I am in the process of selling my house in Keyworth and the EA has just text me to advise that the buyers are appointing a new law firm. The reason given is that the lender will only engage with solicitors on their conveyancing panel. Why would a leading lender only deal with certain lawyers rather the firm that they want to choose for their conveyancing in Keyworth ?
UK lenders have always had panels of law firms that can act for them, but in the last few years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for decades.
Banks point to the increase in fraud as the reason for the pruning – criteria have been narrowed as a smaller panel is easier to monitor. No lender will say 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 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. The buyers are unlikely to have any impact on this.
I am considering applying for a Principality mortgage for purchase of a new build (under development) in Keyworth with 70% LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Principality ?
There is nothing to stop you using your solicitor, but Principality will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with an additional lawyer added to the mix, and it will undoubtedly be more expensive too.
It has been three months following my purchase conveyancing in Keyworth took place. I have checked the Land Registry site which shows that I paid £150,000 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 premises 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.
About to purchase a new build flat in Keyworth. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Set out below is a sample of a selection of leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Keyworth
-
Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Please confirm the Lease plans are surveyor prepared.
I am looking for a ground for flat up to £305k and identified one close by in Keyworth I like with a park and railway links nearby, however it's only got 49 remaining years left on the lease. There is not much else in Keyworth in this price bracket, so just wondered if I would be making a grave error buying a lease with such few years left?
Should you need a home loan the shortness of the lease will be problematic. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for a minimum of twenty four months you could ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this matter.
My husband and I are acquiring a studio flat in Keyworth. At the time of instructing our conveyancing practitioner, they assured us that they were on all major UK mortgage company panels. The mortgage broker contacted us yesterday to advise that they are not on the Santander approved list. Should that be true, what should we do? Should we simply find a different conveyancer that is on their approved list or do we cover the costs for separate representation, with Santander selecting their own approved conveyancer.
When buying a property with the benefit of a mortgage it is conventional for the purchaser’s solicitors to also act for the purchaser's lender. In order to act for a bank or building society a lawyer has to be on that lender's conveyancing panel. An application has to be made by the lawyer to the lender to become a member of the lender's panel and there are increasingly strict criteria which the solicitor has to meet. Some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your lawyer should call Santander to discover 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 are not legally obliged to appoint a law firm on Santander's conveyancing panel and you may continue to use your own Keyworth solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another lawyer into the equation.