My wife and I are intending to purchase a 3 bedroom flat in Morpeth with a mortgage. We have a Morpeth solicitor, but the lender advise he's not on their "panel". We have to appoint one of the mortgage company panel solicitors or retain our Morpeth conveyancer and pay for one of their panel lawyers to represent them. This seems very unfair; is there anything we can do?
No, not really. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the lender’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your Morpeth conveyancing solicitor to apply to be on the conveyancing panel.
We are due to complete on the purchase of a property in Morpeth but as a consequence of damage from a small fire at the property I have managed to agree reparation from the owner in the sum of three thousand pounds in the form of a reduction in the price. I had intended this to be dealt with as part of a side agreement but TSB will not permit this. Should they have been notified?
Any conveyancing practitioner that is on the TSB approved list is required to disclose to TSB of any amendments to the sale price. If you were to refuse your solicitor to notify the reduction to TSB then they would have to discontinue acting for you. In addition, TSB and you would have to appoint a new property lawyer for your conveyancing in Morpeth.
Please explain the implications if my solicitor is removed from the TSB Solicitor panel ahead of completing my conveyancing in Morpeth?
First, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
Should my solicitor be raising questions concerning flooding during the conveyancing in Morpeth.
The risk of flooding is if increasing concern for lawyers dealing with homes in Morpeth. Plenty of people will acquire a property in Morpeth, completely aware that at some time, it may be flooded. However, aside from the physical damage, where a house is at risk of flooding, it may be difficult to get a mortgage, suitable insurance cover, or dispose of the property. Steps can be carried out during the course of a house purchase to forewarn the buyer.
Solicitors are not qualified to impart advice on flood risk, but there are a number of searches that can be carried out by the buyer or on a buyer’s behalf which should figure out the risks in Morpeth. The standard information supplied to a buyer’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a standard question of the vendor to find out whether the premises has ever been flooded. If the property has been flooded in past and is not revealed by the vendor, then a buyer may bring a compensation claim resulting from an incorrect response. The buyer’s solicitors may also carry out an enviro report. This will disclose if there is any known flood risk. If so, additional investigations will need to be carried out.
I am on look out for some leasehold conveyancing in Morpeth. Before I set the wheels in motion I would like to find out the number of years remaining on the lease.
Assuming the lease is registered - and almost all are in Morpeth - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I am the registered owner of a studio flat in Morpeth, conveyancing was carried out in 1998. Can you work out an approximate cost of a lease extension? Equivalent flats in Morpeth with a long lease are worth £260,000. The ground rent is £45 charged once a year. The lease finishes on 21st October 2099
With 74 years left to run the likely cost is going to be between £8,600 and £9,800 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you move forward based on this information before seeking the advice of a professional.
Me and my husband have recently had an offer agreed on a property and had meeting on Tuesday with Leeds Building Society for the mortgage. They advised me that when it comes to choosing a solicitor that if they are not on their approved panel of solicitors then we will have to pay out a further charge of £200. This is is due to the fact that they would then have to select a property lawyer to act on their behalf in addition to the one we appoint on our behalf and we assume responsibility for their costs. I have requested Leeds Building Society to provide me with a list so I can obtain estimates only from their approved lawyers but was told they dont have such a list to hand over. Is there a list online?
You can enquire of Leeds Building Society what their criteria for panel membership is for a conveyancer.Then ask the property lawyer of your choice whether they meet the criteria and have they acted on mortgages for Leeds Building Society before. If the answer to those is yes, then just clarify this with Leeds Building Society. Another option is to utilise our search tool and we may be able to identify a conveyancing practitioner in Morpeth on the approved list for Leeds Building Society.