I am progressing with the sale of my ground floor flat in Nuthall and the estate agent has just called to say that the purchasers are switching solicitor. I am told that this is due to the fact that the mortgage company will only work with property lawyers on their approved list. On what basis would a leading lender only deal with specific solicitors rather the firm that they want to appoint to handle their conveyancing in Nuthall ?
UK lenders have always had an approved set of law firms that can represent them, but in the last few years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for over 25 years.
Mortgage companies blame a rise in fraud as the reason for the pruning – criteria have been stiffened 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 being contacted daily by practices 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. The purchasers are unlikely to have any impact on this.
Please help - my lawyer advises that lack of building regulations insurance is needed on my purchase. What is the level of cover for Nuthall conveyancing?
The appropriate level of lack of building regulations indemnity insurance depends on your lender. It would differ for example between Accord Mortgages Ltd and Norwich and Peterborough Building Society. Conveyancing practitioners as opposed to borrowers take out such insurances.
Are all Nuthall Conveyancing Quality Solicitors on the Principality conveyancing list of approved solicitors?
A selection of banks and building societies now use CQS as the starting point for Panel approval such as HSBC and Santander. CQS membership however is no guarantee to lender panel acceptance. Nevertheless,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitors wishing to remain on their approved list of firms.
I have today made my last payment due on my mortgage with TSB. I assume I don't need a Nuthall conveyancer on the TSB panel to remove the mortgage at the Land Registry. Please confirm.
If you have finished paying off your TSB mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the TSB mortgage from the register. TSB, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where TSB has sent the Land Registry the discharge electronically, and
- TSB has instructed the Land Registry to do so
I opted to have a survey carried out on a house in Nuthall ahead of instructing lawyers. I have been informed that there is a flying freehold aspect to the house. My surveyor advised that some mortgage companies tend refuse to give a loan on a flying freehold home.
It depends who your proposed lender is. HSBC has different instructions from Halifax. If you contact us we can check with the appropriate bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Nuthall. Conveyancing may be slightly more expensive based on your lender's requirements.
Is there anything unique about your site and other online quote calculators when it comes to conveyancing in Nuthall?
At this site receive a conveyancing costs illustration from a Solicitor or Licensed Conveyancer that has a full understanding of the nuances of your conveyancing in Nuthall. Unlike many estate agents and brokerage sites we are not in the business of charging firms a fee if you select them for your property ownership legalities in Nuthall
I work for a reputable estate agent office in Nuthall where we see a number of leasehold sales derailed due to short leases. I have received contradictory information from local Nuthall conveyancing firms. Please can you shed some light as to whether the seller of a flat can initiate the lease extension process for the purchaser on completion of the sale?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the disposal of the property.
An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I purchased a garden flat in Nuthall, conveyancing was carried out 7 years ago. Can you work out an approximate cost of a lease extension? Corresponding flats in Nuthall with an extended lease are worth £185,000. The ground rent is £65 yearly. The lease finishes on 21st October 2085
You have 60 years unexpired we estimate the premium for your lease extension to span between £20,000 and £23,000 as well as legals.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure 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 considered and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first getting professional advice.
To what extent are Nuthall conveyancing solicitors under an obligation to the Law Society to supply transparent conveyancing costs?
Contained within the Solicitors Code of Conduct are set rules and regulations as to how the Solicitors Regulation Authority (SRA) allow solicitors to publicise their charges to clients.The Law Society have practice note giving advice on how to publicise transparent charges to avoid breaching any such rule. Practice notes are not legal advice issued by the Law Society and is not intended as the only standard of good practice a conveyancing solicitor should adhere to. The Practice Note does, however, constitute the Law Society’s view of acceptable practice for publicising conveyancing charges, and accordingly it’s a recommended read for any solicitor or conveyancer in Nuthall or or elsewhere in the country.