My partner and I are planning to purchase a home in Consett and have instructed a Consett conveyancing practice. Within the last couple of days our conveyancer has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. National Westminster Bank have this afternoon contacted us to inform me that they have now hit a problem as our Consett solicitor is not on their approved list of lawyers. Please explain?
Where you are buying a property requiring a mortgage it is normal for the purchasers' solicitors to also represent the mortgage company. 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 solicitors to act. You don't have to instruct a firm on the bank's conveyancing panel as you are at liberty to use your preferred Consett lawyers, in which case it will likely add costs, and it may delay matters as you have another set of people involved.
My wife and I are soon to exchange buying a property in Consett but as a consequence of wreckage from the recent storms I have managed to agree reparation from the vendor in the sum of £3k taking the form of a adjustment in the price. I had intended this to be addressed as part of amending the contract yet Virgin Money will not agree to this. Should they have been approached?
The solicitor that is on a Virgin Money conveyancing panel is obliged to disclose to Virgin Money of any variations to the sale price. If you were to refuse your property lawyer to notify the price change to Virgin Money then they would have to discontinue acting for you. In addition, Virgin Money and you would have to appoint a new conveyancing practitioner for your conveyancing in Consett.
We are planning to acquire a property and need a conveyancing solicitor in Consett who is on the Nationwide approved panel. Can you recommend a local solicitor?
Our service is limited to being a directory service for firms who wish to be listed as being on the approved conveyancing panel for Nationwide . We don't recommend any particular firms conducting conveyancing in Consett.
Just acquired a detached house in Consett , What is the estimated time for the Land Registry to register my title? My Consett conveyancing solicitor works at snail pace, so I want to be sure that my ownership is recorded.
As far as conveyancing in Consett registration is no quicker or slower than the rest of England and Wales. Rather than based on location, timeframes can vary depending on the party submitting the application, whether it is in order and if the Land registry need to notify any interested parties. As of today roughly 80% of such applications are completed within 12 days but occasionally there can be longer hold-ups. Historically registration takes place once the buyer has moved in to the property thus 'speed' is not usually an essential issue but where there is a degree of urgency associated with the registration then you or your conveyancer should communicate with the Registry to express the reasoning for the application to be prioritised.
I decided to have a survey completed on a house in Consett prior to instructing solicitors. I have been advised that there is a flying freehold overhang to the house. The surveyor advised that some lenders will refuse to give a loan on this type of home.
It depends who your proposed lender is. HSBC has different instructions from Halifax. Should you wish to telephone us we can investigate further with the relevant bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Consett. Conveyancing will be smoother if you use a solicitor in Consett especially if they are familiar with such properties in Consett.
Do you have any advice for leasehold conveyancing in Consett with the purpose of saving time on the sale process?
- Much of the frustration in leasehold conveyancing in Consett can be bypassed where you instruct lawyers the minute you market your property and ask them to collate the leasehold documentation which will be required by the purchasers’ representatives. Many freeholders or managing agents in Consett levy fees for providing management packs for a leasehold property. You or your lawyers should discover the fee that they propose to charge. The management information can be applied for on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most frequent cause of frustration in leasehold conveyancing in Consett. If you have the benefit of shareholding in the freehold, you should ensure that you have the original share certificate. Organising a duplicate share certificate can be a lengthy formality and frustrates many a Consett home move. If a reissued share certificate is required, you should approach the company officers or managing agents (where relevant) for this at the earliest opportunity. If you have had any disputes with your landlord or managing agents it is essential that these are settled prior to the flat being marketed. The purchasers and their solicitors will be reluctant to purchase a flat where a dispute is unresolved. You may need to swallow your pride and discharge any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the buyers, but it is clearly preferable to reveal the dispute as historic as opposed to unresolved. In the event that you altered the property did you need the Landlord’s permission? Have you, for example installed wooden flooring? Consett leases often stipulate that internal structural changes or laying down wooden flooring necessitate a licence issued by the Landlord approving such changes. Should you fail to have the paperwork in place do not contact the landlord without contacting your solicitor first.
I bought a basement flat in Consett, conveyancing was carried out half a dozen years ago. Can you work out an approximate cost of a lease extension? Similar flats in Consett with an extended lease are worth £170,000. The ground rent is £50 yearly. The lease terminates on 21st October 2103
You have 79 years unexpired we estimate the premium for your lease extension to be between £7,600 and £8,800 plus costs.
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 in the absence of detailed due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not move forward based on this information before seeking the advice of a professional.