Me and my fiance are acquiring residence in Newcastle under Lyme. My Conveyancer is not listed on the bank solicitor list. Am I still permitted to retain my Newcastle under Lyme conveyancing solicitor even though they are not on the lender panel of approved conveyancing solicitors?
One will need to have a solicitor to deal with the formalities if you require a loan to buy your property. The conveyancing practitioner will carry out all the relevant legal checks on the property, make sure that you’re registered as proprietor and ensure that all the required mortgage documentation is dealt with. You may instruct a Newcastle under Lyme conveyancing practitioner of your choosing. However, where the conveyancing practitioner selected is not on the mortgage company solicitor panel additional fees will arise as separate legal representation will be required by them. Lender panel applications may be submitted, so if your lawyer has not historically sought membership they should take the chance to apply.
My husband and I changing mortgage lender for our maisonette in Newcastle under Lyme with Coventry BS. We have a son approaching twenty who lives at home. Our solicitor requested us to identify anyone over the age of 17 other than ourselves who reside at the property. The solicitor has now sent a form for our son to sign, waiving any legal rights in the event that the apartment is repossessed. I have two concerns (1) Is this form unique to the Coventry BS conveyancing panel as he did not need to sign this form when we bought 5 years ago (2) Does our son by signing this extinguish his entitlement to inherit the property?
First, rest assured that your Coventry BS conveyancing panel solicitor is doing the right thing as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Coventry BS. This is solely used to protect Coventry BS if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave. It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Coventry BS had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
Having spent time looking at moneysavingexpert.com for a cheap lawyer in Newcastle under Lyme, most advise that I should look for a CQS kitemarked solicitor. What is CQS?
The Law Society's Conveyancing Quality Scheme is the recognised kitemark for legal experts in the legal transfer of properties, trusted by some of the UK's major mortgage companies. Four years ago the Conveyancing Quality Scheme was officially recognised by the Council of Mortgage Lenders (CML). CQS is not a scheme offered by the Society for Licensed Conveyancers. Newcastle under Lyme is one of the numerous areas of the UK where there are Accredited lawyers.
I have paid off my mortgage with Aldermore. I assume I don't need a Newcastle under Lyme conveyancing practitioner on the Aldermore panel to discharge the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Aldermore mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Aldermore mortgage from the register. Aldermore, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Aldermore has sent the Land Registry the discharge electronically, and
- Aldermore has instructed the Land Registry to do so
I've read lots of mortgage guides, I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my local Newcastle under Lyme solicitor - who is on the Nottingham conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
Nottingham will need an independent valuation of the property. Your lawyer will not arrange this. Usually Nottingham will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your lawyer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Newcastle under Lyme postcode. As you are getting a mortgage with Nottingham, you could contact them to see if they have a list of approved surveyors in Newcastle under Lyme.
At last I have had an offer on an apartment in Newcastle under Lyme accepted, but there is a chain. The owners have put an offer on somewhere, but it’s not yet tied up, and are looking at other flats booked. I have chosen a high street conveyancing solicitor in Newcastle under Lyme. What do I do now? At what stage should I apply for the mortgage with RBS?
It is usual to have concerns where there is a chain as you are unlikely to want to incur expenses too early (home loan application is in the region of one thousand pounds, then valuation, Newcastle under Lyme conveyancing search fees, etc). The first thing to do is check that your conveyancer is on the RBS approved list. Concerning the next phase this very much dictated by the circumstances of your case, desire for the property and on the state of the market. During a buoyant market some buyers would apply for a home loan with RBS and pay for the valuation and only if it comes back ok would they ask their conveyancer to move forward with the conveyancing in Newcastle under Lyme.
Do I need to be wary about third parties that I am dealing with are encouraging me to use an online conveyancing firm rather than a High Street Newcastle under Lyme conveyancing practice?
As with lots of professional services, often referrals from connections can be most helpful. But there are many players in a conveyancing matter; estate agents, financial adviser and mortgage companies might all suggest solicitors to select. On occasion the lawyers might be known to one of the organisations as experts in their field, but sometimes there behind the scenes financial incentive behind the recommendation. You are at liberty to select your own lawyer. Don't forget that some banks specify a panel list of solicitors you have to use for the lender related work in your home move.
I am tempted by the attractive purchase price for a couple of apartments in Newcastle under Lyme which have about forty five years left on the lease term. Do I need to be concerned?
There are no two ways about it. A leasehold flat in Newcastle under Lyme is a wasting asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it reduces the salability of the premises. The majority of buyers and banks, leases with under 75 years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Newcastle under Lyme conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I purchased a garden flat in Newcastle under Lyme, conveyancing formalities finalised May 1995. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Equivalent flats in Newcastle under Lyme with a long lease are worth £265,000. The average or mid-range amount of ground rent is £50 invoiced every year. The lease expires on 21st October 2099
With 75 years remaining on your lease we estimate the price of your lease extension to be between £8,600 and £9,800 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before getting professional advice.