My husband and I are planning to acquire a house in Northleach and are in fact using a Northleach conveyancing firm. Within the last couple of days our lawyer has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Yorkshire Building Society have this morning contacted us to advise us that they have now hit a problem as our Northleach conveyancer is not on their approved list of lawyers. What do we do from here?
When purchasing a property with mortgage finance it is standard for the purchasers' lawyers to also act for 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 Quality Scheme. Your solicitor should contact your lender 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 don't have to instruct a firm on the lender’s conveyancing panel as you are at liberty to use your preferred Northleach lawyers, in which case it will likely add costs, and it may delay matters as you are adding another lawyer into the mix.
I am hoping to move into my new home in Northleach next Monday. My conveyancer now wants me to supply her with evidence of content and building insurance for the property as he says that he has to check this in his capacity as lawyer for the mortgage company. What risks does the mortgage company expect the insurance to cover?
Any lawyer on acting for mortgage companies would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s UK Finance Lenders’ Handbook requirements. These obligations are not specific to conveyancing in Northleach.
I just acquired a flat at auction in Northleach. Conveyancing is needed. What is next?
Given that you are now to all intents and purposes signed on the dotted line you will need to find a conveyancing lawyer soon as you will have a fast approaching a drop dead date to complete the property. An auction property will ordinarily have a bespoke auction set of papers. This should include the copy title deeds, local authority and drainage searches. In the case of leasehold premises the auction pack should provide a copy of the lease, management information and a sellers leasehold information form and associated conveyancing documentation pertinent to a leasehold property. You should give this to the solicitor working for you ASAP. Do make sure that your finances are organised to complete the transaction on the set completion date.
I am the single beneficiary of my late mum's will and I have everything in my name alone, including the house in Northleach. The Northleach property was put into my name in August. I plan to dispose of the property. I understand that there is a Mortgage Lenders six month 'rule', meaning my property ownership may be considered the same way as though I had purchased the property in August. Do I have to wait 6 months to sell?
The CML handbook requires solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you may be caught by that. How practical a view mortgage companies take of it, depend on the bank as this obligation is principally there to capture subsales or the wholesaling and assigning of properties.
About to purchase maisonette in Northleach. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Kent Reliance 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 Northleach conveyancer is on the Kent Reliance conveyancing panel.
I've recently found out that there is a flying freehold issue on a house I have offered on a fortnight ago in what was supposed to be a simple, no chain conveyancing. Northleach is the location of the property. Is there any advice you can give?
Flying freeholds in Northleach are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Northleach you would need to get your solicitor to go through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Northleach may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
Is it best to choose a Northleach conveyancing practitioner based in the vicinity that I am purchasing? An old friend can perform the legal formalities however they are based over three hundred kilometers drive away.
The primary upside of using a high street Northleach conveyancing firm is that you can visit the firm to execute documents, hand in your ID and pester them if necessary. They will also have local knowledge which is a bonus. That being said nothing is more important than finding someone that will do a good and efficient job. If you know people who used your friend and they were impressed that must surpass using an unfamiliar Northleach conveyancing solicitor just because they are local.
What are your top tips when it comes to choosing a Northleach conveyancing practice to deal with our lease extension?
When appointing a solicitor for lease extension works (regardless if they are a Northleach conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you speak with two or three firms including non Northleach conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. The following questions might be of use:
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What are the costs for lease extension conveyancing? Can they put you in touch with clients in Northleach who can give a testimonial?
I acquired a ground floor flat in Northleach, conveyancing having been completed January 2002. Can you give me give me an indication of the likely cost of a lease extension? Comparable flats in Northleach with an extended lease are worth £165,000. The average or mid-range amount of ground rent is £50 invoiced every year. The lease finishes on 21st October 2102
With only 77 years remaining on your lease we estimate the price of your lease extension to be between £7,600 and £8,800 as well as legals.
The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There may be additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before getting professional advice.