I am one month into the sale of my house in Stockton on Tees and the EA has just called to warn that the purchasers are swapping property lawyer. The excuse is that the lender will only work with property lawyers on their approved list. On what basis would a big named lender only deal with certain law firms rather the firm that they want to choose for their conveyancing in Stockton on Tees ?
Banks have always had an approved set of law firms they are willing to work with, but in recent years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for decades.
Lending institutions point to the increase in fraud by way of justification for the cull – criteria have been tightened as a smaller panel is easier to keep an eye on. No lender will say 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 are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your purchasers are not going to have any sway in the decision.
In reviewing consumer advice sites for an online solicitor in Stockton on Tees, many comment that I should instruct a CQS kitemarked solicitor. What is CQS?
The Law Society's Conveyancing Quality Scheme is the recognised quality mark for legal experts in the legal transfer of properties, trusted by some of the UK's biggest banks. In 2011-12 the Conveyancing Quality Scheme was officially recognised by the Association of British Insurers (ABI). CQS is not a scheme offered by the Council of Licensed Conveyancing. Stockton on Tees is one of the numerous areas in England and Wales where there are CQS lawyers.
I used Stirling Law a few years past for my conveyancing in Stockton on Tees. I now require my papers however the law firm has closed. What do I do?
You should contact the Solicitors Regulatory Authority (SRA) to help locate your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Stockton on Tees of the conveyancing firm of solicitors you previously instructed, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
I'm purchasing my first flat in Stockton on Tees with a mortgage from The Mortgage Works. The developers refused to budge the price so I negotiated 6k of fixtures and fittings instead. The sale representative told me not inform my lawyer about the side-deal as it will jeopardize my loan with the lender. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer 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.
Due to the advice of my in-laws I had a survey completed on a property in Stockton on Tees in advance of appointing lawyers. I have been advised that there is a flying freehold overhang to the house. The surveyor has said that some mortgage companies may not issue a mortgage on a flying freehold premises.
It depends who your proposed lender is. HSBC has different requirements from Nationwide. Should you wish to call us we can investigate further with the relevant lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Stockton on Tees. Conveyancing will be smoother if you use a solicitor in Stockton on Tees especially if they are familiar with such properties in Stockton on Tees.
Helen (my wife) and I may need to rent out our Stockton on Tees ground floor flat for a while due to a career opportunity. We used a Stockton on Tees conveyancing firm in 2004 but they have closed and we did not think at the time seek any guidance as to whether the lease prohibits the subletting of the flat. How do we find out?
A small minority of properties in Stockton on Tees do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord cannot unreasonably refuse but, in such cases, they would need to see references. Experience dictates that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting consent.
I bought a ground floor flat in Stockton on Tees, conveyancing was carried out 8 years ago. How much will my lease extension cost? Corresponding properties in Stockton on Tees with a long lease are worth £191,000. The average or mid-range amount of ground rent is £55 yearly. The lease ends on 21st October 2078
With only 53 years left to run we estimate the price of your lease extension to span between £27,600 and £31,800 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed due diligence. Do not use this information in tribunal or court proceedings. There may be other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first seeking the advice of a professional.