My husband and I are buying a newly converted apartment in Yateley with a mortgage from Nationwide Building Society.We would like to retain our Yateley conveyancing lawyer but Nationwide Building Society advised that her practice is not listed on their "panel". We have to appoint a Nationwide Building Society panel solicitor or retain our local solicitor and fork out for a Nationwide Building Society panel lawyer to represent them. We feel as though this is unjust; Can we not simply insist that Nationwide Building Society use our lawyer?
Unfortunately,no. The loan issued to you is subject to its terms and conditions, a common one being that solicitors will be on the Nationwide Building Society conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose 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. Another option that might be available is for your lawyer to apply to be on the conveyancing panel for Nationwide Building Society
My wife and I are purchasing a apartment in Yateley. It might be a silly question but how we can trust a lawyer? At some point we will need to put money into their account. What protection do we have from them run away with our money?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
I have today made my last payment due on my mortgage with Nottingham. I assume I don't need a Yateley conveyancing practitioner on the Nottingham panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your Nottingham mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Nottingham mortgage from the register. Nottingham, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Nottingham has sent the Land Registry the discharge electronically, and
- Nottingham has instructed the Land Registry to do so
I currently have a mortgage with Nationwide for my property in Yateley. Conveyancing has been completed 12 months ago. In the event that I decide to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Nationwide?
Your original mortgage agreement with Nationwide will provide that you need their approval before renting your property as this is likely to be a breach of Nationwide’s mortgage conditions. It may be that Nationwide will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Nationwide directly. It should not be necessary to do this via a Nationwide conveyancing panel firm.
I bought my home on 4 August and my personal details are still not registered. Need I be worried? My conveyancing solicitor in Yateley expressed confidence that it would be registered inside ten days. Are properties in Yateley uniquely lengthy to register?
As far as conveyancing in Yateley is concerned, registration is no quicker or slower than the rest of the country. As opposed to being determined by geographic area, timeframes can adjust according to who lodges the application, whether it is in order and if the Land registry must send notices to any third persons or bodies. Currently in the region of three quarters of such applications are completed in less than three weeks but some can be subject to protracted delays. Registration takes place once the purchaser is living at the property thus post completion formalities is not always an essential issue yet where there is a degree of urgency associated with the registration then you or your lawyers should communicate with the Registry to express the reasoning for the application to be prioritised.
My husband and I are first time buyers - had an offer accepted, but the estate agent advised that the seller will only go ahead if we use the agent's chosen conveyancers as they are insisting on an ‘expedited deal’. My instinct tells me that we should use a high street solicitor used to conveyancing in Yateley
It is improbable the owners are driving this. Should the vendor desire ‘a quick sale', turning down a motivated buyer is likely to cause more damage than good. Contact the sellers directly and explain that (a)you are serious purchasers (b)you are excited to move forward, with mortgage lined up © you do not need to sell (d) you intend to proceed fast (e)however you will continue to use your preferred Yateley conveyancing firm - as opposed tothose that will earn the negotiator at the agency a introducer fee or meet his conveyancing targets set by HQ.
Back In 2003, I bought a leasehold house in Yateley. Conveyancing and Bank of Ireland mortgage organised. I have received a letter from someone claiming to own the freehold. Attached was a ground rent demand for rent dating back to 1995. The conveyancing solicitor in Yateley who previously acted has now retired. Any advice?
The first thing you should do is make enquiries of HMLR to be sure that this person is in fact the new freeholder. It is not necessary to incur the fees of a Yateley conveyancing practitioner to do this as it can be done on-line for less than a fiver. Rest assured that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I bought a split level flat in Yateley, conveyancing was carried out 10 years ago. How much will my lease extension cost? Corresponding properties in Yateley with over 90 years remaining are worth £216,000. The average or mid-range amount of ground rent is £50 per annum. The lease runs out on 21st October 2095
With 69 years remaining on your lease we estimate the price of your lease extension to span between £9,500 and £11,000 plus plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to provide a more accurate figure without more detailed due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not move forward based on this information without first getting professional advice.
At what point do I pay stamp duty chargeable for my purchase in Yateley?
The property lawyer will fill out a Land Transaction Return Form on your behalf during your Yateley purchase transaction for you to sign. After completion your lawyer will submit the STL Return Form to the Inland Revenue and - as long as they have the money - pay any tax bill payable for you.