My fiance and I are looking to buy a house in Northampton and have instructed a Northampton conveyancing practice. Within the last couple of days our property lawyer has sent a preliminary report and documents to look through with a view to exchanging next week. National Westminster Bank have this morning contacted us to advise us that there is now an issue as our Northampton solicitor is not on their approved list of lawyers. Is this a problem?
When purchasing a property with mortgage finance it is conventional for the purchasers' solicitors to also act for the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your solicitor should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You don't have to instruct a firm on the lender’s conveyancing panel as you are at liberty to use your preferred Northampton lawyers, in which case your legal fees may increase, and it may delay matters as you have another set of people involved.
Due to move into my new home in Northampton next Tuesday. I have now been asked to send a copy of my building insurance schedule by my solicitor as he says that he has to check this in his capacity as lawyer for the lender. What does the insurance need to cover?
All property lawyers on acting for mortgage companies 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 instructions. These requirements are not specific to conveyancing in Northampton.
We are intent on selling our home in Northampton and the buyers lawyers are claiming that there is a possibility that the property was constructed on contaminated land. Any local conveyancer would know this is not the case. For the life of me I don't know why the purchasers instructed an online conveyancing practice as opposed to a conveyancing solicitor in Northampton. Having lived in Northampton for 4 years we know of no issue. Should we get in touch with our local Authority to seek confirmation need.
It sounds as though you may have a conveyancing lawyer currently acting for you. What do they say? You should enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same illness)
Due to the encouragement of my in-laws I had a survey completed on a house in Northampton before retaining solicitors. I have been advised that there is a flying freehold overhang to the property. Our surveyor advised that some banks may refuse to grant a loan on a flying freehold property.
It varies from the lender to lender. HSBC has different instructions for example to Birmingham Midshires. If you contact us we can investigate further via the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Northampton. Conveyancing will be smoother if you use a solicitor in Northampton especially if they are accustomed to such properties in Northampton.
In scouring the web for the words conveyancing in Northampton it reveals many solicitorsin the vicinity. How do I determine which is the right solicitor for me?
The best method of seeking the right conveyancer is via personal testimonial, so ask friends and those you trust who have purchased a property in Northampton or a reputable estate agent or mortgage broker. Fees for conveyancing in Northampton vary, so it's sensible to secure a minimum of four costs illustrations from varying types of property lawyers. Make sure that you clarify what costs in the quote includes.
Back In 2007, I bought a leasehold flat in Northampton. Conveyancing and Barnsley Building Society mortgage organised. I have received a letter from someone saying they have taken over the freehold. Attached was a ground rent demand for rent dating back to 1994. The conveyancing practitioner in Northampton who acted for me is not around. Do I pay?
First contact the Land Registry to make sure that this person is indeed the new freeholder. There is no need to incur the fees of a Northampton conveyancing practitioner to do this as it can be done on-line for a few pound. You should note that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I purchased a 1st floor flat in Northampton, conveyancing having been completed July 2004. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding flats in Northampton with over 90 years remaining are worth £191,000. The average or mid-range amount of ground rent is £55 per annum. The lease expires on 21st October 2076
You have 53 years left to run we estimate the premium for your lease extension to be between £27,600 and £31,800 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to advice on the actual costs without more detailed investigations. You should not use the figures in tribunal or court proceedings. There may be other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before seeking the advice of a professional.