I am in the process of selling my flat in Sandiacre and the EA has just e-mailed to say that the buyers are appointing a new law firm. The reason given is that the mortgage company will only deal with solicitors on their conveyancing panel. Why would a leading lender only work with certain lawyers rather the firm that they want to appoint to handle their conveyancing in Sandiacre ?
Banks have always had panels of law firms that can represent them, but in the past few years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 25 years.
Banks point to the increase in fraud as the reason for the reduction – criteria have been tightened as a smaller panel is easier to monitor. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The purchasers are not going to have any impact on this.
We are a couple about to sign contracts for a ground floor flat in Sandiacre. We encountered a snag. The mortgage offer with Barclays Direct expires on 17/9/2024 but the sellers are insisting on a completion date of 19/9/2024. Is it possible to prolong the loan offer?
The best person to deal with your concern is your solicitors who will assess if he or she is corresponding with the bank, vendor’s solicitors, estate agents or conceivably all parties given the history of your conveyancing as of today.
I am told that my conveyancing solicitors will need to check that the building insurance for my purchase of a house in Sandiacre. My lender is Virgin
Virgin have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 17/7/2024, the requirements read as follows :
How can we tell if a Sandiacre conveyancing solicitor on the Yorkshire BS panel is any good?
When it comes to conveyancing in Sandiacre seeking recommendations is a good starting point. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one which is cheap as chips. We would always advise that you speak with the lawyer carrying out your transaction.
I am due to exchange contracts on my apartment. I had a double glazing fitted in March 2008, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's mortgage company, Barclays are being pedantic. The Sandiacre solicitor who is on the Barclays conveyancing panel is recommending indemnity insurance as a solution but Barclays are requiring a building regulation certificate. Why do Barclays have a conveyancing panel if they don't accept advice from them?
It is probably the case that Barclays have referred the matter to their valuer. The reason why Barclays 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.
Planning on purchasing a apartment in Sandiacre. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Leeds Building Society conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Sandiacre solicitor is on the Leeds Building Society conveyancing panel.
The estate agent has sent us the confirmation of our purchase of a new build apartment in Sandiacre. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Set out below is a sample of a few leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Sandiacre
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There must be mutual enforceability of lessee’s covenants. Forfeiture - bankruptcy or liquidation must not apply under this provision. Please supply evidence that the form of Lease proposed has been approved by the Land Registry. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose?
I only have 68 years remaining on my flat in Sandiacre. I now wish to extend my lease but my landlord is missing. What options are available to me?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be granted an extra 90 years by the magistrate. You will be obliged to prove that you have made all reasonable attempts to find the lessor. In some cases a specialist may be useful to carry out a search and prepare a report which can be used as evidence that the landlord is indeed missing. It is wise to seek advice from a property lawyer both on devolving into the landlord’s disappearance and the application to the County Court covering Sandiacre.
Leasehold Conveyancing in Sandiacre - Sample of Queries Prior to Purchasing
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What is the length of the lease? In the main the outlay for major works tend not to be included within maintenance charges, although a few managing agents in Sandiacre require leaseholders to contribute towards a sinking fund created for the specific intention of establishing a fund for major repairs or maintenance. Please note that where the lease has less than 80 years it will have adverse implications on the marketability of the flat. It is worth checking with your mortgage company that they are willing to go ahead with the loan given the lease term. Leases with less than 80 years remaining means that you will most likely require a lease extension sooner rather than later and you need to have some idea of what this would cost. For most Sandiacrelease extensions you will be required to have owned the property for a couple of years before you are legally able to extend the lease.