I had intended to instruct a property lawyer in Lincoln for our house move. Our broker informed us that our bank National Westminster Bank won't deal with them. Surely this is unfair competition?
Banks tend to imposes restrictions either the type or the number of conveyancing solicitors on their approved list of lawyers. A common example of such criteria being that a firm must not be a sole practitioner. In addition to restricting the profile of firm, some have limited the amount of firms they permit to represent them. Be aware that National Westminster Bank have no responsibility for the quality of advice provided by any member of National Westminster Bank Conveyancer Panel. Mortgage fraud was a primary driver in the rationalisation of solicitor panels a few years ago even though there are differing opinions concerning the level of solicitor involvement in some of that fraud. Data from the Land Registry indicate that plenty of law firms, including some in or near Lincoln only carry out very few conveyances a year.
Are all Lincoln Conveyancing Quality Solicitors on the Aldermore conveyancing panel?
A selection of lenders now utilise CQS as the starting point for Panel membership such as HSBC and Santander. CQS membership however gives no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitors wishing to join their approved list of conveyancing solicitors.
I currently have a mortgage with UBS for my property in Lincoln. Conveyancing was finalised a year ago. In the event that I decide to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform UBS?
Your original mortgage agreement with UBS will provide that you need their approval in advance of renting your property as this is likely to be a breach of UBS’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact UBS directly. It should not be necessary to do this via a UBS conveyancing panel firm.
Having digested plenty of mortgage guides, I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my local Lincoln solicitor - who is on the Virgin Money conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
Virgin Money will need an independent valuation of the property. Your lawyer will not arrange this. Usually Virgin Money will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Lincoln surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
Will commercial conveyancing searches reveal proposed roadworks that could affect a commercial premises in Lincoln?
Many commercial conveyancing solicitors in Lincoln will conduct a SiteSolutions Highways report as it dramatically cuts the time that conveyancers spend in sourcing accurate data on highways that impact buildings and development assets in Lincoln. The search result provides definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Lincoln.
For each commercial conveyancing transaction in Lincoln it is crucial to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been addressed adequately could result in delays to Lincoln commercial conveyancing deals as well as present a risk to future intentions for the site. These searches are not ordered for domestic conveyancing in Lincoln.
Are there restrictive covenants that are commonly picked up during conveyancing in Lincoln?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Lincoln. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I am a negotiator for a long established estate agent office in Lincoln where we have experienced a number of flat sales derailed due to short leases. I have been given inconsistent advice from local Lincoln conveyancing solicitors. Can you clarify whether the owner of a flat can instigate the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the sale.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I invested in buying a 1st floor flat in Lincoln, conveyancing formalities finalised half a dozen years ago. How much will my lease extension cost? Equivalent properties in Lincoln with over 90 years remaining are worth £265,000. The ground rent is £50 invoiced annually. The lease ends on 21st October 2095
With only 75 years unexpired the likely cost is going to range between £8,600 and £9,800 plus costs.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure without more detailed due diligence. You should not use the figures in tribunal or court proceedings. There may be other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action based on this information before seeking the advice of a professional.
Online reading suggests that Lincoln solicitors are more expensive than licensed conveyancers in Lincoln when it comes to buying a property. Am I better off using a conveyancer or a solicitor if I am buying for my home move in Lincoln.
When it comes to conveyancing in Lincoln the costs are unlikely to vary dramatically depending on whether the legal expert is a licenced conveyancer or solicitor.