Me and my partner are purchasing a 1 bedroom apartment in Northam with a mortgage. We have a Northam conveyancer, however the mortgage company says he's not on their "panel". It appears that we have little option but to select one of the mortgage company panel firms or keep our Northam lawyer and pay for one of their panel ones to act for them. We regard this is inequitable; is there anything we can do?
Unfortunately,no. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the bank’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 Northam conveyancing lawyer to apply to be on the conveyancing panel.
All was ready to complete my purchase in Northam next Monday. My lawyer now wants me to supply her with proof of content and building insurance for the property as as she informs me that she is duty bound to validate that it is in order for the lender. What risks does the bank expect the insurance to cover?
Any lawyer on acting for lenders would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s Part 2 requirements. These requirements are not limited to conveyancing in Northam.
Can I use your services to locate a Conveyancing solicitor in Northam even if I’m not purchasing or selling a house, for example where I want to buy an office in Northam with a loan from The Royal Bank of Scotland?
Our comparison service is primarily used to help choose domestic conveyancing solicitors in Northam but we have set out at the end of this page some Northam commercial conveyancing firms. You should make contact with the firm directly to check if they can also act for The Royal Bank of Scotland
I have been recommended a conveyancing solicitor in Northam. I I would like to check if they are on the Lloyds TSB Bank conveyancing panel. Can you assist?
You should phone the lawyer and enquire whether they can act for the lender. Alternatively you can call Lloyds TSB Bank who may be able to help.
Do you have any top tips for leasehold conveyancing in Northam from the perspective of saving time on the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Northam can be reduced where you instruct lawyers the minute your agents start advertising the property and ask them to put together the leasehold documentation needed by the purchasers’ representatives. If you have carried out any alterations to the property would they have required Landlord’s consent? In particular have you laid down wooden flooring? Most leases in Northam state that internal structural changes or laying down wooden flooring calls for a licence issued by the Landlord acquiescing to such alterations. If you fail to have the consents in place you should not contact the landlord without checking with your conveyancer in the first instance. If there is a history of any disputes with your landlord or managing agents it is very important that these are resolved before the property is marketed. The purchasers and their solicitors will be reluctant to purchase a flat where there is an ongoing dispute. You may need to swallow your pride and pay any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the buyers, but it is clearly preferable to present the dispute as over as opposed to ongoing. A minority of Northam leases require Licence to Assign from the landlord. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. The bank reference should make it clear that the buyer is financially capable of paying the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their lawyers.
I purchased a basement flat in Northam, conveyancing was carried out March 2012. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Comparable flats in Northam with over 90 years remaining are worth £211,000. The average or mid-range amount of ground rent is £45 invoiced every year. The lease terminates on 21st October 2089
You have 68 years remaining on your lease the likely cost is going to span between £9,500 and £11,000 plus professional fees.
The suggested premium range above 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 issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not move forward based on this information without first seeking the advice of a professional.
What can I do to establish who is the owner of a house in Northam?
As long as the premises is registered with HMLR, and you have requisite specifics of the address of the property, you will be able to view details from the HM Land Registry of the registered owner for a for less than a fiver.