I can't travel far from Ruddington. Can you please clarify why all Ruddington property lawyers aren't included on all bank panels?
Mortgage Companies normally impose restrictions on either the nature or the number of conveyancing solicitors on their panel. A common example of such criteria being that the organisation must have two or more partners. As well as restricting the structure of firm, some building societies made a decision to reduce the size of their panel they allow to represent them. It is worth noting that lenders have no accountability for the accuracy of service provided by any Ruddington lawyer on their approved list. Property fraud was the key driver in the reduction of conveyancing panels in the last decade notwithstanding that there are differing views about the extent of solicitor involvement in some of that fraud. Statistics published by HMLR indicates that thousands of law firms only carry out a couple of conveyances annually. Those vindicating conveyancing panel pruning ask why law firms should have the right to be on a lender panel when it is evident that property law is not their primary expertise?
Our son-in-law is about to exchange on a house that has just been built in Ruddington with a mortgage from Skipton. His lawyer has advised him of a delay in receiving the ‘Disclosure of Incentive Form’. This document is news to me - what is it and who needs sight of it?
The form is intended to provide information to the main parties involved in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the Skipton conveyancing panel as a standard part of the process, and to the valuer when requested. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Skipton conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
I am refinancing my apartment in Ruddington, does my lawyer need to be on the Principality Solicitor panel?
There is nothing to stop you using your solicitor, but Principality will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
A friend advised me that where I am purchasing in Ruddington I should carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is sometimes included in the estimate for your Ruddington conveyancing searches. It is a large document of about 40 pages, listing and detailing significant information about Ruddington around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, Ruddington Education with plans and statistics, Local Amenities and other useful data regarding Ruddington.
I have been on the look out for a leasehold apartment up to £195,000 and identified one round the corner in Ruddington I like with a park and station in the vicinity, however it only has 52 remaining years left on the lease. I can't really find anything else in Ruddington for this price, so just wondered if I would be making a grave error buying a lease with such few years left?
If you require a mortgage that many years will likely be problematic. Reduce the offer by the anticipated lease extension will cost if not already taken into account. If the current proprietor has owned the property for at least 2 years you can ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer regarding this matter.
Estate agents have just been given the go-ahead to market my ground floor apartment in Ruddington.Conveyancing lawyers have not yet been instructed however I have just received a half-yearly service charge invoice – Do I pay up?
It best that you pay the service charge as normal given that all rents and maintenance payments should be apportionedon completion, so you will be reimbursed by the purchaser for the period running from after the completion date to the next payment 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. Having a clear account will assist your cause and will leave you no worse off financially