I was notified recently by my lender that my Market Bosworth lawyer is not on the bank Solicitor panel. What can I do to be certain that this is indeed the case?
The first thing you need to do is to contact your Market Bosworth lawyer directly. It is reasonable to expect your lawyer to inform you what has happened. Where they are not on the panel they may recommend you to a Market Bosworth conveyancing practice that is on the conveyancing panel for your lender.
My husband and I are refinancing our apartment in Market Bosworth with Yorkshire BS. We have a son 18 who lives at home. Our solicitor has asked us to disclose any adults other than ourselves who lives in the flat. Our lawyer has now e-mailed a document for our son to sign, giving up any rights in the event that the flat is forfeited by the lender. I have two questions (1) Is this form unique to the Yorkshire BS conveyancing panel as he did not need to sign this form when we remortgaged 4 years ago (2) In signing this form is our son in any way compromising his right to inherit the property?
On the face of it your lawyer has done nothing wrong as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Yorkshire BS. This is solely used to protect Yorkshire BS if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave. It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Yorkshire BS had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
When it comes to mortgage companies such as Yorkshire BS, do Market Bosworth lawyers incur a fee to be on the list of approved solicitors?
We are not aware of any lender fees to be on their panel, although some do charge an administration fee to deal with the processing of the conveyancing panel submission.
My wife and I have arranged a further advance on our home loan from Leeds Building Society as we intend to carry out renovations to our house in Market Bosworth. Are we obliged to appoint a high street Market Bosworth solicitor on the Leeds Building Society conveyancing panel to handle the paperwork?
Leeds Building Society would not normally require a member of their approved list of lawyers to handle the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Leeds Building Society conveyancing panel.
I was told two weeks ago that my mortgage has been agreed to by Barclays. Is it usual for Barclays to only issue the offer once my solicitor in Market Bosworth is approved on their conveyancing panel? Barclays have asked my solicitor to see a copy of their Professional Indemnity Insurance Schedule.
A lender would not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Barclays to deal with your lawyer's application to be on the Barclays conveyancing panel. There's no guarantee that your solicitor will be accepted.
I used Arc property Solicitors several years ago for my conveyancing in Market Bosworth. Now, I need the documents but cannot find the solicitor. What do I do?
You should contact the Solicitors Regulatory Authority (SRA) to assist in tracking down your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Market Bosworth of the conveyancing firm of solicitors you previously instructed, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
Just had an offer accepted on a new build apartment in Market Bosworth. Conveyancing is necessary evil 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 are examples of a selection of leasehold new build questions that you can expect your new-build leasehold conveyancing in Market Bosworth
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Forfeiture - bankruptcy or liquidation must not apply under this provision. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore.
I’m about to sell my garden apartment in Market Bosworth. Conveyancing lawyers have not yet been instructed, however I have just received a half-yearly maintenance charge demand – should I leave it to the buyer to sort out?
It best that you clear the invoice as normal given that all ground rent and maintenance invoices will be apportioned on completion, so you should recover the relevant percentage by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
I purchased a 2 bed flat in Market Bosworth, conveyancing having been completed in 1998. Can you please calculate a probable premium for a statutory lease extension? Equivalent flats in Market Bosworth with a long lease are worth £260,000. The ground rent is £45 yearly. The lease runs out on 21st October 2095
With 74 years unexpired we estimate the premium for your lease extension to span between £8,600 and £9,800 as well as costs.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure in the absence of detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not take any other action based on this information without first getting professional advice.