Is it correct that all Pontefract CQS (Conveyancing Quality Scheme) solicitors are on the Kent Reliance conveyancing list of approved firms?
It is true that some banks and building societies now utilise the accreditation scheme as the starting point for Panel approval such as HSBC and Santander. CQS accreditation however is no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for firms wishing to remain on their approved list of conveyancing solicitors.
When it comes to mortgage companies such as Leeds Building Society, do Pontefract property lawyers face a fee to be on the conveyancing panel?
We are not aware of any bank fees to register on their panel, although some do levy an administration fee to deal with the processing of the conveyancing panel application.
I can not fathom if my lender requires a lease extension. I have telephoned my Pontefract bank branch on various occasions and was reassured it wasn't a problem and they would lend. My Pontefract conveyancing solicitor - who is on the bank conveyancing panel- called and was told they refuse to lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. I have no idea who is right.
As long as the lawyer is on the lender panel, she or he must follow the Council of Mortgage Lenders’ Handbook requirements for the lender. 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 left on the lease.
It has been 4 months following my purchase conveyancing in Pontefract took place. I have checked the Land Registry site which shows that I paid £175,000 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 asset 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 am purchasing my first flat in Pontefract with a loan from Aldermore. The sellers would not reduce the amount so I negotiated £7000 of fixtures and fittings instead. The property agent suggested that I not to tell my solicitor about the side-deal as it would jeopardize my loan with Aldermore. Should I keep quiet?.
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.
My husband and I are first time buyers - had an offer accepted, yet the selling agent has warned us that the owners will only proceed if we appoint their recommended lawyers as they want a ‘quick sale’. Our preferred option is to instruct a local solicitor accustomed to conveyancing in Pontefract
It is unlikely the sellers are behind this. Should the owner desire ‘a quick sale', turning down a serious purchaser is going to damage their objectives. Try to communicate with the sellers directly and explain that (a)you are genuine purchasers (b)you are ready to progress, with mortgage lined up © you are chain free (d) you intend to proceed fast (e)however you will continue to appoint your preferred Pontefract conveyancing solicitors - not the ones that will provide the estate agent a kickback or achieve conveyancing thresholds demanded by head office.
I am employed by a long established estate agency in Pontefract where we see a number of flat sales derailed due to short leases. I have been given contradictory information from local Pontefract conveyancing solicitors. Could you confirm whether the vendor of a flat can instigate the lease extension process for the buyer?
As long as the seller has owned the lease 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. This means that the proposed purchaser need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the sale.
Alternatively, it may be possible to agree the lease extension with the freeholder 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 own a ground floor flat in Pontefract, conveyancing formalities finalised in 2008. How much will my lease extension cost? Similar flats in Pontefract with an extended lease are worth £190,000. The ground rent is £45 charged once a year. The lease runs out on 21st October 2088
With 62 years left to run the likely cost is going to span between £17,100 and £19,800 plus legals.
The figure above a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure in the absence of comprehensive investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not take any other action based on this information before seeking the advice of a professional.
Two months into purchasing a property in Pontefract. Conveyancing solicitor has called to say the property is "Leasehold". Will this likely make a difference on our mortgage valuation?
Pontefract conveyancing does not normally involve leasehold houses. The key factor here is the length of lease and the ground rent. If there are over a hundred years remaining with a nominal rent, it's essentially freehold, so it shouldn't impact the marketability significantly.
On the flip side, if it's, say, Sixty years it will have a significant effect on the value, and probably wouldn't be acceptable to the lender. The length of lease and ground rent will be specified in the lease to be supplied to your property lawyer.