My financial adviser requires my Morecambe solicitor’s panel reference for the Nat West conveyancing panel. How do I find this out. I have e-mailed my local Morecambe office but they don't know it.
The sensible thing to do is ask for this information from your Morecambe solicitor . Most Morecambe law firms will keep a file or database of lender panel information which would include, if applicable, their conveyancing panel details for each bank.
My Conveyancer in Morecambe is not listed on the Nottingham Building Society Conveyancing Panel. Is it possible for me to use my prefered solicitor even though they are not on the Nottingham Building Society list of approved lawyers?
The limited options open to you here include:
- Carry on with your existing Morecambe lawyers but Nottingham Building Society will need to retain a conveyancer on their panel. This will inevitably rack up the total legal fees and result in delays.
- Choose a new solicitor to to deal with the purchase, obviously checking they are Nottingham Building Society approved.
- Try to convince your Nottingham Building Society solicitor to seek to join the Nottingham Building Society panel
I just bought a flat at auction in Morecambe. Conveyancing is needed. What is next?
Having to in every practical sense signed on the dotted line you now have to appoint a conveyancing practitioner as a matter of urgency as you now have a tight deadline in which to complete the transaction. An auction property should have a corresponding auction set of papers. This will likely include evidence of title and search results. If you have purchased leasehold premises the conveyancing papers may provide a copy of the lease, management information and a sellers leasehold information form and associated conveyancing documentation relating to leasehold premises. You should pass this on to the conveyancer instructed by you at the earliest opportunity. You also need to ensure that your finances are in order to complete on the date specified in the contract.
Last month we had a mortgage agreed in principle with UBS. Morecambe conveyancing practitioners were instructed. What is the average time that one could expect to receive a mortgage offer from UBS?
Some lenders take longer than others. Have UBS conducted the survey? Have you informed UBS as to your lawyers' details and checked that your lawyers are on the UBS conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
I recently had an offer agreed on a house in Morecambe. My financial adviser suggested a lawyer. I paid an upfront payment of £175. Shortly after, the solicitor called me to say that they were not on the Leeds Building Society conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Leeds Building Society panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
I have been told that property searches are the main reason for hinderance in Morecambe conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) published conclusions of research by MoveWithUs that conveyancing searches do not figure amongst the most frequent causes of hindrances in the conveyancing process. Local searches are not likely to feature in any slowing down conveyancing in Morecambe.
It has been 2 months since my purchase conveyancing in Morecambe concluded. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £160,000. 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 asset 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 work for a busy estate agency in Morecambe where we see a number of leasehold sales jeopardised due to short leases. I have received conflicting advice from local Morecambe conveyancing solicitors. Can you clarify whether the seller of a flat can start the lease extension formalities for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to wait 2 years for a lease extension. 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.
Alternatively, it may be possible 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 purchaser.
I bought a basement flat in Morecambe, conveyancing formalities finalised in 2008. Can you work out an approximate cost of a lease extension? Corresponding flats in Morecambe with an extended lease are worth £176,000. The ground rent is £50 yearly. The lease runs out on 21st October 2106
With just 80 years left to run we estimate the premium for your lease extension to span between £7,600 and £8,800 as well as legals.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed due diligence. Do not use the figures in tribunal or court proceedings. There may be other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first seeking the advice of a professional.