We are purchasing a 1 bedroom apartment in Newark on Trent with a mortgage. We wish to retain our Newark on Trent conveyancer, but the mortgage company advise he's not on their "panel". It appears that we have no option but to appoint one of the bank panel firms or keep our Newark on Trent conveyancer as well as pay for one of their panel ones to act for them. We feel that this is unjust; can we not require that the bank use our Newark on Trent property lawyer ?
Unfortunately,no. Your mortgage offer 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. A further alternative is for your Newark on Trent conveyancing lawyer to apply to be on the conveyancing panel.
I own a freehold house in Newark on Trent yet charged rent, why is this and what is this?
It’s unusual for properties in Newark on Trent and has limited impact for conveyancing in Newark on Trent but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back hundreds of years, but the Rent Charge Act 1977 barred the generation of new rentcharges post 1977.
Previous rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 will be dispensed with completely.
Please explain the implications if my solicitor is suspended from the Coventry BS Solicitor panel ahead of completing my conveyancing in Newark on Trent?
The first thing to point out is that, this is very unlikely to happen. 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 for a fee.
Due to the advice of my in-laws I had a survey completed on a property in Newark on Trent in advance of retaining solicitors. I have been told that there is a flying freehold element to the property. Our surveyor has said that some mortgage companies tend refuse to grant a loan on this type of premises.
It depends who your proposed lender is. Santander has different instructions from Halifax. Should you wish to telephone us we can check with the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Newark on Trent. Conveyancing may be slightly more expensive based on your lender's requirements.
I am 14 days into a residential purchase having been referred to a firm by the high street agent to do our conveyancing in Newark on Trent. I am am extremely frustrated with the quality of service. Could you you assist me in finding new solicitors?
A lawyer would have to be very bad to suggest diss instructing them. Has your mortgage offer been sent? If so you will need to advise them of the new contact details and get the loan are re-issued. Your new conveyancer should be on the lenders panel to avoid supplemental expenses and delays. So that should be your starting point. The search tool will assist you in finding a bank approved conveyancer for your home move in Newark on Trent
Having had my offer accepted I require leasehold conveyancing in Newark on Trent. Before diving in I require certainty as to the remaining lease term.
Assuming the lease is registered - and 99.9% are in Newark on Trent - 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 acquired a leasehold flat in Newark on Trent, conveyancing having been completed in 2005. Can you please calculate a probable premium for a statutory lease extension? Equivalent properties in Newark on Trent with an extended lease are worth £185,000. The average or mid-range amount of ground rent is £65 charged once a year. The lease runs out on 21st October 2085
With 60 years left to run we estimate the price of your lease extension to be between £20,000 and £23,000 plus professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed investigations. You should not use this information in tribunal or court proceedings. There are no doubt other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not move forward based on this information before getting professional advice.