I am 4 weeks into the sale of my apartment in Halifax and the EA has just telephoned to advise that the purchasers are switching law firm. I am told that this is due to the fact that the lender will only deal with solicitors on their approved list. Why would a major mortgage company only engage with specific law firms rather the firm that they want to choose to handle their conveyancing in Halifax ?
Lenders have always had an approved set of law firms they are content to work with, but in recent years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 15 years.
Mortgage companies blame a rise in fraud as the reason for the pruning – criteria have been narrowed as a smaller panel is easier to monitor. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is hearing daily from firms that have been removed from panels. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The buyers are unlikely to have any sway in the decision.
My solicitor has discovered a a problem with the lease for the property we are buying in Halifax. The seller’s lawyers have put forward defective title insurance as a solution. We are happy with insurance and will pay for it. Our solicitor has advised that he must ensure that the mortgage company is happy with this solution. Are we the client or is the lender?
Regardless of the fact that you have a mortgage offer from the bank does not mean to say that the property will meet their provisions for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook conditions. You and the mortgage company are the client. The appropriate lender conditions must be adhered to.
Have completed on a a terraced house in Halifax , What is the estimated time for the Land Registry to register my ownership? My Halifax conveyancing solicitor has been very slow, so I want to be sure the land registry aspects are concluded.
There is nothing unique when it comes to conveyancing in Halifax registration formalities. Rather than based on location, timescales can differ subject to who lodges the application, whether it is in order and if the Land registry have to notify any 3rd parties. As of today in the region of three quarters of such applications are fully addressed in less than three weeks but occasionally there can be longer delays. Registration takes place once the buyer is living at the property thus an expedited registration is not always top priority but if there is a degree of urgency associated with the registration then you or your lawyers could communicate with the Registry to express the reasoning for the application to be prioritised.
I'm purchasing my first flat in Halifax with a mortgage from Barclays . The builders refused to budge the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The estate agent suggested that I not reveal to my conveyancer about this side-deal as it will impact my mortgage with the lender. 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.
Harry (my fiance) and I may need to rent out our Halifax garden flat temporarily due to a new job. We used a Halifax conveyancing firm in 2001 but they have closed and we did not think at the time seek any guidance as to whether the lease prohibits the subletting of the flat. How do we find out?
Some leases for properties in Halifax do contain a provision to say that subletting is only permitted with prior consent from the landlord. 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 own a split level flat in Halifax, conveyancing was carried out 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? Similar properties in Halifax with an extended lease are worth £265,000. The ground rent is £50 per annum. The lease finishes on 21st October 2101
With only 76 years unexpired the likely cost is going to range between £8,600 and £9,800 as well as legals.
The figure above a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure in the absence of detailed due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not move forward based on this information without first seeking the advice of a professional.
Myself and my wife have recently had an offer accepted on a property and had an appointment on Wednesday with Nationwide for the mortgage. They warned us that when it comes to selecting a lawyer that unless they are on their approved panel of conveyancing practitioners then we will incur an additional charge of £200. This is because they will then have to appoint a conveyancer to act on their behalf in addition to the one we select for ourselves and we assume responsibility for their fees. I have requested Nationwide to furnish me with a list so I can obtain estimates only from their approved conveyancers but was told that I need to check with each individual lawyer to see if they are on the panel. Is their an easier way of going about this?
You should ask Nationwide what their criteria for panel membership is for a solicitor.Then ask the solicitor of your choice whether they fit that criteria and have they acted on loans for Nationwide in the past. If the answer to those is yes, then just clarify this with Nationwide. Alternatively please utilise our search facility and we should be able to find you a property lawyer in Halifax on the panel for Nationwide.