I am progressing with the sale of my flat in Southwell and the estate agent has just telephoned to advise that the buyers are swapping solicitor. The reason given is that the mortgage company will only work with property lawyers on their conveyancing panel. Why would a major lender only engage with certain lawyers rather the firm that they want to choose to handle their conveyancing in Southwell ?
Mortgage companies have always had panels of law firms that can represent them, but in recent years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for over 25 years.
Lending institutions point to the increase in fraud as the reason for the pruning – criteria have been stiffened 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 hearing daily from firms 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. The purchasers are not going to have any impact on this.
It is is a decade since I acquired my house in Southwell. Conveyancing solicitors have just been instructed on the sale but I can't track down the deeds. Will this jeopardise the sale?
You need not be too concerned. Firstly the deeds may be with the lender or they could stored with the solicitor who acted in the purchase. Secondly the chances are that the property will be registered at the land registry and you will be able to establish that you are the registered owner by your conveyancing lawyers obtaining current official copies of the land registers. Nearly all conveyancing in Southwell relates to registered property but in the unlikely event that your home is unregistered it is more of a problem but is not insurmountable.
I happen to be the single beneficiary of my late mum's estate and I have everything in my name alone, including the house in Southwell. The Southwell property was put into my name in October. I plan to dispose of the house. I understand that there is a CML 6 month 'rule', meaning my property ownership will be regarded the same way as if I'd bought the property in October. Do I have to wait 6 months to sell?
The Council of Mortgage Lenders’ handbook mandates solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you might be caught by that. many banks would take a practical view as this clause is principally there to identify the purchase and immediately sell or the wholesaling and assigning of properties.
I am selling my house. I had a double glazing fitted in January 2008, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's mortgage company, Nationwide are being difficult. The Southwell solicitor who is on the Nationwide conveyancing panel is happy to accept ‘lack of building regulation’ insurance but Nationwide are insisting on a building regulation certificate. Why do Nationwide have a conveyancing panel if they don't accept advice from them?
It is probably the case that Nationwide have referred the matter to their valuer. The reason why Nationwide 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.
At last I have had an offer on an apartment in Southwell accepted, the vendors do however have a connected purchase. The sellers have put an offer on a flat, however it’s not yet agreed to, and are looking at other flats in the pipeline. I have selected a local conveyancing solicitor in Southwell. What should be my next step? When should I get the mortgage application with Nationwide started?
It is usual to have anxieties where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is in the region of one thousand pounds, then survey, Southwell conveyancing search costs, etc). First, you should ensure that your solicitor is on the Nationwide conveyancing panel. As to the subsequent phase this very much depends on the uniqueness of your transaction, motivation for the property and on the state of the market. During a buoyant market some home buyers will apply for a home loan with Nationwide and arrange for the valuation and only if it comes back ok would they request their conveyancing practitioner to move forward with searches.
How does conveyancing in Southwell differ for newly converted properties?
Most buyers of new build residence in Southwell approach us having been asked by the builder to exchange contracts and commit to the purchase even before the residence is constructed. This is because developers in Southwell usually acquire the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Southwell or who has acted in the same development.
I have been on the look out for a flat up to £305k and identified one close by in Southwell I like with amenity areas and transport links nearby, the downside is that it's only got 61 years on the lease. I can't really find anything else in Southwell suitable, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you require a mortgage the shortness of the lease will likely be problematic. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for a minimum of twenty four months you may ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease with a zero ground rent applied. You should consult your conveyancing lawyer regarding this.
There are only Sixty One years left on my flat in Southwell. I need to get lease extension but my landlord is absent. What are my options?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be extended by the Court. However, you will be required to demonstrate that you have done all that could be expected to locate the landlord. For most situations a specialist should be helpful to carry out a search and to produce an expert document to be used as proof that the landlord is indeed missing. It is advisable to get professional help from a conveyancer both on devolving into the landlord’s disappearance and the application to the County Court covering Southwell.
I am the registered owner of a basement flat in Southwell, conveyancing having been completed in 2000. How much will my lease extension cost? Equivalent properties in Southwell with an extended lease are worth £185,000. The average or mid-range amount of ground rent is £65 per annum. The lease expires on 21st October 2086
You have 60 years left to run the likely cost is going to be between £20,000 and £23,000 as well as professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There may be additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not move forward based on this information without first getting professional advice.