My partner and I are looking to purchase a house in Northleach and are in fact using a Northleach conveyancing practice. Within the last couple of days our property lawyer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. The Mortgage Works have this evening contacted us to inform me that they have now hit a problem as our Northleach solicitor is not on their conveyancing panel. Please explain?
If you are buying a property with the assistance of a mortgage it is normal for the purchasers' lawyers to also act for the mortgage company. 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 property lawyer 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 bank's conveyancing panel and you may continue to use your own Northleach solicitors, in which case your legal fees may increase, and it may delay matters as you have another set of people involved.
My husband and I are purchasing a newly built flat in Northleach and my conveyancer is telling me that she is duty bound to the lender to reveal incentives from the seller. I am nearing the developer’s deadline to sign contracts and my preference is not to prolong matters. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your lawyer. A precondition to being on a bank panel is to comply with the UK Finance Lenders’ Handbook requirements. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
I am looking for a leasehold apartment up to £305k and found one round the corner in Northleach I like with open areas and railway links nearby, however it only has 52 years on the lease. There is not much else in Northleach suitable, so just wondered if I would be making a grave error purchasing a short lease?
If you require a mortgage the shortness of the lease will likely be an issue. Discount the price by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for at least twenty four months you may ask them to start the process of the extension and then assign it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should consult your conveyancing lawyer about this.
I have been sourcing a conveyancing lawyer in Northleach for my house move. Is it possible to review a solicitor's record with the profession’s regulator?
One can review documented Solicitor Regulator Association (SRA) determinations resulting from investigations from 2008 onwards. Go to Check a solicitor's record. For information about the period before 1 January 2008, or to check a solicitors record, phone 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. International callers, use +44 (0)121 329 6800. The regulator sometimes recorded telephone calls for training requirements.
What are your top tips when it comes to choosing a Northleach conveyancing firm to deal with our lease extension?
When appointing a conveyancer for your lease extension (regardless if they are a Northleach conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We suggest that you make enquires with two or three firms including non Northleach conveyancing practices prior to 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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What are the legal fees for lease extension conveyancing?
Northleach Conveyancing for Leasehold Flats - Examples of Questions you should consider Prior to Purchasing
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The majority of Northleach leasehold properties will have a service charge for the upkeep of the building invoiced on behalf of the freeholder. Should you purchase the flat you will have to pay this charge, usually periodically during the year. This can vary from two or three hundred pounds to thousands of pounds for bigger purpose-built buildings. In all likelihood there will be a rentcharge for you to pay yearly, this is usually not a exorbitant amount, say about £25-£75 but you need to check as sometimes it could be prohibitively expensive. What restrictions exist in the Northleach Lease? The prefered form of lease structure is if the freehold reversion is owned by the leaseholders. In this situation the tenants enjoy being in charge if their destiny and even though a managing agent is frequently employed where the building is bigger than a house conversion, the managing agent employed by the leaseholders.
My brother-in-law has suggested I instruct a conveyancing solicitor in Northleach. I need to find out if they are on the lender's conveyancing panel. Could you or the lender confirm if they are on the panel?
One option is to call the lawyer to check if they are on the lender's approved list. Alternatively please get in touch with us and we can make some checks for you. Should the firm not be on the lender panel we can certainly arrange a quality conveyancing solicitor in Northleach on the approved list for your mortgage company.