My partner and I are hoping to purchase a house in New Waltham and have appointed a New Waltham conveyancing practice. Within the past 48 hours our solicitor has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Bank of Ireland have this morning contacted us to inform me that there is now an issue as our New Waltham conveyancer is not on their conveyancing panel. Is this a problem?
When purchasing a property with mortgage finance it is normal for the purchasers' solicitors to also represent the purchaser's lender. 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 solicitor should contact your mortgage company 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 are not legally obliged to appoint a law firm on the lender’s conveyancing panel and you may continue to use your own New Waltham solicitors, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.
My husband and I are buying a newly constructed flat in New Waltham and my lawyer is advising me that she is duty bound to the mortgage company to reveal incentives from the seller. The Estate Agents are hassling me to sign contracts and I don't want to prolong matters. Is my lawyer right?
You should not exchange unless you have been advised to do so by your conveyancer. A precondition to being on a bank panel is to comply with the UK Finance Lenders’ Handbook requirements. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
I can see plenty of information on this site regarding conveyancing in New Waltham but what is your top tip for appointing the right conveyancer in New Waltham
It would be unwise to be swayed by the lowest New Waltham conveyancing costs illustration. 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 know exactly what you’ll have to pay in ahead of the deal.
Intending to buy a flat in New Waltham. 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 Coventry BS 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 New Waltham conveyancer is on the Coventry BS conveyancing panel.
Lloyds have agreed my mortgage in principle, my bid on a apartment in New Waltham has been agreed to, what are the next steps?
The estate agent will want to know who your solicitors are (be sure the conveyancing practitioners are on the bank’s panel). Contact Lloyds or your financial adviser and finish off any appropriate documentation. Lloyds will appoint a valuer who will get in contact with the selling agent or seller to schedule an appointment. Once carried out (assuming no problems) it takes approximately ten days to receive the mortgage offer. Lloyds will send the offer to you and your conveyancers. The transaction will then take it’s course according the nature and complexity of the conveyancing in New Waltham.
Do I need to take out insurance to address the risk of chancel repairs when buying a residence in New Waltham?
Unless a prior purchase of the property took place after 12 October 2013 you may assume that solicitors delivering conveyancing in New Waltham to remain recommending a chancel search and or insurance against a claim.
I have just started marketing my 2 bed flat in New Waltham. Conveyancing has not commenced, but I have recently received a half-yearly service charge demand – Do I pay up?
Your conveyancing lawyer is likely to suggest that you should discharge the invoice as usual as all rents and service payments will be allotted as part of the financial calculations for completion monies, so you should recover the relevant percentage by the purchaser for the period running from after the completion date to the subsequent invoice date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I own a studio flat in New Waltham, conveyancing was carried out in 1995. Can you work out an approximate cost of a lease extension? Equivalent flats in New Waltham with an extended lease are worth £211,000. The average or mid-range amount of ground rent is £45 per annum. The lease terminates on 21st October 2093
You have 68 years left to run we estimate the premium for your lease extension to range between £9,500 and £11,000 as well as costs.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure in the absence of comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first seeking the advice of a professional.
My mother and father are having difficulties in finding their New Waltham property on the HMLR website. They recall that back in the 70’s when they purchased the property there were complications concerning the address not being recognised in some systems.
Almost all properties in New Waltham should show up. Have you tried a search with just the postcode. Usually it should identify all the premises within the postcode. Where recorded it will show up with a title number. If they bought back in the 70’s it's conceivable it may be unrecorded. The property might still be revealed but with the title number identified as 'na'. In this scenario you will need to find the original title papers which might be with your parent’s mortgage company.