It has come to my attention via my mortgage adviser that my Stamford lawyer is not on the lender Solicitor panel. How can I be sure if this is correct?
You need to contact your Stamford conveyancer. You lawyer should advise you what has happened. Where they are not on the panel they could put your in touch with solicitors on the approved list of lawyers for your bank.
My husband and I are hoping to buy a newbuild flat in Stamford with a loan from Birmingham Midshires.We use our Stamford conveyancing lawyer but Birmingham Midshires says he's not listed on their "panel". It seems we have little choice but to instruct a Birmingham Midshires panel solicitor or keep our local solicitor and fork out for a Birmingham Midshires panel lawyer to act for them. We feel as though this is unjust; Can we not simply insist that Birmingham Midshires use our lawyer?
No, not really. The home loan offered to you is subject to its terms and conditions, a common one being that lawyers must be on the Birmingham Midshires approved list. in the past, most lenders had large numbers of law firms on their panels: a borrower could choose 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. Another option that might be available is for your lawyer to apply to be on the conveyancing panel for Birmingham Midshires
My wife and I are purchasing a apartment in Stamford. I might seem paranoid but how we can trust a conveyancer? At some point we will need to put our life savings into their account. What protection do we have from them run away with our deposit?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
We had appointed solicitors locally in Stamford on the Nationwide solicitor approved list. They are now charging me an additional amount for handling the Nationwide mortgage. Is this a supplemental conveyancing fee specified by Nationwide?
Unfortunately, as long as it is in their Terms of Engagement or Quote then yes your property lawyer is entitled to levy a fee for this. This fee is not set by Nationwide but by your Stamford conveyancing practitioner. Plenty of firms on the Nationwide panel will quote an ‘acting for lender’ fee but many firms include it on their overall fee.
My wife and I are in the process of viewing flats in Stamford and I am now considering a potential offer. Is it wise to have my property lawyer on ‘stand by’? I will be getting a home loan with Leeds Building Society.
It would be advisable to instigate your search sooner rather than later. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and pass their details on to the EA. As you are getting a mortgage with Leeds Building Society, ask your prospective lawyers if they are on the Leeds Building Society conveyancing panel otherwise they can't do the mortgage legal work.
What does a local search reveal about the house we're purchasing in Stamford?
Stamford conveyancing often commences with the ordering local authority searches directly from your local Authority or through a personal search organisations for instance Searchflow The local search is essential in every Stamford conveyancing purchase; that is if you don’t want any nasty once you have moved into your new home. The search will supply data on, amongst other things, details on planning applications relevant to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen topic areas.
We're FTB’s - had an offer accepted, but the estate agent has warned us that the owners will only issue a contract if we instruct their chosen conveyancers as they want a ‘quick sale’. My instinct tells me that we should use a high street conveyancer used to conveyancing in Stamford
We suspect that the seller is not behind this requirement. If they want ‘a quick sale', taking such a hostile approach to a serious purchaser is likely to cause more damage than good. Contact the sellers directly and make the point that (a)you are keen to buy (b)you are ready to go, with mortgage lined up © you have nothing to sell (d) you wish to move quickly (e)but you are going to instruct your preferred Stamford conveyancing solicitors - as opposed tothe ones that will give their negotiator at the agency a introducer fee or hit his conveyancing figures set by corporate headquarters.
I've found a house that seems to be perfect, at a great price which is making it all the more appealing. I have since been informed that the title is leasehold as opposed to freehold. I am assuming that there are issues purchasing a leasehold house in Stamford. Conveyancing advisers have not yet been instructed. Will they explain the issues?
Most houses in Stamford are freehold and not leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can help the conveyancing process. it is apparent that you are purchasing in Stamford in which case you should be looking for a Stamford conveyancing practitioner and be sure that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a leaseholder you will not be entirely free to do whatever you want with the house. The lease will likely included provisions such as obtaining the landlord’spermission to conduct alterations. It may be necessary to pay a maintenance charge towards the upkeep of the communal areas where the property is located on an estate. Your lawyer will report to you on the legal implications.
I am the registered owner of a 1 bedroom flat in Stamford, conveyancing was carried out April 2005. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Similar flats in Stamford with over 90 years remaining are worth £165,000. The average or mid-range amount of ground rent is £50 yearly. The lease runs out on 21st October 2103
You have 77 years remaining on your lease we estimate the price of your lease extension to range between £7,600 and £8,800 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing a lease, but we are not able to provide the actual costs without more detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first getting professional advice.