I am progressing with the sale of my home in Nunthorpe and the estate agent has just called to warn that the purchasers are appointing a new property lawyer. The excuse is that the bank will only deal with property lawyers on their approved list. On what basis would a big named lender only deal with certain law firms rather the firm that they want to select to handle their conveyancing in Nunthorpe ?
Banks have always had panels of law firms they are willing to work with, but in recent years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 15 years.
Banks justify this action to a rise in fraud by way of justification for the reduction – criteria have been tightened as a smaller panel is easier to oversee. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is being contacted daily by practices that have been removed from panels. Plenty of firms 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. Your purchasers are not going to have any sway in the decision.
I purchased a freehold premises in Nunthorpe but nevertheless pay rent, why is this and what is this?
It’s unusual for properties in Nunthorpe and has limited impact for conveyancing in Nunthorpe but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back hundreds of years, but the Rent Charge Act 1977 barred the creation of fresh rentcharges from 1977 onwards.
Old rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 will be dispensed with completely.
three months have elapsed following my purchase conveyancing in Nunthorpe completed. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I'm buying a new build house in Nunthorpe benefiting from help to buy. The developers refused to move on the price so I negotiated 6k of extras instead. The sale representative advised me not inform my lawyer about the side-deal as it will adversely affect my loan with Platform Home Loans Ltd. Is this normal?.
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.
Do you have any advice for leasehold conveyancing in Nunthorpe with the intention of speeding up the sale process?
- Much of the delay in leasehold conveyancing in Nunthorpe can be reduced if you get in touch lawyers as soon as you market your property and request that they start to collate the leasehold information needed by the purchasers’ lawyers. Many landlords or managing agents in Nunthorpe charge for supplying management packs for a leasehold property. You or your lawyers should discover the actual amount of the charges. The management pack sought as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most frequent reason for delay in leasehold conveyancing in Nunthorpe. If there is a history of any disputes with your landlord or managing agents it is very important that these are settled prior to the flat being put on the market. The purchasers and their solicitors will be reluctant to purchase a property where a dispute is ongoing. You will have to accept that you will have to discharge any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the purchasers, but it is clearly preferable to reveal the dispute as over as opposed to unsettled. Some Nunthorpe leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, you should notify your estate agents to make sure that the purchasers obtain financial (bank) and professional references. Any bank reference will need to confirm that the buyers are financially capable of paying the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their solicitors. If you have carried out any alterations to the property would they have required Landlord’s approval? In particular have you installed wooden flooring? Most leases in Nunthorpe state that internal structural changes or addition of wooden flooring require a licence issued by the Landlord acquiescing to such works. Where you dont have the consents to hand do not communicate with the landlord without checking with your solicitor first.
I acquired a 1 bedroom flat in Nunthorpe, conveyancing was carried out 10 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding flats in Nunthorpe with an extended lease are worth £260,000. The average or mid-range amount of ground rent is £45 invoiced annually. The lease comes to an end on 21st October 2099
With just 74 years left to run we estimate the premium for your lease extension to span between £8,600 and £9,800 plus costs.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to supply the actual costs without more comprehensive investigations. You should not use the figures in tribunal or court proceedings. There may be other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first getting professional advice.
What tools are available to search for a Nunthorpe conveyancing solicitor on the mortgage company conveyancing panel? I have a car and am prepared to travel up to 20miles to meet the solicitor.
You can use the find a conveyancing panel tool on this page. Please choose the lender and your location, in this case Nunthorpe and you will see a number of lawyer located nearest Nunthorpe. Alternatively you can type in the name of your proposed law firm and see if they are listed as being on the mortgage company solicitor panel.