My wife and I are hoping to purchase a flat in Morpeth and have appointed a Morpeth conveyancing practice. Within the last couple of days our conveyancer has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Nottingham Building Society have this morning contacted us to advise us that they have now hit a problem as our Morpeth lawyer is not on their approved list of lawyers. What do we do from here?
When purchasing a property with the benefit of a mortgage it is normal for the purchasers' lawyers to also represent 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 property lawyer should contact your lender 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 don't have to instruct a firm on the bank's conveyancing panel as you are at liberty to use your preferred Morpeth lawyers, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.
Can the conveyancing lawyers that you recommend perform attended exchange conveyancing in Morpeth?
We do have a number of conveyancing experts who can conduct personalised exchanges. Do e-mail us to secure a conveyancing quote and details as to dates.
Can you explain why leasehold purchase conveyancing in Morpeth costs more?
Morpeth leasehold properties involve far more paperwork than a freehold purchase, and therefore takes more time to examine and advise upon.Conveyancing will involve the lease having to be checked which is usually a lengthy document, queries raised to ensure that the covenants and conditions have been observed. If it is a flat there will be a management company in existence and the accounts of this will need to be checked and enquiries raised to ensure it is operating efficiently and that all monies due have been paid by the Seller to the company and if not ensuring that money is paid up to date or the appropriate undertakings obtained.
Can you point me to a directory of RBS panel solicitors in Morpeth on the Building Society Association’s Website?
No. There is no such facility on the CML or Building Society Association websites. A small selection of mortgage companies make their panel listings available online. If you are in need of a Morpeth property lawyer on the RBS please use our facility.
I can not work out if my bank obliges me to make sure the lease term for the flat is extended prior to the completion date. I have telephoned my Morpeth building society branch on numerous occasions and was told it wasn't an issue and they will lend. My Morpeth conveyancing solicitor - who is on the bank conveyancing panel- called to say that they refuse to lend based on their specific requirements. Who do I believe?
As long as the lawyer is on the bank approved list, they must follow the CML Handbook specifications 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 bank to contact your lawyer in writing confirming that they will accept the number of years remaining.
Planning on purchasing a house in Morpeth. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Kent Reliance conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Morpeth lawyer is on the Kent Reliance conveyancing panel.
I am downsizing from our property in Morpeth and according to the buyers it appears that there is a risk of it being constructed land that was not decontaminated. A high street Morpeth conveyancer would know this is not the case. It does beg the question why the purchasers used a nationwide conveyancing firm rather than a conveyancing solicitor in Morpeth. We have lived in Morpeth for three years we know of no issue. Do we contact our local Authority to obtain clarification that the buyers are looking for.
It would appear that you have a conveyancing lawyer currently acting for you. Are they able to advise? You should check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same ailment)
Over the last few months I have been searching for a leasehold apartment up to £195,000 and identified one near me in Morpeth I like with a park and transport links nearby, however it's only got 61 years unexpired on the lease. There is not much else in Morpeth in this price bracket, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you need a mortgage the shortness of the lease will be an issue. Reduce the offer by the expected lease extension will cost if not already taken into account. If the existing owner has owned the property for a minimum of twenty four months you could ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should consult your conveyancing lawyer about this.