I am progressing with the sale of my home in Great Yarmouth and the EA has just e-mailed to advise that the purchasers are appointing a new law firm. The excuse is that the bank will only engage with property lawyers on their conveyancing panel. Why would a big named mortgage company only engage with specific law firms rather the firm that they want to select for their conveyancing in Great Yarmouth ?
Lenders have always had an approved set of law firms that can act for them, but in recent years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for decades.
Lending institutions point to the increase in fraud as the reason for the pruning – criteria have been narrowed 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 not going to have any impact on this.
Would the conveyancing lawyers listed on your site handle attended exchange conveyancing in Great Yarmouth?
We do have a number of conveyancing experts who can conduct personalised exchanges. You should contact us to receive a conveyancing quote and details as to availability.
I am thinking of mortgaging my home in Great Yarmouth, does my lawyer need to be on the Aldermore Conveyancing panel?
There is nothing to stop you using your solicitor, but Aldermore 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.
Just had an offer accepted on a new build apartment in Great Yarmouth. 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 selection of leasehold new build questions that you can expect your new-build leasehold conveyancing in Great Yarmouth
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Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Please supply evidence that the form of Lease proposed has been approved by the Land Registry. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Forfeiture - bankruptcy or liquidation must not apply under this provision. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents.
Due to the advice of my in-laws I had a survey completed on a property in Great Yarmouth prior to retaining conveyancers. I have been told that there is a flying freehold element to the house. Our surveyor advised that some lenders will not give a mortgage on a flying freehold house.
It varies from the lender to lender. Bank of Scotland has different instructions for example to Nationwide. Should you wish to telephone us we can check with the relevant bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Great Yarmouth. Conveyancing may be slightly more expensive based on your lender's requirements.
I would like to rent out my leasehold apartment in Great Yarmouth. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?
Some leases for properties in Great Yarmouth do contain a provision to say that subletting is only allowed with permission. The landlord cannot unreasonably refuse but, in such cases, they would need to review references. Experience suggests that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting consent.
I bought a 2 bed flat in Great Yarmouth, conveyancing having been completed half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Corresponding flats in Great Yarmouth with an extended lease are worth £180,000. The ground rent is £65 yearly. The lease ends on 21st October 2085
With just 59 years remaining on your lease the likely cost is going to be between £20,900 and £24,200 as well as costs.
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 in the absence of detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not move forward based on this information without first getting professional advice.