Am I correct in assuming that the fact that my conveyancer in Middleton is not on my bank's solicitor panel that there is a problem with the quality of his work?
That would more than likely be an incorrect assumption to make. There are plenty of plausible explanations. Just recently a report by the solicitors regulator indicated 76% of law firms surveyed had been removed from at least one lender panel. The top 5 reasons are as follows: (1) lack of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Should you be concerned you should contact the Middleton conveyancing practice and enquire why they are no longer on the approved list for your mortgage company.
We are selling our apartment in Middleton. Does my conveyancer have to be required to be on the Santander conveyancing panel in order to deal with the discharge of my mortgage?
Ordinarily, even if your lawyer is not on the Santander conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their panel criteria fairly frequently in recent years.
I just acquired a house at auction in Middleton. Conveyancing is necessary. What is next?
Having for all intents and purposes signed on the dotted line you must appoint a conveyancing practitioner quickly as you now have a tight a fixed date to complete the conveyancing. An auction property will have a bespoke auction pack. This should include evidence of title and search results. Where you are dealing with leasehold property the legal pack may include a copy of the lease, management information and a sellers leasehold information form and associated conveyancing documentation specific to a leasehold property. You must pass this on to the lawyer working for you at the earliest opportunity. You also need to ensure that that you have the requisite funding in order to complete the transaction on the set completion date.
I currently have a mortgage with Clydesdale for my property in Middleton. Conveyancing has been completed months 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 buy-to-let mortgage or inform Clydesdale?
Your original mortgage agreement with Clydesdale will provide that you need their approval before renting your property as this is likely to be a breach of Clydesdale’s mortgage conditions. In many cases banks or building societies will allow you to rent 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 Clydesdale directly. It should not be necessary to do this via a Clydesdale conveyancing panel lawyer.
It is not clear whether my bank requires a lease extension. I have telephoned my Middleton building society branch on numerous occasions and was informed it wasn't an issue and they will lend. My Middleton conveyancing solicitor - who is on the bank conveyancing panel- called to say that they refuse to lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. I simply don't know who is right.
As long as the property lawyer is on the bank approved list, they must comply with the Council of Mortgage Lenders’ Handbook requirements for the lender. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I have been advised by numerous selling agents in Middleton to get a quote from a solicitor on your site. What’s the financial incentive for Estate Agents to promote your site rather than another?
We refuse to give any financial incentive for sending work our way. We found it would be just too difficult to pay a commission because a client could think, ‘Why is the agent getting a kickback? Why aren’t I getting any benefit too?’ We would prefer to grow our business on genuine recommendations.
I am a negotiator for a busy estate agent office in Middleton where we have experienced a number of leasehold sales derailed as a result of short leases. I have been given contradictory information from local Middleton conveyancing firms. Can you clarify whether the vendor of a flat can start the lease extension formalities for the buyer?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means 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 has to be done prior to, or simultaneously with completion of the disposal of the property.
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 bought a 1st floor flat in Middleton, conveyancing was carried out in 2007. Can you give me give me an indication of the likely cost of a lease extension? Similar flats in Middleton with an extended lease are worth £201,000. The ground rent is £45 charged once a year. The lease ends on 21st October 2087
You have 64 years unexpired we estimate the price of your lease extension to range between £15,200 and £17,600 as well as professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure in the absence of comprehensive due diligence. You should not use this information in tribunal or court proceedings. There may be additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first getting professional advice.
Is it possible for you to recommend a conveyancing practitioner for conveyancing in Middleton (or within close proximity)? This is for sale only.I had one appointed but just found out that they can't deal with Coventry BS.
The purpose of this site is restricted to being a directory service for lawyers who wish to be listed as being on the approved conveyancing panel for Coventry BS in certain locations for instance Middleton . We dont recommend any specific solicitor.