I am selling my maisonette in North Yorkshire and the EA has just called to say that the purchasers are switching solicitor. The excuse is that the lender will only work with property lawyers on their conveyancing panel. On what basis would a leading lender only deal with certain lawyers rather the firm that they want to select to handle their conveyancing in North Yorkshire ?
Banks have always had panels of law firms they are willing to work with, but in the last few years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 25 years.
Lending institutions justify this action to a rise in fraud by way of justification for the cull – criteria have been tightened as a smaller panel is easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms 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. Your buyers are unlikely to have any sway in the decision.
Can conveyancing in North Yorkshire to be concluded within 28 days?
In a situation where you are under a tight deadline for your conveyancing we would recommend that your conveyancer is familiar with the location as they will make use of local relationships and intelligence. It is even conceivable that they may have handled previousproperties in the same neighbourhood. You would be best advised to use a North Yorkshire conveyancing firm. Second, make sure that the lawyer is on the member panel. It is estimated that 18% of North Yorkshire conveyancing transactions are frustrated or jeopardised after finding out that a purchaser’s lawyer was not on their banks list of approved solicitors. In many cases this discovery resulted in the transaction being held up by almost three weeks. It is understood that this issue affects approximately one hundred thousand home sales annually. Many North Yorkshire conveyancing firms can not represent certain banks so do check as early as possible.
We wanted to use a conveyancing solicitor in North Yorkshire for our home move. Our broker has since notified us that our mortgage lenders Godiva Mortgages Ltd won't deal with them. Why is this not regarded as unfair competition?
A lender may require a panel conveyancer act for it. You would be liable to meet the charges for this. Do use our tool to find a solicitor to conduct conveyancing in North Yorkshire on the Godiva Mortgages Ltd conveyancing panel.
Are there restrictive covenants that are commonly identified during conveyancing in North Yorkshire?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in North Yorkshire. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
Due to the encouragement of my in-laws I had a survey completed on a property in North Yorkshire prior to instructing solicitors. I have been advised that there is a flying freehold aspect to the house. Our surveyor has said that some mortgage companies tend not give a mortgage on this type of property.
It depends who your proposed lender is. Santander has different instructions for example to Nationwide. Should you wish to call us we can check via the appropriate lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in North Yorkshire. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in North Yorkshire to see if the conveyancing costs will increase in light of this.
There are only 62 years unexpired on my lease in North Yorkshire. I am keen to extend my lease but my landlord is missing. What should I do?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be lengthened by the Court. You will be obliged to demonstrate that you or your lawyers have done all that could be expected to locate the freeholder. On the whole an enquiry agent would be helpful to carry out a search and to produce an expert document which can be used as proof that the freeholder can not be located. It is wise to seek advice from a conveyancer both on proving the landlord’s disappearance and the application to the County Court overseeing North Yorkshire.
I am the registered owner of a ground floor flat in North Yorkshire, conveyancing was carried out June 2000. Can you give me give me an indication of the likely cost of a lease extension? Corresponding properties in North Yorkshire with an extended lease are worth £171,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease ceases on 21st October 2105
With 79 years left to run we estimate the price of your lease extension to span between £8,600 and £9,800 plus legals.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to advice on the actual costs without more comprehensive due diligence. Do not use this information in tribunal or court proceedings. There may be 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 without first seeking the advice of a professional.