My wife and I are planning to buy a flat in Norris Green and are in fact using a Norris Green conveyancing practice. Within the past 48 hours our solicitor has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Yorkshire Building Society have this afternoon contacted us to advise us that there is now an issue as our Norris Green lawyer is not on their conveyancing panel. Please explain?
When purchasing a property with the benefit of a mortgage it is conventional 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 solicitor 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 lawyers to represent them. You are not legally obliged to appoint a law firm on the lender’s conveyancing panel and you may continue to use your own Norris Green solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
Should conveyancers request an advanced payment for conveyancing in Norris Green?
If you are buying a property in Norris Green your solicitor will request that you to provide them with funds to cover the search fees. This will be the total of the cost of the Local Authority Search. If any deposit is payable against the total price then this will be needed shortly before exchange of contracts. Any further balance that is due should be sent to your lawyer shortly before completion.
My husband and I are buying a newly converted flat in Norris Green with a loan from Nationwide Building Society.We use our Norris Green conveyancing solicitor but Nationwide Building Society says he's not listed on their "panel". We have to appoint a Nationwide Building Society panel firm or retain our preferred solicitor and pay 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?
No, not really. The loan issued to you is subject to its terms and conditions, a common one being that conveyancers must be on the Nationwide Building Society solicitor 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
Can you help - my lawyer says that lack of building regulations insurance is needed on my purchase. What is the typical level of cover needed for conveyancing in Norris Green?
The right level of lack of building regulations indemnity insurance should be dictated by who your lender. It would differ for example between Birmingham Midshires and Bank of Scotland. Conveyancing lawyers as opposed to borrowers take out such insurances.
When it comes to lenders such as Yorkshire BS, do Norris Green solicitors incur a fee to be on the conveyancing panel?
We are unaware of any mortgage company fees to register on their panel, although some do charge an administration fee to deal with the processing of the conveyancing panel submission.
I recently had an offer accepted on an apartment in Norris Green. My mortgage broker recommended their conveyancers. I paid an on account payment of £200. A couple of days later, the solicitor called me to say that they were not on the Leeds Building Society conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Leeds Building Society panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
What can a local search reveal concerning the house my wife and I buying in Norris Green?
Norris Green conveyancing often starts with the ordering local authority searches directly from your local Authority or via a personal search organisations for example PSG The local search is essential in every Norris Green conveyancing purchase; as long as you wish to avoid any nasty once you have moved into your property. The search should supply data on, amongst other things, details on planning applications relevant to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen subject headings.
I am hoping to put an offer on a small detached house that seems to be perfect, at a great figure which is making it more attractive. I have subsequently been informed that it's a leasehold rather than freehold. I am assuming that there are particular concerns buying a leasehold house in Norris Green. Conveyancing advisers have not yet been appointed. Will they explain the issues?
Most houses in Norris Green are freehold and not leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area who can help the conveyancing process. It is clear that you are purchasing in Norris Green so you should seriously consider looking for a Norris Green conveyancing solicitor and be sure that they are used to transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a tenant you will not be at liberty to do whatever you want to the property. The lease will likely included provisions such as obtaining the freeholder’sconsent to carry out alterations. You may also be required to pay a service charge towards the maintenance of the estate where the property is located on an estate. Your solicitor should advise you fully on all the issues.
I purchased a 2 bed flat in Norris Green, conveyancing having been completed 8 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 properties in Norris Green with over 90 years remaining are worth £191,000. The ground rent is £55 invoiced annually. The lease ceases on 21st October 2080
With just 54 years remaining on your lease we estimate the premium for your lease extension to range between £31,400 and £36,200 plus costs.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive investigations. You should not use the figures in tribunal or court proceedings. There may be other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action based on this information before getting professional advice.