My wife and I are hoping to acquire a property in Lutterworth and are in fact using a Lutterworth conveyancing firm. Within the last couple of days our lawyer has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Norwich and Peterborough Building Society have this afternoon contacted us to inform me that there is now an issue as our Lutterworth conveyancer is not on their conveyancing panel. Is this a problem?
Where you are buying a property needing a mortgage it is usual for the purchasers' solicitors to also represent the purchaser's lender. 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 Accreditation Scheme. Your property lawyer should contact your bank 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 don't have to instruct a firm on the lender’s conveyancing panel as you are at liberty to use your preferred Lutterworth lawyers, in which case your legal fees may increase, and it may delay matters as you have another set of people involved.
I am close to exchanging contracts on the sale of our house in Lutterworth and according to the buyers it appears that there is a risk of it being built land that was not decontaminated. A local conveyancer would know that there is no such problem. For the life of me I don't know why the purchasers are using a web based conveyancing practice rather than a conveyancing solicitor in Lutterworth. Having lived in Lutterworth for 4 years we know that this is a non issue. Is it a good idea to contact our local Authority to obtain confirmation that there is no issue.
It would appear that you have a conveyancing firm already. What do they say? You should check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same illness)
I'm refinancing my current property to a BTL mortgage with Barclays and intend to use the remaining equity towards further house. The area we are talking about is Lutterworth. Will your conveyancers be able to act for the two banks and link together the transactions?
Do use our search tool on this page to ensure that the solicitors are approved by both banks. Assuming that they are the solicitor will be able to simultaneously deal with the two transactions but you should have a chat with you conveyancer and specify your expectations and requirements.
We're new on the property ladder - agreed a price, yet the estate agent advised that the seller will only proceed if we use the agent's preferred lawyers as they need an ‘expedited deal’. My instinct tells me that we should use a high street solicitor used to conveyancing in Lutterworth
We suspect that the owner is unaware of this requirement. If they desire ‘a quick sale', turning down a serious purchaser is not the way to achieve this. Bypass the agents and go straight to the sellers and explain that (a)you are motivated purchasers (b)you are excited to move forward, with mortgage lined up © you are unencumbered (d) you intend to proceed fast (e)however you intend to instruct your preferred Lutterworth conveyancing lawyers - not the ones that will give their negotiator at the agency a referral fee or hit his conveyancing targets demanded by head office.
I am looking at a two flats in Lutterworth which have about 50 years remaining on the lease term. Do I need to be concerned?
There are plenty of short leases in Lutterworth. The lease is a right to use the premises for a period of time. As the lease shortens the value of the lease deteriorates and it becomes more expensive to extend the lease. For this reason it is advisable to increase the term of the lease. It is often difficulties arise selling premises with a short lease because mortgage lenders less inclined to grant a loan on properties of this type. Lease enfranchisement can be a protracted process. We advise that you seek professional assistance from a solicitor and surveyor with experience in this area.
I am the registered owner of a 1st floor flat in Lutterworth, conveyancing was carried out 5 years ago. Can you work out an approximate cost of a lease extension? Similar properties in Lutterworth with a long lease are worth £175,000. The ground rent is £65 yearly. The lease finishes on 21st October 2081
With only 58 years unexpired we estimate the price of your lease extension to be between £23,800 and £27,400 as well as costs.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed investigations. You should not use the figures in tribunal or court proceedings. There may be other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first getting professional advice.
I pay a service charge for my appartment in Lutterworth. As a result of poor financial planning I slipped into arrears with remittance. I negotiated a clearance plan but there remains two outstanding as of today.
I now wish to sell and I am panicking this may jeopardize the sale if I have to pay off the arrears in advance. Do I have to settle before - is this viable?
Do check with the property lawyer undertaking your Lutterworth conveyancing but it may be possible to arrange for the debt to be attributed to the purchasers. The contractual price payable would be adjusted to reflect the amount of debt they assume. They would then pay the fees following completion of the purchase.