My husband and I are hoping to acquire a home in Keyworth and have appointed a Keyworth conveyancing firm. Within the last couple of days our property lawyer has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. TSB have this morning contacted us to advise us that they have now hit a problem as our Keyworth solicitor is not on their approved list of lawyers. Please explain?
If you are buying a property needing a mortgage it is normal for the purchasers' lawyers to also act for the mortgage company. 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 Accreditation Scheme. Your solicitor should contact your mortgage company and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on the bank's conveyancing panel and you may continue to use your own Keyworth 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.
Have just purchased a repossessed house at auction in Keyworth. Conveyancing is necessary. What is next?
Having legally bound yourself to purchase you should choose a conveyancing practitioner as a matter of priority as you are faced with a fast approaching deadline in which to complete the property. An auction property will have an associated legal pack. This will include most,if not all of the documents that your solicitor will need. In the case of leasehold property the legal pack should contain a copy of the lease, management information and a sellers leasehold information form and other conveyancing documentation specific to leasehold premises. You should pass this on to your appointed conveyancing solicitor ASAP. You also need to ensure that your finances are organised to complete the transaction on the set completion date.
is it true that all Keyworth solicitors on the Nationwide conveyancing panel are governed by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the Nationwide approved list of solicitors they would need to be overseen by the Solicitors Regulatory Authority. Many lenders do allow licenced conveyancers on their panel and in such a situation the practice would be governed by the CLC.
My husband and I are in the throws of viewing houses in Keyworth and I am now considering a potential offer. Is it premature to have a solicitor in place? I am planning to take a mortgage with Coventry BS.
You should start obtaining conveyancing estimates from solicitors ASAP. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and forward their contact information on to the estate agent. As you are seeking a mortgage with Coventry BS, make sure you remember to check that your lawyer is on the Coventry BS conveyancing panel.
Are there restrictive covenants that are commonly identified during conveyancing in Keyworth?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Keyworth. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I am purchasing a new build house in Keyworth with the aid of help to buy. The builders refused to move on the amount so I negotiated five thousand pounds worth of extras instead. The property agent advised me not to tell my conveyancer about this deal as it would affect my mortgage with Nottingham Building Society. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer 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.
I'm converting the mortgage on my existing home to a BTL mortgage with Britannia and I will use the ballance of the raised equity as a down payment on a second house. The location we are talking about is Keyworth. Will your lawyers be able to act for the two lenders and link together the two deals?
Do use our search tool on this page to ensure that the lawyers are approved by both banks. On the basis that they are the lawyer should be able to connect the two conveyancing matters but you should have a chat with you solicitor and communicate your desired outcome and needs.
What are the frequently found problems that you come across in leases for Keyworth properties?
Leasehold conveyancing in Keyworth is not unique. All leases are individual and drafting errors can result in certain sections are missing. For example, if your lease is missing any of the following, it could be defective:
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Maintenance charge proportions which don’t add up to the correct percentage Clauses dealing with recovering service charges for expenditure on the building or common parts.
You will encounter difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Birmingham Midshires, Norwich and Peterborough Building Society, and Barclays Direct all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, obliging the buyer to pull out.
I invested in buying a ground floor flat in Keyworth, conveyancing was carried out in 1996. Can you please calculate a probable premium for a statutory lease extension? Comparable flats in Keyworth with an extended lease are worth £191,000. The average or mid-range amount of ground rent is £55 yearly. The lease comes to an end on 21st October 2079
You have 53 years remaining on your lease we estimate the premium for your lease extension to span between £27,600 and £31,800 as well as professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to advice on the actual costs without more detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first seeking the advice of a professional.