My Nailsea lawyer has uncovered an inconsistency when comparing the assumptions in the valuation report and what is in the conveyancing documents. My solicitor informs me that he must ensure that the lender is OK with this discrepancy and is still content to lend. Is my conveyancer’s course or action legitimate?
Your solicitor must comply with the UK Finance Lenders’ Handbook conditions which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
My property lawyer in Nailsea is not on the Halifax Conveyancing Panel. Is it possible for me to continue with my prefered solicitor notwithstanding that they are excluded from the Halifax panel of approved conveyancing solicitors?
Your options are as follows:
- Carry on with your existing Nailsea lawyers but Halifax will need to use a lawyer on their list of acceptable firms. This will result in additional total legal fees and cause delays.
- Find a new lawyer to act in the purchase, remembering to check they are on the Halifax panel
Can you help - my lawyer says that lack of right of way insurance is needed on my purchase. What is the level of cover for Nailsea conveyancing?
The right level of lack of right of way indemnity insurance depends on your lender. It would differ for example between Nationwide Building Society and The Royal Bank of Scotland. Conveyancing solicitors as opposed to members of the public take out such insurances.
When it comes to lenders such as Co-operative, do Nailsea solicitors incur a yearly amount to be on the conveyancing panel?
We are unaware of any mortgage company fees to register on their list of approved firms, although some do levy an administration charge to deal with the processing of the conveyancing panel submission.
We previously appointed conveyancing lawyers locally in Nailsea on the HSBC solicitor panel. They are now charging me a further fee for dealing with the HSBC mortgage. Is this an additional conveyancing fee set by HSBC?
As unfair as it may appear, as long as it’s in their Terms and Conditions or estimate then yes your lawyer can levy a fee for this. The charge is not set by HSBC but by your Nailsea solicitor. Numerous firms on the HSBC panel will charge an ‘acting for lender’ fee but many practices include it on their overall fee.
Due to the advice of my in-laws I had a survey completed on a property in Nailsea in advance of appointing lawyers. I have been advised that there is a flying freehold overhang to the house. My surveyor has said that some banks may not issue a mortgage on such a property.
It depends who your proposed lender is. Lloyds has different requirements from Birmingham Midshires. Should you wish to telephone us we can check via the relevant lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Nailsea. Conveyancing may be slightly more expensive based on your lender's requirements.
We're novice buyers - agreed a price, yet the property agent informed us that the vendor will only move forward if we appoint the agent's chosen lawyers as they want a ‘quick sale’. My instinct tells me that we should use a family conveyancer used to conveyancing in Nailsea
It is highly unlikely the vendors are driving this. Should the seller require ‘a quick sale', taking such a hostile approach to a genuine purchaser is counter productive. Speak to the vendors direct and explain that (a)you are keen to buy (b)you are excited to move forward, with mortgage lined up © you are unencumbered (d) you intend to proceed fast (e)however you are going to appoint your own,trusted Nailsea conveyancing lawyers - not the ones that will give the estate agent a referral fee or meet his conveyancing targets pre-set by HQ.
Can you provide any top tips for leasehold conveyancing in Nailsea from the point of view of speeding up the sale process?
- Much of the frustration in leasehold conveyancing in Nailsea can be reduced where you get in touch lawyers the minute you market your property and request that they start to put together the leasehold documentation which will be required by the purchasers’ lawyers. If you have carried out any alterations to the premises would they have required Landlord’s permission? In particular have you laid down wooden flooring? Nailsea leases often stipulate that internal structural changes or addition of wooden flooring necessitate a licence from the Landlord consenting to such changes. Should you dont have the consents in place you should not contact the landlord without contacting your solicitor in advance. Many freeholders or managing agents in Nailsea charge for providing management packs for a leasehold property. You or your lawyers should find out the fee that they propose to charge. The management information can be applied for on or before finding a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most frequent cause of delay in leasehold conveyancing in Nailsea. A minority of Nailsea leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, you should place the estate agents on notice to make sure that the purchasers obtain financial (bank) and professional references. Any bank reference should make it clear that the buyer is able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the buyers or their lawyers. If you have had conflict with your landlord or managing agents it is very important that these are settled before the property is put on the market. The buyers and their solicitors will be reluctant to purchase a flat where there is a current dispute. You will have to accept that you will have to discharge any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the purchasers, but it is clearly preferable to reveal the dispute as over as opposed to ongoing.
Nailsea Leasehold Conveyancing - A selection of Queries Prior to buying
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Most Nailsea leasehold apartments will have a service charge for the upkeep of the building set on behalf of the management company. If you buy the flat you will have to pay this amount, usually in instalments during the year. This may differ from several hundred pounds to thousands of pounds for bigger purpose-built blocks. In all likelihood there will be a ground rent for you to pay annual, normally this is not a significant amount, say approximately £50-£100 but you should to enquire it because occasionally it can be surprisingly expensive. Does the lease include onerous restrictions? You should want to discover as much as possible about the managing agents as they can either make your life much simpler or problematic. Being a leasehold owner you will be at the mercy of the managing agents from a financial perspective and when it comes to every day issues such as the tidiness of the common parts. Don't be shy to ask prospective neighbours what they think of them. On a final note, find out the dates that you are obliged pay the maintenance charge to the appropriate party and precisely what you get for your money.