I am nearing exchange of contracts for my maisonette in Sandringham and the EA has just e-mailed to advise that the buyers are appointing a new solicitor. The reason given is that the lender will only work with solicitors on their approved list. Why would a big named lender only engage with certain solicitors rather the firm that they want to choose to handle their conveyancing in Sandringham ?
Banks have always had an approved set of law firms that can act for them, but in the last few years big names such as Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Lending institutions point to the increase in fraud by way of justification for the pruning – criteria have been tightened as a smaller panel is easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is being contacted daily by practices that have been removed from panels. Plenty of firms 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 buyers are not going to have any impact on this.
My wife and I are getting closer to an exchange on a house in Sandringham and my mum and dad have transferred the ten percent deposit to my lawyer. I am now advised that as the deposit has not arrived from me my property lawyer needs to make a notification to my lender. I am advised that, in also acting for the mortgage company he must advise them that the balance of the purchase price is coming from anyone other than me. I advised the bank regarding my parents' contribution when I applied for the home loan, so is it really appropriate for this now to be an issue?
The solicitor is duty bound to clarify with the bank to make sure that they know that the balance of the purchase price is not from your own funds. The solicitor can only reveal this to your lender if you permit them to, failing which, your lawyer must cease to continue acting.
Does a directory service exist listing UBS panel conveyancers in Sandringham on the UK Finance Lenders’ Handbook Website?
No. There is no such directory service on the Council of Mortgage Lenders or Building Society Association websites. A small selection of mortgage companies make their panel listings available on the web. Where you are looking for a Sandringham property lawyer on the UBS please make the most of our tool.
I am expecting a OIP from Clydesdale this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Clydesdale recommend any Sandringham solicitors on the Clydesdale conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Sandringham solicitors independently although you'll need to choose one on the Clydesdale conveyancing panel. The solicitor represents both you and Clydesdale through the process.
The mortgage over my property is with Lloyds for my property in Sandringham. Conveyancing was finalised months ago. If I am intending to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Lloyds?
Lloyds must be informed of your intention before renting your property as this is likely to be a breach of Lloyds’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Lloyds directly. You need not do this via a Lloyds conveyancing panel solicitor.
I've recently found out that there is a flying freehold issue on a house I put an offer in two weeks back in what should have been a quick, no chain conveyancing. Sandringham is the location of the property. Can you shed any light on this issue?
Flying freeholds in Sandringham are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Sandringham you must be sure that your lawyer goes through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Sandringham may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
I'm remortgaging my existing property to a BTL loan with Britannia and intend to use the remaining equity towards another house. The neighborhood we are looking at is Sandringham. Will your solicitors be able to act for both sets of banks and link together the conveyances?
Do use our search tool on this site to be sure that the solicitors are on the appropriate lender panels. On the basis that they are your conveyancer should be able to connect the two conveyancing matters but you should have a chat with you lawyer and specify your desired outcome and needs.
I've found a house that seems to meet my requirements, at a great figure which is making it all the more appealing. I have since discovered that it's a leasehold rather than freehold. I would have thought that there are issues purchasing a leasehold house in Sandringham. Conveyancing lawyers have not yet been appointed. Will my lawyers set out the implications of buying a leasehold house in Sandringham ?
The majority of houses in Sandringham are freehold and not leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are buying in Sandringham so you should seriously consider looking for a Sandringham conveyancing solicitor and be sure that they have experience in advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a tenant you will not be at liberty to do whatever you want to the property. The lease will likely included provisions such as requiring the freeholder’sconsent to conduct changes to the property. It may be necessary to pay a contribution towards the upkeep of the communal areas where the house is part of an estate. Your solicitor should advise you fully on all the issues.
I own a split level flat in Sandringham, conveyancing having been completed 9 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar flats in Sandringham with a long lease are worth £186,000. The ground rent is £55 charged once a year. The lease ends on 21st October 2077
With 52 years remaining on your lease we estimate the premium for your lease extension to be between £29,500 and £34,000 plus professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and clearly you should 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.