I can't travel far from Alrewas. Can you please explain the reason why all Alrewas conveyancers aren't automatically on all mortgage company panels?
Mortgage companies highlight the fact that solicitor-led fraud is considered to be responsible for millions of pounds of fraud every year.The elimination of law firms off of lender panels started with the rise in mortgage fraud, which prompted a thematic review by the FSA in 2011. Its outcome included recommendations for lending institutions to review their conveyancing panels, which kicked off a major policy change in the sector. This led to mortgage companies purging less reputable firms from their panel of approved solicitors .
We are planning to acquire a house and need a conveyancing solicitor in Alrewas who is on the UBS approved panel. Can you recommend a local conveyancing firm?
Our service is limited to being a directory service for firms who wish to be listed as being on the approved conveyancing panel for UBS . We don't recommend any particular firms conducting conveyancing in Alrewas.
When it comes to lenders such as Nationwide, do Alrewas lawyers face an annual charge to be on the list of approved solicitors?
We are unaware of any lender fees to be on their panel, although some do charge an administration fee to deal with the processing of the conveyancing panel application.
I currently have a mortgage with Skipton for my property in Alrewas. Conveyancing was finalised 12 months ago. Should I wish to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Skipton?
Skipton must be informed of your intention before letting out your property as this is likely to be a breach of Skipton’s mortgage conditions. In many cases banks or building societies 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 Skipton directly. You need not do this via a Skipton conveyancing panel firm.
My offer on a house in Alrewas has been agreed to, but there is a chain. The sellers have put an offer on somewhere, however it’s not yet tied up, and are looking at other apartments in the pipeline. I have instructed a bricks and mortar conveyancing solicitor in Alrewas. What do I do now? At what point do I apply for the mortgage with Clydesdale?
It is normal to have concerns where there is a chain as you are unlikely to want to incur costs prematurely (mortgage application is approx one thousand pounds, then valuation, Alrewas conveyancing search charges, etc). The first course of action is to ensure that your solicitor is on the Clydesdale conveyancing panel. Concerning the next stages this very much depends on the specifics of your case, motivation for the property and on the state of the market. During a buoyant market some buyers will apply for the mortgage with Clydesdale and arrange for the valuation and only if it was satisfactory would they ask their conveyancer to proceed with searches.
Me and my brother have a renovated Victorian property in Alrewas. Conveyancing lawyer represented me and Leeds Building Society. I did a free Land Registry search last week and I saw two entries: the first freehold, another for leasehold with the exact same property. Is it worth asking Leeds Building Society to clarify?
You should read the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Alrewas and other areas of the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also question the situation with your conveyancing practitioner who conducted the work.
Yesterday I discovered that there is a flying freehold element on a house I have offered on last month in what should have been a straight forward, chain free conveyancing. Alrewas is where the house is located. Is there any advice you can give?
Flying freeholds in Alrewas are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Alrewas you would need to get your solicitor to go through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Alrewas may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
I want to let out my leasehold flat in Alrewas. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for their consent?
A lease dictates the relationship between the freeholder and you the leaseholder; specifically, it will indicate if subletting is not allowed, or permitted but only subject to certain conditions. The rule is that if the lease contains no specific ban or restriction, subletting is permitted. Most leases in Alrewas do not contain subletting altogether – such a provision would adversely affect the market value the flat. In most cases there is a basic requirement that the owner notifies the freeholder, possibly supplying a copy of the sublease.
I bought a leasehold flat in Alrewas, conveyancing was carried out January 2008. Can you please calculate a probable premium for a statutory lease extension? Similar flats in Alrewas with over 90 years remaining are worth £165,000. The average or mid-range amount of ground rent is £50 per annum. The lease ceases on 21st October 2103
With 78 years left to run the likely cost is going to range between £7,600 and £8,800 plus professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure without more comprehensive investigations. Do not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before getting professional advice.