I am one month into the sale of my flat in Seascale and Sellafield and the EA has just called to say that the buyers are changing their law firm. The reason given is that the lender will only deal with property lawyers on their conveyancing panel. Why would a leading mortgage company only work with specific law firms rather the firm that they want to choose to handle their conveyancing in Seascale and Sellafield ?
UK lenders have always had panels of law firms they are content to work with, but in the last few years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for decades.
Banks blame a rise in fraud by way of justification for the reduction – criteria have been narrowed as a smaller panel is easier to oversee. Banks tend not to reveal 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 do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your purchasers are not going to have any impact on this.
I am hoping to move into my new home in Seascale and Sellafield next Monday. My property lawyer now wants me to supply her with evidence of content and building insurance for the property as he says that he has to check this in his capacity as lawyer for the mortgage company. What does the insurance need to cover?
All property lawyers on acting for banks would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s UK Finance Lenders’ Handbook requirements. These requirements are not limited to conveyancing in Seascale and Sellafield.
Do all mortgage companies provide you with an approved list of Seascale and Sellafield conveyancing solicitors? How do you know who is on the TSB conveyancing panel?
Seascale and Sellafield conveyancing firms themselves provide us confirmation that they are on the TSB conveyancing panel as opposed to being supplied with a list from TSB directly.
I moved into my flat on 14 February and the transaction details is yet to be on the land registry website. Need I be worried? My conveyancing solicitor in Seascale and Sellafield expressed confidence that it would be recorded in a couple of weeks. Are properties in Seascale and Sellafield particularly slow to register?
There is nothing unique when it comes to conveyancing in Seascale and Sellafield registration formalities. As opposed to being determined by geographic area, timescales can vary depending on the party submitting the application, whether there are errors and whether the Land registry must send notices to any third parties. As of today in the region of 80% of submission are completed within 12 days but occasionally there can be extensive hold-ups. Historically registration is effected once the purchaser has moved in to the property thus an expedited registration is not typically an essential issue but where it is urgent that the the registration takes place urgently then you or your conveyancer should communicate with the Registry to express the reasoning for an expedited registration.
I am buying a new build house in Seascale and Sellafield with the aid of help to buy. The developers would not move on the amount so I negotiated 6k of fixtures and fittings instead. The house builders rep advised me not reveal to my solicitor about the deal as it will put at risk my mortgage with the bank. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the UK Finance website. UK Finance 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.
I am on look out for some leasehold conveyancing in Seascale and Sellafield. Before diving in I would like to find out the unexpired term of the lease.
If the lease is recorded at the land registry - and 99.9% are in Seascale and Sellafield - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I invested in buying a basement flat in Seascale and Sellafield, conveyancing formalities finalised in 2008. Can you please calculate a probable premium for a statutory lease extension? Similar properties in Seascale and Sellafield with over 90 years remaining are worth £165,000. The ground rent is £50 yearly. The lease terminates on 21st October 2103
With 77 years remaining on your lease we estimate the price of your lease extension to span between £7,600 and £8,800 as well as professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. You should not use this information in tribunal or court proceedings. There may be other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before getting professional advice.