We intend to purchase a newly converted flat in Selby with a mortgage from Nationwide Building Society.We have a Selby conveyancing solicitor but Nationwide Building Society says she’s not listed on their "panel". We have to appoint a Nationwide Building Society panel solicitor or keep our local solicitor and fork out for a Nationwide Building Society panel lawyer to represent them. This seems very unfair; Can we not simply insist that Nationwide Building Society use our lawyer?
No, not really. The home loan offered to you contains various provisions, a common one being that solicitors must be on the Nationwide Building Society approved list. Until recently, most mortgage companies had large numbers of solicitors on their panels: a borrower could find 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. A further alternative is for your solicitors to apply to be on the conveyancing panel for Nationwide Building Society
I am expecting a OIP from Nottingham this week so we can work out what to offer on a property we like as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Nottingham recommend any Selby solicitors on the Nottingham conveyancing panel, or is it better to go independently?
You will need to appoint Selby solicitors independently although you'll need to choose one on the Nottingham conveyancing panel. The solicitor represents both you and Nottingham through the process.
I am currently in the process of buying my council flat in Selby. I have a mortgage agreed with Bank of Ireland. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Bank of Ireland, you will need to appoint a solicitor on the Bank of Ireland conveyancing panel.
I currently have a mortgage with Lloyds for my property in Selby. Conveyancing was finalised months ago. In the event that I decide to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Lloyds?
You must advise Lloyds before letting out your property as this is likely to be a breach of Lloyds’s mortgage conditions. In many cases banks or building societies will allow you to rent 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 Lloyds directly. You need not do this via a Lloyds conveyancing panel firm.
Due to the advice of my in-laws I had a survey completed on a property in Selby in advance of retaining conveyancers. I have been advised that there is a flying freehold overhang to the property. My surveyor has said that some mortgage companies may not issue a loan on this type of premises.
It varies from the lender to lender. Santander has different requirements for example to Halifax. Should you wish to call us we can look into this further with the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Selby. Conveyancing will be smoother if you use a solicitor in Selby especially if they are acquainted with such properties in Selby.
Is it possible to transfer to a new solicitor as I have to select one who is on the Skipton Building Society conveyancing list. I instructed a high street conveyancing solicitor in Selby round the corner but she is not approved by Skipton Building Society
It would be our pleasure to help you find a conveyancing solicitor in Selby on the Skipton Building Society panel. Please note that the law firms that we work with do not pay us a referral fee if you instruct them and are under regulation of the SRA who oversee all conveyancing solicitors in Selby. In utilising the find a conveyancing solicitor tool on this page, you can compare and instruct different solicitors and conveyancers both nationally and in Selby.
I am a negotiator for a busy estate agent office in Selby where we have experienced a few flat sales jeopardised as a result of leases having less than 80 years remaining. I have received contradictory information from local Selby conveyancing firms. Could you clarify whether the seller of a flat can commence the lease extension process for the buyer?
Provided that 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 buyer can avoid having to sit tight for 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 at the same time as completion of the sale.
Alternatively, it may be possible 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 purchaser.
Leasehold Conveyancing in Selby - Sample of Queries before Purchasing
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Is there a share of the freehold? Where a Selby lease has no more than 80 years it will have adverse implications on the value of the flat. Check with your bank that they are happy with residual term of the lease. Leases with less than 80 years remaining means that you will almost definitely need a lease extension sooner rather than later and you need to have some idea of what this will be. Remember, in most cases you will be required to have been the owner of the property for a couple of years before you are entitled to carry out a lease extension. Best to be warned whether fixing the lift or some other major work is due in the near future that will be shared between the leaseholders and may well dramatically impact the level of the service fees or result in a specific invoice.
I have been searching for Selby online conveyancing estimates. Can I be confident that all the Selby practices that are identified on your website are on the lender conveyancing panel?
The solicitor and licensed conveyancing practices on our directory have advised us that they are on the mortgage company panel and agreed to advise us to take down their listing in the event of removal off of the bank panel. To date we have not been informed by either a lender or a member of the public that the data about a specific Selby firm being on the mortgage company conveyancing panel is incorrect.