I am 3 weeks into the sale of my flat in Heddon On The Wall and the EA has just telephoned to say that the buyers are changing their law firm. The excuse is that the bank will only work with solicitors on their conveyancing panel. Why would a major lender only work with specific lawyers rather the firm that they want to choose to handle their conveyancing in Heddon On The Wall ?
UK lenders have always had an approved set of law firms they are willing to work with, but in the last few years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for decades.
Mortgage companies point to the increase in fraud by way of justification for the pruning – criteria have been stiffened as a smaller panel is easier to oversee. 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 hearing daily from firms 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. Your buyers are unlikely to have any sway in the decision.
Do the Building Society Association intend to launch a online directory to to identify practices on the Melton Mowbray Building Society conveyancing panel for example in Heddon On The Wall?
We would not expect to be advised of any intention on the part of the BSA to promote such a register.
I have a mortgage with Nationwide for my property in Heddon On The Wall. Conveyancing has been completed some time ago. In the event that I decide to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Nationwide?
Your original mortgage agreement with Nationwide will provide that you need their approval before renting your property as this is likely to be a breach of Nationwide’s mortgage conditions. It may be that Nationwide will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Nationwide directly. It should not be necessary to do this via a Nationwide conveyancing panel solicitor.
I can not work out if my lender obliges me to make sure the lease term for the flat is extended prior to the completion date. I have telephoned my Heddon On The Wall bank branch on a couple of occasions and was informed it wasn't a problem and they would lend. My Heddon On The Wall conveyancing solicitor - who is on the bank conveyancing panel- called and was told they refuse to lend based on their published requirements. I have no idea who is right.
The property lawyer must comply with the Council of Mortgage Lenders’ Handbook Part 2 provisions for your lender. Unless your lawyer obtains specific confirmation in writing that the mortgage company 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.
Our offer on a property in Heddon On The Wall has been agreed to, but there is a chain. The vendors have offered on on an apartment, however it’s not yet agreed to, and have viewings of other flats in the pipeline. I have selected a high street conveyancing solicitor in Heddon On The Wall. What should be my next step? At what point should I apply for the mortgage with RBS?
It is normal to have apprehensions where there is a chain as you are unlikely to want to be too out of pocket prematurely (home loan application is in the region of one thousand pounds, then valuation, Heddon On The Wall conveyancing search costs, etc). First, you must check that your conveyancer is on the RBS conveyancing panel. Regarding the next phase this very much dictated by the circumstances of your case, attraction to this property and on the state of the market. During a rising market the majority of home buyers will apply for the mortgage with RBS and pay for the valuation and only if it comes back ok would they pay their solicitor to proceed with searches.
I opted to have a survey completed on a property in Heddon On The Wall before appointing solicitors. I have been told that there is a flying freehold aspect to the house. The surveyor advised that some banks tend refuse to grant a mortgage on this type of house.
It depends who your proposed lender is. Lloyds has different instructions for example to Halifax. If you call us we can investigate further with the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Heddon On The Wall. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Heddon On The Wall to see if the conveyancing costs will increase in light of this.
I've recently bought a leasehold house in Heddon On The Wall. Do I have any liability for service charges relating to a period prior to completion of my purchase?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I inherited a 1st floor flat in Heddon On The Wall, conveyancing was carried out half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Comparable properties in Heddon On The Wall with over 90 years remaining are worth £201,000. The average or mid-range amount of ground rent is £45 invoiced annually. The lease terminates on 21st October 2089
With only 64 years left to run we estimate the premium for your lease extension to span between £14,300 and £16,400 plus professional fees.
The figure above a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure 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 should be as accurate as possible in your negotiations. You should not take any other action based on this information without first seeking the advice of a professional.
My husband and I have just had an offer accepted on our first house in Heddon On The Wall, and need to get solicitors instructed. We have made use of the different rating based websites and the results are from all across the country. Is it critical to have a Heddon On The Wall lawyer local to our prospective property? We are willing to do all the communicating electronically, but I am thinking at some stage we may be required to visit the conveyancing practitioner's office to sign documents?
The solicitor does not need to be in Heddon On The Wall, but opting for local means that you have the option to visit their offices if needed, by way of example, if a signature is immediately necessary. Furthermore, a Heddon On The Wall solicitor is likely to be familiar with local agents and (if the vendor has chosen a local conveyancing practitioner) with them, which will help smooth the process.