mortgage are in place. I have received a letter from someone claiming to own the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1994. The conveyancing practitioner in Gateshead who acted for me is not around. Any advice?
The first thing you should do is make enquiries of the Land Registry to make sure that this person is indeed the registered owner of the freehold reversion. You do not need to incur the fees of a Gateshead conveyancing lawyer to do this as you can do this on the Land Registry website for less than a fiver. Rest assured that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
Gateshead Leasehold Conveyancing - Examples of Queries Prior to Purchasing
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Is there a share of the freehold? Please inform me if there are any major works anticipated that will add a premium to the service charges? It is important to be aware if a new roof is being installed or some other significant cost is pending to be shared between the leasehold owners and will materially increase the the service fees or require a specific invoice.