I am nearing exchange of contracts for my ground floor flat in Hebburn and the EA has just called to say that the purchasers are appointing a new property lawyer. The reason given is that the bank will only work with solicitors on their conveyancing panel. Why would a big named mortgage company only engage with certain lawyers rather the firm that they want to appoint to handle their conveyancing in Hebburn ?
Lenders have always had an approved set of law firms that can represent them, but in the last few years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.
Lenders attribute this action to a rise 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 reveal 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. Plenty of firms 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 impact on this.
We have agreed to purchase a house in Hebburn. A rare aspect is that the roof has a solar panel. Leeds Building Society have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
Given that you are obtaining a mortgage with Leeds Building Society your lawyer must check the formal requirements set out in Part 2 of UK Finance Lenders’ Handbook for Leeds Building Society. The Council of Mortgage Lenders’ Handbook stipulates minimum requirements for solar panel roof-space leases, and property lawyers are required to report to Leeds Building Society where a lease does not satisfy these specifications. The provisions relate to the installation of panels on properties countrywide and is not isolated to Hebburn.
Completion of my purchase has taken place for my property in Hebburn. Conveyancing was of an acceptable standard but I feel I should register my dissatisfaction about the lender. How do I make a complaint?
Most banks and building societies have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Services Team at head office. Ordinarily complaints to a lender are sorted out effectively and efficiently. If you feel the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR with full details of your complaint.
I have finally had an offer on a maisonette in Hebburn accepted, the vendors do nevertheless have a connected purchase. The owners have placed an offer on a property, but it’s not yet agreed to, and have viewings of other properties booked. I have instructed a local conveyancing solicitor in Hebburn. What do I do now? At what point do I apply for the mortgage with Skipton?
It is usual to have concerns where there is a chain as you are unlikely to want to be too out of pocket too early (home loan application is approx one thousand pounds, then valuation, Hebburn conveyancing search charges, etc). First, you must ensure that your conveyancing practitioner is on the Skipton conveyancing panel. Regarding the next steps this very much depends on the specifics of your case, motivation for the property and on the state of the market. In a hot market the majority of home buyers would apply for a home loan with Skipton and arrange for the valuation and only if it comes back ok would they request their conveyancing practitioner to proceed with the conveyancing in Hebburn.
Will commercial conveyancing searches reveal impending roadworks that may impact a commercial land in Hebburn?
Its becoming the norm that commercial conveyancing solicitors in Hebburn will perform a SiteSolutions Highways report as it dramatically cuts the time that conveyancers invest in sourcing accurate data on highways that impact buildings and development assets in Hebburn. The search result sets out definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Hebburn.
For each commercial conveyancing transaction in Hebburn it is crucial to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been dealt with adequately can cause delays to Hebburn commercial conveyancing transactions as well as present a risk to future intentions for the site. These searches are not carried out for residential conveyancing in Hebburn.
I've recently found out that there is a flying freehold issue on a house I put an offer in a fortnight ago in what was supposed to be a straight forward, no chain conveyancing. Hebburn is where the house is located. Can you offer any guidance?
Flying freeholds in Hebburn are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Hebburn you would need to get your solicitor to go through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Hebburn may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
I am a negotiator for a reputable estate agent office in Hebburn where we have experienced a few leasehold sales derailed as a result of short leases. I have received contradictory information from local Hebburn conveyancing firms. Could you shed some light as to whether the vendor of a flat can start the lease extension formalities for the buyer?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the disposal of the property.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I bought a garden flat in Hebburn, conveyancing having been completed half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Similar properties in Hebburn with an extended lease are worth £265,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease terminates on 21st October 2101
You have 75 years remaining on your lease we estimate the premium for your lease extension to span between £8,600 and £9,800 plus legals.
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 the actual costs without more comprehensive investigations. Do not use the figures in tribunal or court proceedings. There may be other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not move forward based on this information before getting professional advice.
My nephew is embarking on her first house purchase, the home loan was agreed last week in principle. One the offer was accepted on house we contacted the lender to progress the mortgage application. We were disappointed to discover that mortgage lenders do not accept all conveyancer, they must be on their panel, is this legal?
Lenders tend to imposes restrictions either the type or the number of conveyancing solicitors on their panel. A common example of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that lenders have no responsibility for the quality of advice provided by any Hebburn solicitor on their panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, conveyancing is not their speciality. To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime? Presumably not.