Is the fact that my solicitor in Newmarket is not on my lender's solicitor panel that there is a problem with the quality of the firm’s conveyancing?
It would be unwise to jump to that conclusion. There are all sorts of perfectly reasonable explanations. A recent report by the solicitors regulator revealed 76% of law firms surveyed had been removed from at least one lender panel. The top 5 reasons are as follows: (1) lack of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Where you are concerned you should contact the Newmarket conveyancing firm and enquire why they are no longer on the approved list for your mortgage company.
We are soon to complete buying a property in Newmarket but as a consequence of damage from the recent storms I have was able negotiate compensation from the current proprietors of three thousand pounds by way of a deduction in the price. I had intended this to be addressed as part of the conveyancing process but Coventry BS are not allowing this. Should they have been notified?
The property lawyer that is on a Coventry BS approved list is required to advise Coventry BS of any variations to the purchase price. If you were to refuse your lawyer to disclose the reduction to Coventry BS then they would have to discontinue acting for you. In addition, Coventry BS and you would have to appoint a new lawyer for your conveyancing in Newmarket.
I own a freehold house in Newmarket yet pay rent, why is this and what is this?
It’s unusual for properties in Newmarket and has limited impact for conveyancing in Newmarket but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for hundreds of years, but the Rent Charge Act 1977 barred the generation of new rentcharges from 1977 onwards.
Previous rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 will be dispensed with completely.
What is the best way to find out if the solicitor carrying out my conveyancing in Newmarket is on the lender’sapproved panel? I am looking to avoid the situation of having one lawyer for me and one for Barclays Direct thus paying £175.00 in additional conveyancing charges.
Please do take advantage of the search tool on this page. Please choose the lender and type ‘Newmarket’ or your preferred area and you will see a number of lawyer offices in Newmarket or by proximity to you.
We were going to get a DIP from TSB this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do TSB recommend any Newmarket solicitors on the TSB conveyancing panel, or is it better to go independently?
You will need to appoint Newmarket solicitors independently although you'll need to choose one on the TSB conveyancing panel. The solicitor represents both you and TSB through the process.
I have decided to exercise my right to buy my property in Newmarket off the council. I have a mortgage agreed with Kent Reliance. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Kent Reliance, you will need to appoint a solicitor on the Kent Reliance conveyancing panel.
It is unclear whether my mortgage offer requires a lease extension. I have called my Newmarket building society branch on various occasions and was told they are content with the situation and they would lend. My Newmarket conveyancing solicitor - who is on the lender conveyancing panel- called and was told they refuse to lend in accordance with their published requirements. I simply don't know who is right.
As long as the lawyer is on the bank panel, they must adhere to the Council of Mortgage Lenders’ Handbook specifications for the bank. Unless your lawyer obtains specific confirmation in writing that the bank 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 bank to contact your lawyer in writing confirming that they will accept the number of years remaining.
I decided to have a survey carried out on a property in Newmarket ahead of retaining solicitors. I have been advised that there is a flying freehold aspect to the house. The surveyor advised that some mortgage companies will refuse to grant a mortgage on this type of property.
It depends who your proposed lender is. Lloyds has different instructions from Nationwide. If you call us we can investigate further with the appropriate lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Newmarket. Conveyancing may be slightly more expensive based on your lender's requirements.