My fiance and I are hoping to acquire a house in Dersingham and are in fact using a Dersingham conveyancing firm. Within the last couple of days our solicitor has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Accord Mortgages Ltd have this morning contacted us to advise us that there is now an issue as our Dersingham solicitor is not on their conveyancing panel. What do we do from here?
When purchasing a property with mortgage finance it is usual for the purchasers' solicitors to also act for 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 property lawyer 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 are not legally obliged to appoint a law firm on the bank's conveyancing panel as you are at liberty to use your preferred Dersingham lawyers, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.
Having sold my house in Dersingham last February but my buyer keeps Skype messaging every few hours to moan that their conveyancer is waiting to hear from mine. What should my lawyer have done now that I have sold?
Post completion of your disposal your lawyer should send the transfer documentation and all supplemental paperwork to the purchaser's lawyers. If applicable, your lawyer must also send confirmation that the mortgage has been redeemed to the buyers conveyancers. There are no post completion tasks peculiar conveyancing in Dersingham.
Me and my partner are purchasing a apartment in Dersingham. I might seem paranoid but how we can trust a lawyer? On the day of competition we have to put funds into their account. What protection do we have from them run away with our money?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
I happen to be the only beneficiary of my late grandmother’s estate and I have everything in my name alone, including the house in Dersingham. The Dersingham property was put into my name in February. I want to move. I understand that there is a Mortgage Lenders 6 month 'rule', meaning my property ownership may be considered the same way as if I'd bought the house in February. Is the property unsalable for six months?
The CML handbook instructs solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you could be impacted by that. How practical a view mortgage companies take of it, depend on the lender as this provision principally exists to pick up on subsales or the wholesaling and assigning of property.
After months of negotiation I have agreed a price on an apartment in Dersingham. My mortgage broker pressured me to appoint their solicitor. I paid an upfront payment of £150. A couple of days later, the property lawyer called me sheepishly admitting that they were not on the Nationwide 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 Nationwide 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 purchasing my first flat in Dersingham with the aid of help to buy. The builders refused to move on the price so I negotiated £7000 of extras instead. The house builders rep suggested that I not inform my conveyancer about this deal as it will impact my loan with Birmingham Midshires. Do I keep my lawyer in the dark?.
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.
I need to find a conveyancing solicitor for remortgage conveyancing in Dersingham. I have stumble upon a web site which seems to have the ideal offering If it is possible to get all formalities done via phone that would be ideal. Should I be wary? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
I've found a house that appears to tick a lot of boxes, at a reasonable figure which is making it all the more appealing. I have since found out that the title is leasehold rather than freehold. I am assuming that there are particular concerns purchasing a leasehold house in Dersingham. Conveyancing lawyers have are soon to be appointed. Will they explain the issues?
The majority of houses in Dersingham are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can help the conveyancing process. We note that you are buying in Dersingham in which case you should be shopping around for a Dersingham conveyancing practitioner and be sure that they have experience in advising on leasehold houses. First you will need to check the unexpired lease term. As a leaseholder you will not be at liberty to do whatever you want with the house. The lease comes with conditions for example obtaining the freeholder’spermission to carry out alterations. You may also be required to pay a service charge towards the maintenance of the communal areas where the property is located on an estate. Your lawyer will appraise you on the various issues.
I acquired a leasehold flat in Dersingham, conveyancing formalities finalised in 2008. 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 Dersingham with a long lease are worth £201,000. The ground rent is £45 yearly. The lease terminates on 21st October 2088
You have 65 years left to run the likely cost is going to range between £13,300 and £15,400 as well as costs.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not move forward based on this information without first seeking the advice of a professional.