I have just been advised by my mortgage adviser that my Tynemouth lawyer is not on the bank Solicitor panel. What can I do to be sure whether this is correct?
The sensible course of action for you to take is to call your Tynemouth lawyer directly. It is reasonable to expect your lawyer to notify you what has happened. If they are not on the panel they may recommend you to a Tynemouth conveyancing practice that is on the approved list of lawyers for your mortgage company.
My partner and I are buying a newly built flat in Tynemouth and my lawyer is advising me that she has to the lender to reveal incentives from the seller. I am on a tight deadline to exchange contracts and my preference is not to delay deal. Is my lawyer right?
You should not exchange unless you have been advised to do so by your lawyer. A precondition to being on a lender panel is to comply with the UK Finance Lenders’ Handbook conditions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Is there a list of Santander panel conveyancers in Tynemouth on the Council of Mortgage Lender’s Website?
Unfortunately not yet. There is no such facility on the CML or Building Society Association websites. Very few lending institutions make their panel listings visible over the internet. If you are in need of a Tynemouth conveyancing practitioner on the Santander please make the most of our facility.
How can we know in advance if a Tynemouth conveyancing solicitor on the RBS panel is any good?
When it comes to conveyancing in Tynemouth seeking recommendations is a sensible starting point. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one which is cheap as chips. We would always suggest that you speak with the solicitor conducting your conveyancing.
Last month we had a mortgage agreed in principle with RBS. Tynemouth conveyancing practitioners have been chosen. What is the average time that one could expect to receive a mortgage offer from RBS?
Some lenders take longer than others. Have RBS done the survey? Have you advised RBS as to your lawyers' details and checked that your lawyers are on the RBS conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
We are four weeks into a freehold purchase having been recommend to a firm by the estate agent to perform conveyancing in Tynemouth. I am am extremely dissatisfied with the level of service. Can you help me find new solicitors?
A lawyer would need to be very poor to suggest replacing them. Has the loan offer been sent? If so you will need to advise them of the new contact details and ensure the loan are issued to the new lawyers. Your new solicitor ideally needs to be on the banks panel to avoid escalating charges and delays. That should be your first question of the new lawyers. Our find a solicitor tool can assist you in finding a bank approved lawyer for your conveyancing in Tynemouth
Do you have any top tips for leasehold conveyancing in Tynemouth from the perspective of speeding up the sale process?
- A significant proportion of the delay in leasehold conveyancing in Tynemouth can be reduced if you instruct lawyers as soon as you market your property and request that they start to put together the leasehold information needed by the purchasers’ representatives. You believe that you know the number of years left on your lease but it would be advisable verify this by asking your lawyers. A purchaser's conveyancer will not be happy to advise their client to to exchange contracts if the lease term is under 80 years. It is therefore essential at an as soon as possible that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale. The majority of freeholders or managing agents in Tynemouth levy fees for supplying management packs for a leasehold property. You or your lawyers should find out the fee that they propose to charge. The management pack can be applied for on or before finding a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most common reason for frustration in leasehold conveyancing in Tynemouth. In the event that you altered the property did you need the Landlord’s permission? Have you, for example laid down wooden flooring? Tynemouth leases often stipulate that internal structural alterations or laying down wooden flooring calls for a licence issued by the Landlord consenting to such works. If you dont have the approvals to hand do not contact the landlord without checking with your solicitor in the first instance.
I own a basement flat in Tynemouth, conveyancing having been completed in 1998. Can you give me give me an indication of the likely cost of a lease extension? Corresponding properties in Tynemouth with a long lease are worth £206,000. The ground rent is £45 invoiced every year. The lease finishes on 21st October 2092
With just 67 years remaining on your lease the likely cost is going to be between £10,500 and £12,000 plus costs.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not move forward based on this information before getting professional advice.
My husband and I are purchasing a studio flat in Tynemouth. At the point of instructing our lawyer, they said that they were on all mainstream bank panels. Our mortgage broker emailed today to advise that they are not on the RBS approved list. Were it to be true, what should we do? Should we just choose a new lawyer that is on their approved list or should we pay for separate representation, with RBS appointing their own preferred solicitor.
If you are acquiring a property with the assistance of a mortgage it is conventional for the buyer’s solicitors to also represent the mortgage company. In order to act for a bank or building society a conveyancing practitioner has to be on that lender's list of approved lawyers. An application has to be made by the conveyancing practitioner to the lender to become a member of the lender's panel and there are increasingly strict conditions which the conveyancing practitioner has to satisfy. Some building societies now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your solicitor should contact RBS to find out if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You don't have to instruct a firm on RBS's conveyancing panel as you are at liberty to use your preferred Tynemouth lawyers, in which case it will likely add costs, and it will likely delay the transaction as you are adding another property lawyer into the equation.