We are buying a 2 bedroom apartment in Sleaford with a loan from Norwich and Peterborough Building Society.We would like to retain our Sleaford conveyancing lawyer but Norwich and Peterborough Building Society says his firm is not on their approved list of firms. we are left little option but to use a Norwich and Peterborough Building Society panel lawyer or retain our local solicitor and pay for one of their panel ones to represent them. This seems very unfair; Can we not simply insist that Norwich and Peterborough Building Society use our lawyer?
Unfortunately,no. The mortgage offered to you contains various provisions, one of which will be that solicitors needs to be on the Norwich and Peterborough Building Society approved list. in the past, most mortgage companies had large numbers of law firms 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 Norwich and Peterborough Building Society
Is it correct that all Sleaford CQS (Conveyancing Quality Scheme) solicitors are on the Aldermore conveyancing panel?
It is true that some banks and building societies now make use of CQS as the kick off point for Panel membership such as HSBC and Santander. The Law Society’s CQS accreditation however is no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for firms wishing to remain on their approved list of conveyancing solicitors.
I have decided to exercise my right to buy my property in Sleaford off the council. I have a mortgage offer with HSBC. 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 HSBC, you will need to appoint a solicitor on the HSBC conveyancing panel.
The mortgage over my property is with Barclays for my property in Sleaford. Conveyancing was finalised 12 months ago. Should I wish to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Barclays?
You must advise Barclays prior to renting your property as this is likely to be a breach of Barclays’s mortgage conditions. It may be that Barclays 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 Barclays directly. It should not be necessary to do this via a Barclays conveyancing panel solicitor.
I have justbecome aware that Wolstenholmes have closed. They conducted my conveyancing in Sleaford for a purchase of a leasehold flat 10 months ago. How can I be sure that my home is registered correctly in the name of the previous owner?
The quickest way to see if the premises is registered to you, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Sleaford conveyancing specialists.
I have been recommended by numerous property agents in Sleaford to choose a property lawyer using your seach tool. What’s the financial upside for Estate Agents to recommend your services over a competitor’s?
We refuse to make any financial incentive for directing people in our direction. We found it would be just too difficult to pay a commission as members of the public would think, ‘How come the agent getting a kickback? Why aren’t I getting any benefit too?’ So we decided to step away from that.
Having had my offer accepted I require leasehold conveyancing in Sleaford. Before I set the wheels in motion I require certainty as to the remaining lease term.
Assuming the lease is registered - and most are in Sleaford - 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 am the registered owner of a ground floor flat in Sleaford, conveyancing having been completed half a dozen years ago. How much will my lease extension cost? Corresponding properties in Sleaford with a long lease are worth £202,000. The ground rent is £55 charged once a year. The lease ceases on 21st October 2080
With 56 years unexpired we estimate the premium for your lease extension to span between £29,500 and £34,000 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure in the absence of detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first getting professional advice.
What can I do to find out who is the owner of a property in Sleaford?
As long as the premises is registered with HM Land Registry, and you have enough specifics of the address of the property, you will be able to obtain results from the HM Land Registry of the recorded proprietor for a fee.