I am progressing with the sale of my maisonette in Newcastle upon Tyne and the estate agent has just e-mailed to advise that the purchasers are swapping property lawyer. I am told that this is due to the fact that the bank will only work with property lawyers on their approved list. Why would a major lender only work with specific solicitors rather the firm that they want to choose to handle their conveyancing in Newcastle upon Tyne ?
Lenders have always had an approved set of law firms they are content to work with, but in the last few years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Lenders attribute this action to a rise in fraud as the reason for the cull – criteria have been tightened as a smaller panel is easier to oversee. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is hearing daily from firms that have been removed from panels. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The purchasers are unlikely to have any impact on this.
I have paid off my mortgage with HSBC. I assume I don't need a Newcastle upon Tyne lawyer on the HSBC panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your HSBC 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 HSBC mortgage from the register. HSBC, 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 HSBC has sent the Land Registry the discharge electronically, and
- HSBC has instructed the Land Registry to do so
Virgin Money have agreed my mortgage in principle, my bid on a flat in Newcastle upon Tyne has been accepted, what happens next?
The property agent will wish to be informed of your solicitor's details (be sure the solicitors are on the lender’s panel). Call up Virgin Money or the broker and finish off any appropriate documentation. Virgin Money will instruct a valuer who will get in touch with the estate agent or owners to schedule a time for the valuation to happen. Once carried out (assuming no problems) it takes about ten days to receive the mortgage offer. Virgin Money will issue the offer to you and your property lawyers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Newcastle upon Tyne.
After what seems like an age I have had an offer on a maisonette in Newcastle upon Tyne agreed to, but there is a chain. The vendors have put an offer on on an apartment, however it’s not yet tied up, and have viewings of other flats in the pipeline. I have instructed a local conveyancing solicitor in Newcastle upon Tyne. What should be my next step? When should I get the mortgage application with Skipton started?
It is understandable to have anxieties where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is in the region of one thousand pounds, then survey, Newcastle upon Tyne conveyancing search charges, etc). The first thing to do is ensure that your conveyancer is on the Skipton conveyancing panel. As to the next phase this very much depends on the specifics of your transaction, desire for the property and on the state of the market. During a buoyant market the majority of purchasers will apply for a home loan with Skipton and arrange for the valuation and only if it was satisfactory would they pay their solicitor to move forward with searches.
We are close to exchanging contracts on the sale of our home in Newcastle upon Tyne and according to the buyers it appears that there is a risk of it being built land that was not decontaminated. A local lawyer would know this is not the case. For the life of me I don't know why the purchasers instructed an internet conveyancing practice rather than a conveyancing solicitor in Newcastle upon Tyne. We have lived in Newcastle upon Tyne for 4 years we know of no issue. Should we contact our local Authority to obtain clarification that there is no issue.
It would appear that you have a conveyancing solicitor currently acting for you. What do they say? You need to 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 health insurance to cover that same illness)
What does commercial conveyancing in Newcastle upon Tyne cover?
Commercial conveyancing in Newcastle upon Tyne incorporates a wide array of advice, supplied by qualified solicitors, relating to business property. By way of example, this type of conveyancing can cover the sale or purchase of freehold business premises or, more usually, the transfer of existing business tenancies or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial loans and the termination of tenancies.
What advice can you give us when it comes to appointing a Newcastle upon Tyne conveyancing firm to deal with our lease extension?
If you are instructing a property lawyer for your lease extension (regardless if they are a Newcastle upon Tyne conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of work. We recommend that you talk with two or three firms including non Newcastle upon Tyne conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. The following questions could be of use:
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Can they put you in touch with clients in Newcastle upon Tyne who can give a testimonial? What are the legal fees for lease extension work?
I acquired a 2 bed flat in Newcastle upon Tyne, conveyancing formalities finalised 10 years ago. Can you give me give me an indication of the likely cost of a lease extension? Similar properties in Newcastle upon Tyne with a long lease are worth £195,000. The ground rent is £45 yearly. The lease comes to an end on 21st October 2089
You have 63 years left to run we estimate the price of your lease extension to span between £16,200 and £18,600 plus costs.
The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. You should not use this information 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. Please do not take any other action based on this information before seeking the advice of a professional.
How do I search for a Newcastle upon Tyne conveyancing solicitor on the bank conveyancing panel? I have a car and am prepared to travel up to 25kilometers to meet the solicitor.
Feel free to make use of the find a conveyancing panel search on this page. Please choose the lender and your location, in this case Newcastle upon Tyne and you will see a number of lawyer located nearest Newcastle upon Tyne. Alternatively you can type in the name of your proposed law firm and see if they are listed as being on the lender solicitor panel.