My partner and I are planning to buy a flat in Haverhill and are in fact using a Haverhill conveyancing practice. Within the last couple of days our solicitor has sent a preliminary report and documents to look through with a view to exchanging next week. Bank of Scotland have this afternoon contacted us to inform me that there is now an issue as our Haverhill lawyer is not on their approved list of lawyers. What do we do from here?
Where you are buying a property with the assistance of a mortgage it is normal for the purchasers' solicitors to also represent 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 Quality 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 solicitors to act. You don't have to instruct a firm on the lender’s conveyancing panel and you may continue to use your own Haverhill solicitors, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.
We just had an offer accepted to purchase with Coventry BS. I popped in a couple of high street solicitors yet cant to find a Haverhill conveyancing firm on the Coventry BS panel. Can you help?
Feel free to make use of the find a conveyancing panel solicitor tool on this page. Pick the mortgage company and type Haverhill or your location and you will be presented with numerous solicitors offices in Haverhill or by proximity to you.
When it comes to lenders such as Principality, do Haverhill conveyancers have to pay a fee to be on the list of approved solicitors?
We are not aware of any mortgage company fees to register on their panel, although some do levy an administration fee to deal with the processing of the conveyancing panel application.
Is it the case that all Haverhill solicitors on the Aldermore conveyancing panel are governed by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the Aldermore conveyancing panel they would need to be overseen by the Solicitors Regulatory Authority. Many lenders do allow licenced conveyancers on their panel in which case such firms would be regulated by the CLC.
It is not clear whether my bank obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my Haverhill bank branch on various occasions and was told it does not impact the mortgage offer and they would lend. My Haverhill conveyancing solicitor - who is on the bank conveyancing panel- telephoned to say that they refuse to lend based on their published requirements. Who do I believe?
Your property lawyer has to comply with the Council of Mortgage Lenders’ Handbook section two provisions for your lender. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years remaining.
I own a 4 bedroom Victorian house in Haverhill. Conveyancing lawyer represented me and Halifax. I happened to do a free search for it on the Land Registry database and there are two entries: the first freehold, the second leasehold under the matching address. Is it worth asking Halifax to clarify?
You need to assess the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Haverhill and other locations in the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with lenders. You can also enquire as to the position with the conveyancing solicitor who conducted the work.
My uncle has recommend that I instruct his lawyers for conveyancing in Haverhill. Should I find my own solicitor?
No doubt it’s preferable to choose a conveyancing lawyer is to seek feedback from friends or family who have previously instructed the firm that you are are thinking of instructing.
What are your top tips when it comes to appointing a Haverhill conveyancing firm to deal with our lease extension?
If you are instructing a solicitor for lease extension works (regardless if they are a Haverhill conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of work. We recommend that you make enquires with two or three firms including non Haverhill conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. The following questions might be of use:
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If they are not ALEP accredited then why not? What are the charges for lease extension work?
I own a studio flat in Haverhill, conveyancing was carried out 3 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable properties in Haverhill with over 90 years remaining are worth £165,000. The average or mid-range amount of ground rent is £50 invoiced every year. The lease comes to an end on 21st October 2102
You have 77 years left to run the likely cost is going to be between £7,600 and £8,800 plus professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not move forward based on this information without first seeking the advice of a professional.