My wife and I are planning to buy a flat in Totton and are in fact using a Totton conveyancing practice. Within the last couple of days our solicitor has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. Leeds Building Society have this morning contacted us to inform me that they have now hit a problem as our Totton lawyer is not on their conveyancing panel. Is this a problem?
Where you are buying a property with the assistance of a mortgage it is normal for the purchasers' solicitors to also represent the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your property lawyer should contact your lender and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You don't have to instruct a firm on the lender’s conveyancing panel and you may continue to use your own Totton solicitors, in which case it will likely add costs, and it may delay matters as you have another set of people involved.
My lawyer in Totton is not on the The Royal Bank of Scotland Approved Panel. Can I still retain my prefered solicitor notwithstanding that they are not on the The Royal Bank of Scotland list of approved lawyers?
Your options are as follows:
- Complete the purchase with your preferred Totton solicitors but The Royal Bank of Scotland will need to use a solicitor on their list of acceptable firms. This will result in additional overall legal fees and cause delays.
- Choose a new lawyer to to deal with the purchase, not forgetting to check they are The Royal Bank of Scotland approved.
- Try to convince your The Royal Bank of Scotland solicitor to try to join the The Royal Bank of Scotland panel
I'm purchasing my first flat in Totton benefiting from help to buy. The sellers refused to budge the price so I negotiated £7000 of additionals instead. The sale representative told me not inform my lawyer about the deal as it would affect my loan with Clydesdale. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the UK Finance website. UK Finance 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.
Is there anything unique about your site and other online quote calculators when it comes to conveyancing in Totton?
At this site get a conveyancing costs illustration from a Solicitor or Licensed Conveyancer that appreciates the issues of your conveyancing in Totton. As opposed to estate agents and brokerage sites we do not charge firms a commission if you choose them for your property ownership legalities in Totton
I have been sourcing a conveyancing solicitor in Totton for my home move. Is there any facility to review a solicitor's complaints history with the legal regulator?
Members of the public can find published Solicitor Regulator Association (SRA) determinations resulting from investigations from 2008 onwards. Visit Check a solicitor's record. To find details Pre 2008, or to check a firm's history, call 0870 606 2555, 08.00 - 18.00 Monday, Wednesday, Thursday, Friday and 09.30 - 18.00 Tuesday. For non-uk callers, call +44 (0)121 329 6800. The SRA could recorded telephone calls for training purposes.
Expecting to sign contracts shortly on a leasehold property in Totton. Conveyancing solicitors inform me that they are sending me a report next week. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Totton should include some of the following:
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Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice? Do you need to have carpet in the flat or are you allowed wood flooring? Details of the parties to the lease, e.g. these could be the (you), head lessor, landlord Who has the liability to repair and maintain the block. It is essential that you know which party is responsible the repair and maintenance of every part of the building You must be advised what constitutes a Nuisance as far as the lease is concerned
I bought a split level flat in Totton, conveyancing having been completed 9 years ago. 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? Comparable flats in Totton with a long lease are worth £185,000. The average or mid-range amount of ground rent is £65 per annum. The lease terminates on 21st October 2087
With just 61 years left to run the likely cost is going to span between £19,000 and £22,000 as well as professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you move forward based on this information before getting professional advice.