I am purchasing a property for cash in Rothbury. I have lived for the last twelve years in Rothbury. Conveyancing searches are a lot of money. As I know the area and road very well should I not bother getting the solicitor to do all the conveyancing searches?
In the absence of a home loan, then almost all of the Rothbury conveyancing searches are non-obligatory. Your conveyancer will ’encourage you, no-doubt strongly, that you should have searches done, but she has a professional duty to do this. Do bear in mind; if you are intend to sell the house at a future date, it may be of relevance to your prospective buyer what the searches contain. Sometimes properties with no practical issues can still throw up unexpected search results. A good conveyancing solicitor in Rothbury will be able to give you some sensible guidance in this regard.
I am told that my conveyancing solicitors will need to check that the building insurance for my purchase of a house in Rothbury. My lender is Tesco Bank
Tesco Bank have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 13/5/2024, the requirements read as follows :
Is it the case that all Rothbury CQS (Conveyancing Quality Scheme) solicitors are on the Nationwide conveyancing list of approved practices?
It is true that some banks and building societies now utilise the accreditation scheme as the kick off point for Panel approval such as HSBC and Santander. CQS membership however is no guarantee to lender panel acceptance. Nevertheless,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for firms wishing to join their panels.
When it comes to mortgage companies such as Aldermore, do Rothbury conveyancers incur a fee to be on the list of approved solicitors?
We are not aware of any bank fees to register on their panel, although some do levy an administration fee to deal with the processing of the conveyancing panel submission.
is it true that all Rothbury conveyancing solicitors on the Barclays conveyancing panel are overseen by the SRA?
As solicitors, in order to be on the Barclays approved list of solicitors they would need to be overseen by the SRA. Some mortgage companies do permit licenced conveyancers on their panel and in that case the practice would be governed by the Council of Licensed Conveyancers.
Despite weeks of looking the Title Certificate and documents to my home can not be found. The solicitors who handled the conveyancing in Rothbury 10 years ago are no longer around. What are my next steps?
Nowadays there are duplicates made of almost everything, and your conveyancer will be aware exactly where to find all the relevant paperwork so you may buy or sell your property without a hitch. Where copies can’t be located, your conveyancer can arrange cover in the form of insurance or indemnities protecting you against future claims on your property.
I have just appointed agents to market my basement flat in Rothbury. Conveyancing solicitors are to be appointed soon, however I have just received a half-yearly service charge demand – what should I do?
It best that you pay the maintenance contribution as normal because all ground rent and service charges should be apportioned as part of the financial calculations for completion monies, so you should recover the relevant percentage by the buyer for the period running from after the completion date to the subsequent invoice date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I bought a ground floor flat in Rothbury, conveyancing having been completed half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent properties in Rothbury with over 90 years remaining are worth £265,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease ends on 21st October 2099
With only 75 years remaining on your lease we estimate the price of your lease extension to range between £8,600 and £9,800 as well as professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to provide a more accurate figure without more comprehensive due diligence. You should not use this information in tribunal or court proceedings. There may be additional issues that need to be taken into account 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 before getting professional advice.
My nephew is embarking on her first house purchase, he had his mortgage in principle. When the seller agreed the offer on the apartment we contacted the building society to issue the formal offer. We were very surprised to hear that banks do not accept all solicitor, they have to be on a list, is this legal?
Lenders tend to restrict either the type or the number of conveyancing practices on their approved list of lawyers. Typical examples of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that banks have no responsibility for the quality of advice provided by any Rothbury solicitor on their panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, conveyancing is not their speciality. To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime? Probably not.