I am selling my ground floor flat in Irthlingborough and the EA has just text me to advise that the buyers are appointing a new conveyancer. The reason given is that the lender will only deal with solicitors on their conveyancing panel. Why would a leading lender only engage with specific solicitors rather the firm that they want to appoint to handle their conveyancing in Irthlingborough ?
Mortgage companies have always had an approved set of law firms that can act for them, 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 many years.
Lending institutions blame a rise in fraud by way of justification for the pruning – criteria have been narrowed as a smaller panel is easier to maintain. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices 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. Your purchasers are unlikely to have any sway in the decision.
I am purchasing a end of terrace house in Irthlingborough. The intention is to convert the garage to an office at the property.Will legal due diligence on the property involve enquiries to see if these works are permitted?
Your property lawyer should review the registered title as conveyancing in Irthlingborough will sometimes reveal restrictions in the title documents which restrict categories of changes or require the permission of another owner. Certain extensions require local authority planning consent and approval in accordance building regulations. Some areas are designated conservation areas and special planning restrictions apply which often prevent or impact extensions. It would be sensible to check these issues with a surveyor ahead of any purchase.
I have a mortgage with Coventry BS for my property in Irthlingborough. Conveyancing has been completed a year ago. If I am intending 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 Coventry BS?
Coventry BS must be informed of your intention in advance of renting your property as this is likely to be a breach of Coventry BS’s mortgage conditions. It may be that Coventry BS 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 Coventry BS directly. It should not be necessary to do this via a Coventry BS conveyancing panel lawyer.
I was told three weeks ago that my mortgage has been agreed to by Lloyds. Is it usual for Lloyds to only issue the offer once my solicitor in Irthlingborough is approved on their conveyancing panel? Lloyds have asked my solicitor to see a copy of their Professional Indemnity Insurance Schedule.
A lender would not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Lloyds to deal with your lawyer's application to be on the Lloyds conveyancing panel. There's no guarantee that your solicitor will be accepted.
Will commercial conveyancing searches reveal impending roadworks that could impact a commercial property in Irthlingborough?
Its becoming the norm that commercial conveyancing solicitors in Irthlingborough will carry out a SiteSolutions Highways report as it dramatically cuts the time that conveyancers spend in investigating accurate data on highways that impact buildings and development assets in Irthlingborough. The report provides definitive data 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 Irthlingborough.
For every commercial conveyancing transaction in Irthlingborough it is critical to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been addressed adequately may cause delays to Irthlingborough commercial conveyancing transactions as well as pose a risk to future plans for the site. These searches are not carried out for residential conveyancing in Irthlingborough.
4 months have gone by following my purchase conveyancing in Irthlingborough concluded. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I've recently found out that there is a flying freehold issue on a house I put an offer in last month in what should have been a straight forward, chain free conveyancing. Irthlingborough is the location of the property. Is there any advice you can give?
Flying freeholds in Irthlingborough are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Irthlingborough you would need to get your solicitor to go through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Irthlingborough 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 premises.
I am a negotiator for a long established estate agency in Irthlingborough where we have experienced a few flat sales derailed as a result of short leases. I have received inconsistent advice from local Irthlingborough conveyancing solicitors. Please can you clarify whether the owner of a flat can commence the lease extension process for the purchaser on completion of the sale?
As long as the seller has owned the lease 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. The benefit of this is that the buyer can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the disposal of the property.
An alternative approach is to extend the lease informally by agreement with the landlord 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 own a 1st floor flat in Irthlingborough, conveyancing having been completed in 1995. Can you let me have an estimated range of the fair premium for a lease extension? Similar flats in Irthlingborough with an extended lease are worth £211,000. The average or mid-range amount of ground rent is £45 charged once a year. The lease expires on 21st October 2091
With only 67 years left to run the likely cost is going to be between £10,500 and £12,000 as well as legals.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed investigations. You should not use the figures in tribunal or court proceedings. There may be additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first getting professional advice.