I am in the process of selling my ground floor flat in Newcastle upon Tyne and the EA has just called to advise that the purchasers are appointing a new law firm. The excuse is that the mortgage company will only deal with property lawyers on their conveyancing panel. Why would a leading mortgage company only work with certain law firms rather the firm that they want to appoint for their conveyancing in Newcastle upon Tyne ?
UK lenders have always had panels of law firms that can represent them, but in the past few years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 15 years.
Mortgage companies point to the increase in fraud as the reason for the reduction – criteria have been narrowed as a smaller panel is easier to monitor. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels. Plenty of firms are unaware that 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 not going to have any impact on this.
My aunt passed away 10 months ago and as sole heir and executor I was left the house in Newcastle upon Tyne. The house had a relatively small loan remaining of approximately £8000. I want to have the title changed into my name whilst I re-mortgage to Leeds Building Society, pay off the mortgage. Is this possible?
If you intend to refinance then Leeds Building Society will require that you use a conveyancer on the Leeds Building Society conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Leeds Building Society conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Leeds Building Society mortgage is registered as a charge at the Land Registry.
I'm purchasing a new build house in Newcastle upon Tyne benefiting from help to buy. The developers would not move on the price so I negotiated 6k of extras instead. The sale representative suggested that I not inform my conveyancer about this side-deal as it will put at risk my loan with the lender. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I need to appoint a conveyancing solicitor for leasehold conveyancing in Newcastle upon Tyne. I happened to chance upon a site which seems to have the ideal solution If there is a chance to get all formalities completed via web that would be preferable. Should I be concerned? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
If all goes to plan we aim to complete our sale of a £300,000 garden flat in Newcastle upon Tyne in nine days. The landlords agents has quoted £408 for Landlord’s certificate, building insurance schedule and 3 years service charge statements. Is it legal for a freeholder to charge such fees for a flat conveyance in Newcastle upon Tyne?
Newcastle upon Tyne conveyancing on leasehold apartments usually requires the buyer’s lawyer sending enquiries for the landlord to address. Although the landlord is not legally bound to answer these enquiries most will be willing to assist. They are at liberty to invoice a reasonable administration fee for answering questions or supplying documentation. There is no upper cap for such fees. The average fee for the information that you are referring to is £350, in some cases it is above £800. The administration charge invoiced by the landlord must be sent together with a summary of entitlements and obligations in respect of administration charges, without which the charge is not strictly payable. In reality one has no choice but to pay whatever is requested of you should you wish to sell the property.
I acquired a 1 bedroom flat in Newcastle upon Tyne, conveyancing having been completed half a dozen years ago. How much will my lease extension cost? Comparable flats in Newcastle upon Tyne with an extended lease are worth £190,000. The ground rent is £65 charged once a year. The lease ends on 21st October 2085
With 61 years left to run the likely cost is going to be between £19,000 and £22,000 plus 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 supply the actual costs without more detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not move forward based on this information before seeking the advice of a professional.
Can a conveyancer remove a person from the title of my home in Newcastle upon Tyne ?
Removing or adding someone to the title of your house is relatively straightforward. You’ll need to appoint a conveyancer to discuss your legal rights before you can proceed with a transfer of property. Contact us to book a free consultation with one a property lawyer