I am acquiring an apartment in Leeds. My Solicitor has never been on on the lender solicitor panel. Am I still permitted to use my Leeds conveyancing solicitor notwithstanding that they are not on the lender approved list?
You have a number of choices open to you here
- Proceed with your chosen Leeds property lawyer but your lender will undoubtedly appoint a lawyer from their conveyancing panel. This will result in additional cost together with probable frustration.
- Appoint a new conveyancer to act in the purchase, obviously checking they are on the mortgage company conveyancing panel.
- Appeal to your conveyancer to apply to join the lender panel
I sincerely hope you can help me. My Leeds lawyer is informing me me that he has toconduct Leeds conveyancing searches asthe firm are on the Lloydsapproved lawyer panel. Do I not have any options here?
Unfortunately both you and your lawyer have little choice here. As you are obtaining a mortgage with a mortgage company your solicitor has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your conveyancer would have previously signed the Terms and Conditions of your lender’s conveyancing panel appointment which obliges them to follow the Council of Mortgage Lenders’ Handbook specifications . Even if you were a cash buyer you would be ill advised not to carry out Leeds conveyancing searches.
Why do I have to pay up front for my conveyancing in Leeds?
Where you are retaining lawyers for conveyancing in Leeds your lawyer will request that you put them with monies to cover the the cost of the conveyancing searches. This will be the total of the cost of the Local Authority Search. If any down payment is as part of the sale price then this will be required immediately in advance of exchange of contracts. The final balance that is needed should be transferred a couple of days prior to the day of completion.
We wanted to use a property lawyer in Leeds for our home move. Our financial adviser informed us that our bank Yorkshire Building Society won't deal with them. Why is this not regarded as unfair competition?
A decade ago most mortgage companies had an appetite for risk which was higher than today. Almost all Leeds conveyancing firms would have been on many mortgage company panels. The financial services regulator in 2010 completed a thematic review into mortgage fraud which come to the conclusion: know the conveyancing solicitors dealt with. Consequently, lenders have regularly sought more information from law firms relating to their operations and the individuals who work for them as well as set certain criteria such a completing on a minimum number of conveyancing. Many Leeds conveyancing firms that have been excluded from lender panels have Unblemished track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Leeds is one of the many locations where the lawyers we list are members of the panel for Yorkshire Building Society.
There are numerous conveyancing solicitors in Leeds but how do I know who I should use?
Do not opt for the lowest Leeds conveyancing fees. You really do get what you’re paying for when it comes to property lawyers. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you go into the conveyancing with your eyes wide open.
Do I choose a Licenced Conveyancer or Solicitor for conveyancing in Leeds?
There are many recorded licenced Conveyancers in Leeds and Solicitor practices in Leeds offering conveyancing It is important to make clear that both are supervised by regulatory bodies with both specialising in the legal aspects of the home buying process. Both can conduct associated property related work such as remortgage conveyancing, enfranchisement and transfer of equity conveyancing.
Does a directory service exist listing Nationwide panel solicitors in Leeds on the UK Finance Lenders’ Handbook Website?
Unfortunately not yet. There is no such directory service on the Council of Mortgage Lenders or Building Society Association sites. Very few mortgage companies make their panel listings available online. If you are in need of a Leeds lawyer on the Nationwide please make the most of our facility.
Are there common defects that you witness in leases for Leeds properties?
There is nothing unique about leasehold conveyancing in Leeds. Most leases are individual and legal mistakes in the legal wording can result in certain sections are missing. For example, if your lease is missing any of the following, it could be defective:
-
Insurance obligations Repairing obligations to or maintain elements of the property
A defective lease will likely cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Barclays , Bank of Scotland, and TSB all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, forcing the purchaser to pull out.
I purchased a split level flat in Leeds, conveyancing having been completed September 2008. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Comparable flats in Leeds with a long lease are worth £175,000. The ground rent is £65 yearly. The lease runs out on 21st October 2083
With just 58 years unexpired we estimate the premium for your lease extension to range between £23,800 and £27,400 as well as legals.
The figure 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 the figures in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first getting professional advice.