We are purchasing a 3 bedroom apartment in Nunthorpe with a mortgage. We have a Nunthorpe conveyancer, however the bank advise he's not on their "panel". We have to appoint one of the bank panel conveyancing practices or keep our Nunthorpe property lawyer and pay for one of their panel lawyers to act for them. This feels very unfair; is there anything we can do?
Unfortunately,no. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the lender’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your Nunthorpe conveyancing lawyer to apply to be on the conveyancing panel.
When can the exchange of contracts take place for purchase conveyancing in Nunthorpe and do I need to attend the conveyancers office?
If you are in close proximity to our conveyancing solicitors in Nunthorpe you are welcome to come in to sign the paperwork. However, the law practices we work with offer a nationwide conveyancing service and provide just as detailed and professional a job for you when communicating with you by post or email. The executing of the contract is not when everything is set in stone. Signing on the dotted line is just a prerequisite for the solicitor to address the formalities when the time is right, which will usually be very shortly after signing. The procedure is is usually a five minute process, although where a lengthy "chain" is in the mix, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Nunthorpe)to be in the office at the appropriate time.
is it true that all Nunthorpe conveyancing solicitors on the Coventry BS conveyancing panel are regulated by the SRA?
As solicitors, in order to be on the Coventry BS conveyancing panel they would need to be regulated by the SRA. Many mortgage companies do allow licenced conveyancers on their panel and in such a situation the firms would be governed by the Council of Licensed Conveyancers.
It is unclear whether my lender obliges me to make sure the lease term for the flat is extended prior to the completion date. I have telephoned my Nunthorpe building society branch on numerous occasions and was told it does not affect the mortgage offer and they will lend. My Nunthorpe conveyancing solicitor - who is on the lender conveyancing panel- called and was told they refuse to lend based on their published requirements. I simply don't know who is right.
The conveyancer must comply with the CML Handbook section two provisions for your bank. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years remaining.
Having read lots of house buying guides, I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my local Nunthorpe solicitor - who is on the TSB conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
TSB will need an independent valuation of the property. Your lawyer will not arrange this. Usually TSB will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your conveyancer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Nunthorpe postcode. As you are getting a mortgage with TSB, you could contact them to see if they have a list of approved surveyors in Nunthorpe.
How does conveyancing in Nunthorpe differ for new build properties?
Most buyers of new build property in Nunthorpe come to us having been asked by the builder to exchange contracts and commit to the purchase even before the property is finished. This is because new home sellers in Nunthorpe tend to buy the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Nunthorpe or who has acted in the same development.
My cousin has suggested that I use his lawyers for conveyancing in Nunthorpe. Should I use them?
No doubt the ideal way to choose a conveyancing solicitor is to get guidance from friends or family who have actually used the solicitor you're considering.
Expecting to sign contracts shortly on a ground floor flat in Nunthorpe. Conveyancing solicitors inform me that they are sending me a report next week. What should I be looking out for?
Your report on title for your leasehold conveyancing in Nunthorpe should include some of the following:
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An explanation as to the provision as set out in the lease to to contribute towards maintenance costs - with regard to both the building, and the wider rights a tenant enjoys Where does the liability rest for maintaining the window frames Does the lease require carpeting throughout thus preventing wood flooring? Details of the parties to the lease, for example these could be the tennant, head lessor, freeholder Rent payments - how much and what the invoice dates are, and be on notice if this is subject to change
I purchased a 1 bedroom flat in Nunthorpe, conveyancing was carried out July 2007. Can you give me give me an indication of the likely cost of a lease extension? Corresponding properties in Nunthorpe with an extended lease are worth £191,000. The ground rent is £55 levied per year. The lease ends on 21st October 2079
With 53 years unexpired the likely cost is going to span between £27,600 and £31,800 as well as costs.
The figure that we have given is a general guide to costs for renewing 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 are no doubt other concerns 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 before seeking the advice of a professional.