My husband and I are buying a 2 bedroom flat in Rothley with a mortgage. We wish to retain our Rothley solicitor, but the lender says he's not on their "panel". We have to appoint one of the mortgage company panel solicitors or keep our Rothley solicitor and pay for one of their panel ones to represent them. We regard this is inequitable; can we not require that the lender use our Rothley conveyancer ?
No, not really. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the bank’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 Rothley conveyancing lawyer to apply to be on the conveyancing panel.
When can the exchange of contracts happen for purchase conveyancing in Rothley and do I need to be at the conveyancers branch?
Where you are round the corner to our conveyancing solicitors in Rothley you are invited in to sign the paperwork. That being said, the law practices we work with offer countrywide coverage for conveyancing and provide just as diligent and professional a job for you when communicating with you electronically. The executing of the contract is not the point of no return. Signing on the dotted line is necessary for the firm to address the formalities at the appropriate time, which will usually be very shortly after signing. The procedure is nowadays normally dealt with by telephone and can be very rapid, although where a lengthy "chain" is in play, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Rothley)to be in the office at the appropriate time.
My lawyer has informed me that restrictive coveneant insurance is necessary on my purchase. What is the level of cover for Rothley conveyancing?
The right level of restrictive coveneant indemnity insurance depends on your lender. It would differ for example between Santander and The Royal Bank of Scotland. Conveyancing solicitors as opposed to members of the public take out such policies.
Is it correct that all Rothley CQS (Conveyancing Quality Scheme) solicitors are on the Skipton conveyancing panel?
A selection of lenders now utilise CQS as the starting point for Panel approval such as HSBC and Santander. The Law Society’s CQS accreditation however is no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for solicitor practices wishing to remain on their approved list of conveyancing solicitors.
The mortgage over my property is with Bank of Ireland for my property in Rothley. Conveyancing has been completed some time ago. In the event that I decide to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Bank of Ireland?
Your original mortgage agreement with Bank of Ireland will provide that you need their approval before letting out your property as this is likely to be a breach of Bank of Ireland’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Bank of Ireland directly. You need not do this via a Bank of Ireland conveyancing panel firm.
What does commercial conveyancing in Rothley cover?
Rothley conveyancing for business premises incorporates a wide range of services, offered by qualified solicitors, relating to business property. By way of example, this type of conveyancing can cover the sale or purchase of freehold business premises or, more usually, the assignment of existing leases or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial loans and the termination of tenancies.
Should I go with a Rothley conveyancing practitioner based in the location that I am purchasing? We have a good friend who can handle the legal work but his firm is located a couple of hundredmiles drive away.
The benefit of a local Rothley conveyancing practice is that you can attend the office to execute documents, deliver your identification documents and apply pressure on them where appropriate. They will also have local knowledge which is a plus. That being said it's more important to get someone that will do a good and efficient job. If you know people who instructed your friend and on the whole were happy that should trump using an unknown Rothley conveyancing solicitor just because they are Rothley based.
I’m about to sell my ground floor apartment in Rothley. Conveyancing is yet to be initiated, however I have recently received a quarterly maintenance charge demand – Do I pay up?
Your conveyancing lawyer is likely to suggest that you should discharge the maintenance contribution as usual as all ground rent and maintenance invoices will be allotted on completion, so you should recover the relevant percentage by the purchaser for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I inherited a leasehold flat in Rothley, conveyancing having been completed half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Similar flats in Rothley with a long lease are worth £180,000. The ground rent is £65 invoiced annually. The lease ends on 21st October 2085
With 59 years unexpired we estimate the premium for your lease extension to be between £20,900 and £24,200 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not move forward based on this information before seeking the advice of a professional.