Unfortunately I am unable to travel far from Daventry. I would like to know the logic why all Daventry solicitors aren't automatically on all bank panels?
Mortgage Companies normally restrict either the nature or volume of conveyancing solicitors on their panel. Frequent examples of such criteria being that the organisation needs to have two or more partners. In addition to restricting the structure of firm, some banks such as HSBC decided to limit the size of their panel they permit to represent them. You should note that lenders have no responsibility for the quality of conveyancing given by any Daventry solicitor on their panel. Property fraud was the key driver in the rationalisation of conveyancing panels from 2008 notwithstanding that there are contrary opinions concerning whether solicitors sat at the center of that fraud. Data from HM Land Registry exposes that thousands of conveyancing firms only conduct less than three conveyances a year. Those vindicating conveyancing panel cuts ask why conveyancing firms deserve any entitlement to be listed on a bank panel when it is evident that property law is not their primary expertise?
Our conveyancer has uncovered a a legal deficiency with the lease for the property we are purchasing in Daventry. The seller’s lawyers have suggested defective title insurance as a solution. We are content with insurance and will cover the costs. Our conveyancer has advised that he must be satisfied that the mortgage company is willing to move forward with this solution. Are we the client or is the mortgage company ?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the lender are the client. Your conveyancer must comply with the UK Finance Lenders’ Handbook conditions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the bank can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your conveyancing practitioner will have no choice but to discontinue acting for you.
How up to date is your database of Daventry solicitors on the Nottingham conveyancing panel? Do Nottingham send you an updated list?
Daventry conveyancing firms themselves provide us confirmation that they are on the Nottingham conveyancing panel as opposed to being supplied with a list from Nottingham directly.
I am purchasing a new build house in Daventry with a mortgage from Nottingham Building Society. The sellers refused to budge the price so I negotiated five thousand pounds worth of extras instead. The property agent told me not reveal to my conveyancer about the side-deal as it may affect my loan with the lender. Is this normal?.
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.
We're first time buyers - had an offer accepted, yet the agent told us that the vendor will only go ahead if we instruct their recommended conveyancers as they want a ‘quick sale’. We would rather use a family solicitor who is accustomed to conveyancing in Daventry
We suspect that the seller is not behind this demand. Should the vendor desire ‘a quick sale', taking such a hostile approach to a genuine purchaser is is going to put the whole deal at risk. Speak to the owners direct and make the point that (a)you are keen to buy (b)you are excited to move forward, with finances arranged © you have nothing to sell (d) you wish to move quickly (e)however you are going to appoint your own,trusted Daventry conveyancing firm - as opposed tothose that will give the estate agent a introducer fee or hit his conveyancing targets demanded by head office.
I've found a house that appears to be perfect, at a reasonable price which is making it all the more appealing. I have since found out that the title is leasehold as opposed to freehold. I would have thought that there are issues buying a leasehold house in Daventry. Conveyancing solicitors have not yet been instructed. Will they explain the issues?
The majority of houses in Daventry are freehold rather than 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 apparent that you are purchasing in Daventry so you should seriously consider shopping around for a Daventry conveyancing solicitor and check that they are used to dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a leaseholder you will not be at liberty to do whatever you want to the property. The lease will likely included provisions for example obtaining the freeholder’sconsent to conduct changes to the property. It may be necessary to pay a maintenance charge towards the maintenance of the communal areas where the house is part of an estate. Your conveyancer should report to you on the legal implications.
I purchased a ground floor flat in Daventry, conveyancing was carried out 4 years ago. Can you work out an approximate cost of a lease extension? Similar properties in Daventry with a long lease are worth £185,000. The average or mid-range amount of ground rent is £65 levied per year. The lease comes to an end on 21st October 2085
With only 61 years remaining on your lease we estimate the price of your lease extension to range between £19,000 and £22,000 plus professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action based on this information before getting professional advice.