I am progressing with the sale of my home in Rutland and the EA has just telephoned to advise that the purchasers are swapping property lawyer. The reason given is that the lender will only deal with solicitors on their approved list. On what basis would a major lender only deal with specific law firms rather the firm that they want to appoint for their conveyancing in Rutland ?
Mortgage companies have always had an approved set of law firms that can represent them, but in recent years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 25 years.
Mortgage companies point to the increase in fraud by way of justification for the pruning – criteria have been stiffened 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. Some 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. Your buyers are not going to have any impact on this.
Can you help - my lawyer says that lack of building regulations insurance is necessary on my purchase. What is the level of cover for Rutland conveyancing?
The right level of lack of building regulations indemnity insurance depends on your lender. It would differ for example between Lloyds TSB Bank and Chelsea Building Society. Conveyancing solicitors as opposed to borrowers take out such policies.
My partner and I have organised the release of further funds on our home loan from Barclays as we intend to carry out a loft conversion to our property in Rutland. Do we need to select a high street Rutland solicitor on the Barclays conveyancing panel to deal with the paperwork?
Barclays do not ordinarily require firms on their approved list of lawyers to deal with such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Barclays panel.
I am due to exchange contracts on my flat. I had a double glazing fitted in December 2010, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's lender, Aldermore are being problematic. The Rutland solicitor who is on the Aldermore conveyancing panel is recommending indemnity insurance as a solution but Aldermore are insisting on a building regulation certificate. Why do Aldermore have a conveyancing panel if they don't accept advice from them?
It is probably the case that Aldermore have referred the matter to their valuer. The reason why Aldermore may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
I've recently found out that there is a flying freehold issue on a house I put an offer in a fortnight ago in what should have been a simple, chain free conveyancing. Rutland is the location of the property. Can you offer any opinion?
Flying freeholds in Rutland are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Rutland you would need to get your solicitor to go through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Rutland may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
In scouring the web for the term conveyancing in Rutland it brings up numerous solicitorslocally. How do I determine which is the right solicitor for the sale of my house?
The preferential way of seeking the right conveyancer is via trusted recommendation, so ask friends and those you trust who have purchased a property in Rutland or a local estate agent or mortgage broker. Fees for conveyancing in Rutland vary, so it's a good idea to secure a minimum of three estimates from varying types of conveyancers. Dont forget to clarify that the charges are guaranteed not to increase.
Last March I purchased a leasehold flat in Rutland. Do I have any liability for service charges for periods before completion of my purchase?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I bought a 2 bed flat in Rutland, conveyancing having been completed half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Corresponding properties in Rutland with over 90 years remaining are worth £227,000. The ground rent is £50 charged once a year. The lease finishes on 21st October 2098
With just 72 years unexpired the likely cost is going to span between £9,500 and £11,000 plus costs.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before getting professional advice.
Why do Rutland conveyancing charges are more expensive for leasehold and freehold properties?
Inevitably there is more work involved for leasehold conveyancing. Rutland has many leasehold properties. There is more paperwork involved in the purchase: for example, the lease and leasehold information (including up to date service charge, ground rent and buildings insurance details) obtained from the freeholder or managing agents. There are strict criteria that the lease must meet in order to be acceptable to a mortgage company. If it does not meet these requirements, the lease must be amended, which can involve additional expense for the seller.