I can't travel far from Leek. Please explain the reason why all Leek conveyancers are not on all lender panels?
A decade ago most mortgage companies displayed an attitude to risk which is different than today. The Financial Services Authority in 2010 carried out a thematic review into property fraud which in summary warned lenders: know the conveyancing practitioners on your panel. As a result, mortgage companies have subsequently looked to extract more data from law firms about their operations and the individuals who work for them and set certain criteria such as completing a minimum number of transactions. Hundreds of firms have been removed from lender panels even though they had an exemplary disciplinary record, no complaints and no claims and didn't just 'dabble' in conveyancing. Such firms were never going to satisfy the minimum volume of transactions the mortgage companies insisted on.
Some advice if I may. My Leek lawyer is informing me me that he has toorder Leek conveyancing searches asthe firm are on the HSBCapproved lawyer panel. Is this really necessary?
You have limited options available to you. Given that you are taking out a loan with a bank your lawyer has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your conveyancer would have previously signed the Terms and Conditions of your bank’s conveyancing panel appointment which obliges them to comply with the Council of Mortgage Lenders’ Handbook conditions . Even if you were a cash buyer you would be ill advised not to carry out Leek conveyancing searches.
I am helping my sister sell her house in Leek. Does the conveyancer arrange an energy assessment or do I organise this?
Following the abolition of HIPs, EPC’s remained a mandatory component of moving property. An energy performance certificate should be commissioned before the property is advertised. This is not something that law firms ordinarily arrange. If you are using a Leek conveyancing solicitor they may be willing to arrange energy assessments due to their contacts with reputable Leek energy assessors
I have paid off my mortgage with UBS. I assume I don't need a Leek solicitor on the UBS panel to discharge the mortgage at the Land Registry. Please confirm.
If you have finished paying off your UBS mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the UBS mortgage from the register. UBS, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where UBS has sent the Land Registry the discharge electronically, and
- UBS has instructed the Land Registry to do so
Planning on purchasing a house in Leek. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Kent Reliance conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Leek conveyancing practitioner is on the Kent Reliance conveyancing panel.
The estate agent has sent us the confirmation of our purchase of a new build flat in Leek. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Set out below is a sample of a few leasehold new build questions that you can expect your new-build leasehold conveyancing in Leek
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Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Forfeiture - bankruptcy or liquidation must not apply under this provision. Please supply a car parking plan. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. There must be mutual enforceability of lessee’s covenants.
I need to appoint a conveyancing solicitor for leasehold conveyancing in Leek. I have chance upon a site which appears to be the ideal offering If there is a chance to get all formalities completed via email that would be ideal. Should I be wary? What should out be looking out for?
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?
Do you have any advice for leasehold conveyancing in Leek from the point of view of expediting the sale process?
- Much of the frustration in leasehold conveyancing in Leek can be bypassed if you instruct lawyers as soon as your agents start advertising the property and ask them to put together the leasehold documentation which will be required by the buyers’ solicitors. Many freeholders or managing agents in Leek levy fees for supplying management packs for a leasehold home. You or your lawyers should find out the actual amount of the charges. The management information can be applied for on or before finding a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most common cause of delay in leasehold conveyancing in Leek. A minority of Leek leases require Licence to Assign from the landlord. If this applies to your lease, you should notify your estate agents to make sure that the purchasers obtain financial (bank) and professional references. The bank reference will need to confirm that the buyers are able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their lawyers. If you hold a share in a the freehold, you should make sure that you are holding the original share certificate. Obtaining a new share certificate can be a lengthy formality and delays many a Leek conveyancing deal. Where a duplicate share certificate is needed, do contact the company officers or managing agents (where relevant) for this as soon as possible.
I invested in buying a basement flat in Leek, conveyancing formalities finalised November 2011. Can you work out an approximate cost of a lease extension? Similar flats in Leek with an extended lease are worth £179,000. The average or mid-range amount of ground rent is £65 invoiced annually. The lease terminates on 21st October 2082
You have 57 years remaining on your lease the likely cost is going to span between £26,600 and £30,800 plus legals.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you move forward based on this information before getting professional advice.