I am not well enough to travel far from Watnall. What is the rationale as to why all Watnall solicitors aren't automatically on all lender panels?
Lenders point to the fact that solicitor-led fraud is considered to be responsible for millions of pounds of fraud every year.The elimination of law firms from lender panels started with the rise in mortgage fraud, which prompted a thematic review by the FSA in 2011. Its outcome included recommendations for lenders to review their conveyancing panels, which kicked off a major policy change in the sector. It led to banks and building societies purging less reputable firms from their books of approved lawyers .
What is the best way to investigate if the solicitor carrying out my conveyancing in Watnall is on the lender’sconveyancing panel? I am looking to avoid the situation of having one lawyer for me and one for Aldermore thus spending £192.00 in further conveyancing fees.
Please do make use of the find a lender approved solicitor tool on this page. Please choose the lender and type ‘Watnall’ or your preferred area and you will be presented with numerous conveyancers located in Watnall or near you.
Are all Watnall Conveyancing Quality Solicitors on the Virgin Money conveyancing list of approved solicitors?
Some major lenders now utilise CQS as the starting point for Panel approval such as HSBC and Santander. CQS accreditation however is no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for firms wishing to join their approved list of conveyancing solicitors.
It is not clear whether my lender obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my Watnall building society branch on a couple of occasions and was reassured it wasn't a problem and they will lend. My Watnall conveyancing solicitor - who is on the lender conveyancing panel- called and was told they refuse to lend in accordance with their published requirements. I have no idea who is right.
Provided that the lawyer is on the lender panel, they must comply with the CML Handbook specifications for the lender. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years remaining.
I have instructed a Watnall conveyancing practitioner having checked that they are on the Yorkshire BS conveyancing panel. Does my lawyer arrange the survey of the property?
Yorkshire BS will need an independent valuation of the property. Your lawyer will not arrange this. Usually Yorkshire BS will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your conveyancer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Watnall postcode. As you are getting a mortgage with Yorkshire BS, you could contact them to see if they have a list of approved surveyors in Watnall.
I have been on the look out for a flat up to £305k and found one round the corner in Watnall I like with amenity areas and station nearby, the downside is that it's only got 61 years on the lease. I can't really find anything else in Watnall in this price bracket, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you require a mortgage the remaining unexpired lease term may be a potential deal breaker. Reduce the offer by the amount the lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for a minimum of 2 years you can ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor regarding this.
I am a sole trader looking to lease a unit on a shopping parade. Can you recommend lawyers offering competitive charges for commercial conveyancing in Watnall for less than £2000?
We can recommend firms who host a wealth of experience of commercial conveyancing in Watnall, including the disposal and acquisition of businesses as well as simply premises. If you are looking to acquire or lease a shop, pub, restaurant, office, retail premises or a complete business we can put you in touch with the right firm. Regarding the costs these will vary based on the structure and nuances of the deal. Let us have your details or telephone so as to enable us to supply you with a detailed commercial conveyancing quote.
Last August I purchased a leasehold house in Watnall. Do I have any liability for service charges relating to a period prior to my ownership?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element 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 bought a 1 bedroom flat in Watnall, conveyancing was carried out in 2010. How much will my lease extension cost? Equivalent flats in Watnall with a long lease are worth £180,000. The average or mid-range amount of ground rent is £65 invoiced every year. The lease terminates on 21st October 2085
With only 59 years unexpired the likely cost is going to range between £20,900 and £24,200 plus professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed investigations. You should not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not move forward based on this information before getting professional advice.