What happens if my lawyer’s firm is removed from the Lloyds Solicitor panel ahead of completing my conveyancing in Selston?
First, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
We had instructed conveyancers locally in Selston on the Bank of Ireland solicitor panel. They have just invoiced me a separate sum for handling the Bank of Ireland mortgage. Is this a supplemental conveyancing fee specified by Bank of Ireland?
As unfair as it may seem, as long as it’s in their Terms and Conditions or Quote then yes your lawyer can charge a fee for this. This charge is not set by Bank of Ireland but by your Selston solicitor. Some firms on the Bank of Ireland panel will quote ’dealing with mortgage’ fee but plenty of firms incorporate it on their overall fee.
I'm in the throws of viewing houses in Selston and I am now considering a potential offer. Should I already have a conveyancer in place at this stage? I intend to finance via a home loan with TSB.
You should start obtaining conveyancing quotes from solicitors ASAP. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and forward their details on to the estate agent. Given that you are taking out a mortgage with TSB, ask your prospective lawyers if they are on the TSB conveyancing panel otherwise they can't do the mortgage legal work.
I am currently in the process of buying my council flat in Selston. I have a mortgage offer with Lloyds. 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 Lloyds, you will need to appoint a solicitor on the Lloyds conveyancing panel.
Will our conveyancer be raising enquiries regarding flooding as part of the conveyancing in Selston.
Flooding is a growing risk for solicitors conducting conveyancing in Selston. There are those who buy a property in Selston, fully expectant that at some time, it may suffer from flooding. However, leaving to one side the physical damage, if a property is at risk of flooding, it may be difficult to obtain a mortgage, adequate insurance cover, or dispose of the property. There are steps that can be taken during the course of a house purchase to forewarn the purchaser.
Solicitors are not best placed to offer advice on flood risk, but there are a number of searches that may be carried out by the buyer or by their conveyancers which should figure out the risks in Selston. The conventional set of completed inquiry forms supplied to a buyer’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a usual inquiry of the seller to discover whether the property has historically flooded. In the event that flooding has previously occurred which is not disclosed by the owner, then a buyer could issue a claim for damages as a result of such an misleading answer. The purchaser’s lawyers may also conduct an environmental report. This should indicate if there is a recorded flood risk. If so, additional inquiries should be initiated.
I am buying a new build house in Selston with a mortgage from Bank of Scotland. The developers would not move on the price so I negotiated 6k of additionals instead. The sale representative advised me not reveal to my conveyancer about the extras as it would jeopardize my loan with Bank of Scotland. Is this normal?.
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.
Do I need to be wary by brokers that I am dealing with are suggesting an online conveyancing firm rather than a High Street Selston conveyancing firm?
As with many service providers, often referrals from family and friends can be worth their weight in gold. But there are numerous players in a conveyancing deal; estate agents, financial adviser and lenders may put forward lawyers to select. Sometimes the solicitors might be known to one of the organisations as one of the best in their field, but sometimes there is an underlying commercial relationship behind the recommendation. You have the discretion to choose your preferred lawyer. Don't forget that the majority of mortgage providers operate an approved list of lawyers you are obliged to use for the mortgage aspect of your conveyancing.
Last January I purchased a leasehold flat in Selston. Am I liable to pay service charges for periods before completion of my purchase?
In a situation where the service charge has already been demanded from the previous lessee 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. It is an essential part of leasehold conveyancing for your conveyancer to be sure 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 inherited a 2 bed flat in Selston, conveyancing was carried out half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Similar flats in Selston with over 90 years remaining are worth £202,000. The ground rent is £60 yearly. The lease comes to an end on 21st October 2081
With only 56 years unexpired we estimate the premium for your lease extension to be between £29,500 and £34,000 as well as costs.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure in the absence of detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before getting professional advice.