My wife and I are planning to acquire a 3 bedroom flat in Middlesbrough with a mortgage. We like our Middlesbrough solicitor, however the mortgage company says she’s not on their "panel". It appears that we have little option but to use one of the mortgage company panel conveyancing practices or keep our Middlesbrough solicitor and pay for one of their panel firms to act for them. We feel that this is unjust; can we not require that the bank use our Middlesbrough solicitor ?
No, not really. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your Middlesbrough conveyancing lawyer to apply to be on the conveyancing panel.
We note that you have a search directory identifying law firms on the Nottingham conveyancing panel. Do firms pay you a referral fee if I retain them for our own conveyancing in Middlesbrough?
We are a listing service only for law firms wishing to communicate if they are on the Nottingham conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Middlesbrough.
What is the difference between a licensed conveyancer and conveyancing solicitor in Middlesbrough
Two types of professional can carry out conveyancing in Middlesbrough namely licenced conveyancers or solicitors. The two can handle the legal services that required to complete the sale or purchase of property. They are both obliged to perform Middlesbrough conveyancing on similar standards and guidelines so you can be safe in the knowledge that your conveyancing will be properly carried out and that all requisite procedures should be accurately attended to.
Last month we had a mortgage agreed in principle with TSB. Middlesbrough conveyancing solicitors are selected. What is the average time that one could expect to receive a mortgage offer from TSB?
There is no definitive answer here. Have TSB conducted the valuation? Have you informed TSB as to your lawyers' details and checked that your lawyers are on the TSB conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
It is unclear whether my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called into my local Middlesbrough bank branch on numerous occasions and was told it does not impact the mortgage offer and they would lend. My Middlesbrough conveyancing solicitor - who is on the bank conveyancing panel- telephoned to say that they refuse to lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. Who do I believe?
Provided that the lawyer is on the mortgage company approved list, she or he must follow the Council of Mortgage Lenders’ Handbook provisions for the lender. Unless your lawyer obtains specific confirmation in writing that the bank 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 lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
Yesterday I discovered that there is a flying freehold issue on a house I have offered on two weeks back in what was supposed to be a simple, no chain conveyancing. Middlesbrough is the location of the property. Can you shed any light on this issue?
Flying freeholds in Middlesbrough are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Middlesbrough you would need to get your solicitor to go through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Middlesbrough 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 property.
Is there anything unique about your site and other internet conveyancing solicitors for conveyancing in Middlesbrough?
At this site get a conveyancing costs illustration via a Solicitor or Licensed Conveyancer that understands the issues for your conveyancing in Middlesbrough. Unlike many estate agents and brokerage sites we do not charge firms a fee if you choose them for your home move in Middlesbrough
I am on look out for some leasehold conveyancing in Middlesbrough. Before I get started I would like to find out the unexpired term of the lease.
If the lease is recorded at the land registry - and almost all are in Middlesbrough - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I invested in buying a garden flat in Middlesbrough, conveyancing was carried out 8 years ago. Can you give me give me an indication of the likely cost of a lease extension? Corresponding properties in Middlesbrough with a long lease are worth £176,000. The average or mid-range amount of ground rent is £50 levied per year. The lease terminates on 21st October 2105
With 80 years remaining on your lease we estimate the price of your lease extension to span between £8,600 and £9,800 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to supply the actual costs without more comprehensive investigations. Do 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 clearly you want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before seeking the advice of a professional.