We wanted to use a conveyancing solicitor in Consett for our house move. Our financial adviser has since notified us that our bank Coventry Building Society won't deal with them. Why is this not regarded as unduly restrictive?
Mortgage Companies in the main imposes restrictions either the category or the amount of conveyancing solicitors on their member panel. Typical examples of such criteria being that a law practice must not be a sole practitioner. As well as restricting the type of firm, some have limited the number of solicitor practices they use to represent them. You should note that Coventry Building Society have no responsibility for the quality of advice provided by any member of Coventry Building Society Conveyancer Panel. Mortgage fraud was a primary driver in the reduction of solicitor panels since 2008 even though there are mixed views regarding the extent of solicitor involvement in some of that fraud. Figures from the Land Registry indicate that plenty of law firms, including some in or near Consett only conduct one or two conveyances a year.
My father informed me that in purchasing a property in Consett there could be a number of restrictions prohibiting external changes to the property. Is this right?
We are aware of anumerous of properties in Consett which have some sort of restriction or requirement of consent to carry out external variations. Part of the conveyancing in Consett should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
After weeks of negotiation I have agreed a price on an apartment in Consett. My financial adviser suggested a property lawyer. I paid an on account payment of £225. Shortly after, the solicitor contacted me sheepishly admitting that they were not on the Barclays 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 Barclays 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.
I am selling my flat. I had a double glazing fitted in April 2007, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s lender, UBS are being a right pain. The Consett solicitor who is on the UBS conveyancing panel is happy to accept ‘lack of building regulation’ insurance but UBS are insisting on a building regulation certificate. Why do UBS have a conveyancing panel if they don't accept advice from them?
It is probably the case that UBS have referred the matter to their valuer. The reason why UBS may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
I am buying my first flat in Consett with a loan from Clydesdale. The developers would not move on the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The property agent suggested that I not reveal to my conveyancer about the deal as it could affect my loan with Clydesdale. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Due to the encouragement of my in-laws I had a survey completed on a house in Consett before instructing solicitors. I have been advised that there is a flying freehold aspect to the property. Our surveyor has said that some banks tend not grant a loan on a flying freehold premises.
It depends who your proposed lender is. Santander has different instructions for example to Nationwide. Should you wish to call us we can check via the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are used 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.
I have just appointed agents to market my 2 bed apartment in Consett. Conveyancing has not commenced, however I have just received a yearly maintenance charge invoice – should I leave it to the buyer to sort out?
Your conveyancing lawyer is likely to suggest that you should pay the invoice as usual given that all rents and maintenance charges should be allotted on completion, so you will be reimbursed by the purchaser for the period running from after the completion date to the subsequent invoice date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I invested in buying a split level flat in Consett, conveyancing having been completed June 2008. Can you let me have an estimated range of the fair premium for a lease extension? Comparable flats in Consett with an extended lease are worth £191,000. The ground rent is £55 invoiced every year. The lease expires on 21st October 2079
With just 53 years left to run the likely cost is going to span between £27,600 and £31,800 as well as professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first getting professional advice.
Midway through the sale of a leasehold flat in Consett. Conveyancing is fine but we have been asked to pay a fortune from the freeholder. To date we have issued a cheque for £250 for a leasehold management information and then a further £134.40 for supplemental questions raised by the purchaser's lawyer.
Neither you or your lawyer will have any sway over the extent of the charges for this information but the typical fee for the information for Consett leasehold premises is £360. When it comes to Consett conveyancing transactions it is customary for the owner to pay for these charges. The freeholder or their agents are under no statutory obligation to address these questions most will agree to do so - albeit often at exorbitant prices disproportionate to the work involved. Unfortunately there is no legislation that requires fixed fees for administrative tasks. Neither is there any set time frame by which they are obliged to supply the information.