I am acquiring property in Thornaby. My property lawyer has never been on on the lender solicitor panel. Is it possible for me to retain my Thornaby conveyancing solicitor even though they are not on the bank panel of approved conveyancing solicitors?
Various options include
- Proceed with your existing Thornaby conveyancing practitioner but your lender will no doubt retain a solicitor on their conveyancing panel. This will result in additional cost together with likely interruption.
- Get a new lawyer to act in the purchase, ensuring that they are on the lender conveyancing panel.
- Convince your lawyer to seek to join the lender panel
We are hoping to buy a newbuild apartment in Thornaby with a homeloan from Barnsley Building Society.We would like to retain our Thornaby conveyancing lawyer but Barnsley Building Society says his firm is not listed on their approved list of firms. we are left little option but to use a Barnsley Building Society panel firm or keep our high street solicitor and fork out for one of their panel ones to act for them. This seems very unfair; is there anything we can do?
Unfortunately,no. The home loan issued to you is subject to its terms and conditions, one of which will be that conveyancers needs to be on the Barnsley Building Society solicitor panel. Until recently, 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 lawyer to apply to be on the conveyancing panel for Barnsley Building Society
Have completed on a a terraced house in Thornaby , What is the estimated time for the Land Registry to record my ownership? My Thornaby conveyancing solicitor works at snail pace, so I want to be certain that my name is recorded.
As far as conveyancing in Thornaby registration is no faster or slower than anywhere else in the country. Rather than based on location, timeframes can adjust depending on who lodges the application, whether it is in order and whether the Land registry need to notify any interested parties. As of today approximately three quarters of submission are completed within 12 days but occasionally there can be extensive hold-ups. Registration is effected after the new owner has moved in to the premises therefore registration formalities is not typically an essential issue but if there is a degree of urgency associated with the registration then you or your lawyers could communicate with the Registry to express the reasoning for an expedited registration.
Over the last few months I have been searching for a flat up to £245,000 and found one near me in Thornaby I like with amenity areas and railway links in the vicinity, the downside is that it only has 52 years unexpired on the lease. I can't really find anything else in Thornaby in this price bracket, so just wondered if I would be making a mistake purchasing a short lease?
If you need a mortgage the shortness of the lease may be problematic. Discount the offer by the amount the lease extension will cost if not already taken into account. If the current proprietor has owned the property for at least 2 years you can ask them to start the process of the extension and then assign it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should consult your conveyancing lawyer concerning this.
I've recently bought a leasehold flat in Thornaby. Do I have any liability for service charges relating to a period prior to completion of my purchase?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, 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 ensure 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 invested in buying a 2 bed flat in Thornaby, conveyancing having been completed April 2011. Can you work out an approximate cost of a lease extension? Corresponding flats in Thornaby with a long lease are worth £227,000. The average or mid-range amount of ground rent is £50 per annum. The lease ceases on 21st October 2097
With 72 years left to run we estimate the premium for your lease extension to be between £9,500 and £11,000 plus professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to supply the actual costs without more comprehensive investigations. You should not use the figures in tribunal or court proceedings. There may be other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first getting professional advice.
When it comes to my conveyancing in Thornaby should I be charged VAT on the following: (1) Land reg fee on purchase (2) Pre - completion search fee (3) SDLT E submission on purchase (4) Bank TT fee
(1) Land reg fee on purchase - No (2) Pre - completion search fees -No, (such conveyancing searches are HMLR ones and means £4 and possibly £2 bankruptcy per name on your mortgage) (3) SDLT E submission on your purchase - There is no VAT on Stamp Duty. However if the firm is charging a stamp duty e-submission fee as part of their services - some Thornaby conveyancers do - that will incur VAT(4) Bank transfer fee - Yes it is for the property lawyer's time in submitting the funds this way.