My fiance and I are looking to purchase a property in Riding Mill and have instructed a Riding Mill conveyancing practice. Within the past 48 hours our lawyer has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. Lloyds TSB Bank have this evening contacted us to advise us that they have now hit a problem as our Riding Mill conveyancer is not on their conveyancing panel. Is this a problem?
When purchasing a property with the benefit of a mortgage it is conventional for the purchasers' solicitors to also represent 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 property lawyer should contact your lender 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 are not legally obliged to appoint a law firm on the bank's conveyancing panel and you may continue to use your own Riding Mill solicitors, in which case your legal fees may increase, and it may delay matters as you have another set of people involved.
Are the BSA intent on creating a searchable register to list practices on the Coventry BS conveyancing panel for instance in Riding Mill?
We would not expect to be advised of any intention on the part of the BSA to promote such a register.
I am helping my mother sell her house in Riding Mill. Does the conveyancer order the energy performance certificate or it is for the owner to coordinate?
After the abolition of HIPs, energy assessments was left as a mandatory component of moving property. An EPC needs to be to hand in advance of the property being put on the market. It is not a task that law firms normally arrange. If you are using a Riding Mill conveyancing solicitor they might help arrange energy performance certificates due to their contacts with long established Riding Mill energy assessors
is it true that all Riding Mill solicitor practices on the Coventry BS conveyancing panel are regulated by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the Coventry BS approved list of solicitors they would need to be governed by the Solicitors Regulatory Authority. Some banks do permit licenced conveyancers on their panel in which case such firms would be regulated by the Council of Licensed Conveyancers.
I am selling my flat. I had a double glazing fitted in May 2008, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s mortgage company, Aldermore are being problematic. The Riding Mill solicitor who is on the Aldermore conveyancing panel is saying indemnity insurance will be fine but Aldermore are insisting on a building regulation certificate. Why do Aldermore have a conveyancing panel if they don't accept advice from them?
It is probably the case that Aldermore have referred the matter to their valuer. The reason why Aldermore may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
I have todaybecome aware that Arc property Solicitors have been shut down. They carried out my conveyancing in Riding Mill for a purchase of a freehold house 9 months ago. How can I establish that the property is not still registered in the name of the previous owner?
The easiest way to check if the property is registered to you, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Riding Mill conveyancing specialists.
I'm buying my first flat in Riding Mill with a loan from The Mortgage Works. The builders would not budge the price so I negotiated £7000 of additionals instead. The house builders rep advised me not disclose to my lawyer about the deal as it will jeopardize my mortgage with the bank. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I am hoping to put an offer on a small detached house that seems to meet my requirements, at a great price which is making it more attractive. I have since been informed that it's a leasehold rather than freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in Riding Mill. Conveyancing lawyers have are about to be appointed. Will my lawyers set out the risks of buying a leasehold house in Riding Mill ?
Most houses in Riding Mill are freehold rather than leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can help the conveyancing process. it is apparent that you are purchasing in Riding Mill so you should seriously consider shopping around for a Riding Mill conveyancing solicitor and check that they are used to dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a lessee you will not be entirely free to do whatever you want with the house. The lease comes with conditions such as obtaining the freeholder’spermission to conduct changes to the property. It may be necessary to pay a contribution towards the maintenance of the communal areas where the house is part of an estate. Your conveyancer will advise you fully on all the issues.
I inherited a basement flat in Riding Mill, conveyancing formalities finalised September 2012. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent properties in Riding Mill with over 90 years remaining are worth £201,000. The average or mid-range amount of ground rent is £45 yearly. The lease expires on 21st October 2090
With only 65 years left to run we estimate the price of your lease extension to range between £13,300 and £15,400 plus legals.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first seeking the advice of a professional.