My fiance and I are planning to purchase a property in Settle and are in fact using a Settle conveyancing firm. Within the past 48 hours our lawyer has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Norwich and Peterborough Building Society have this evening contacted us to inform me that they have now hit a problem as our Settle lawyer is not on their approved list of lawyers. Please explain?
If you are buying a property needing a mortgage it is standard for the purchasers' lawyers 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 bank 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 don't have to instruct a firm on the lender’s conveyancing panel as you are at liberty to use your preferred Settle lawyers, in which case it will likely add costs, and it may delay matters as you are adding another lawyer into the mix.
My son-in-law is buying a newly built flat in Settle with a home loan from TSB. His solicitor has said that there is a delay in completing the ‘Disclosure of Incentive Form’. What is this document - I have never come across this before?
The form is intended to provide information to the main parties engaged in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the TSB conveyancing panel as a standard part of the process, and to the valuer when asked. 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 TSB conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Yesterday I discovered that there is a flying freehold issue on a property I put an offer in last month in what should have been a simple, no chain conveyancing. Settle is where the house is located. Is there any advice you can impart?
Flying freeholds in Settle are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Settle you would need to get your solicitor to go through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Settle may ascertain 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.
Hoping to buy a property located in Settle and I am already nervous. I couldn't find anything specific about Settle. Conveyancing will be needed in due course but do you know about the Settle area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Settle. In the meantime here are some basic statistics that we found
My brother has encouraged me to appoint his conveyancers in Settle. Should I find my own solicitor?
No doubt it’s preferable to select a conveyancing practitioner is to get recommendations from friends or family who have experience in using the firm that you are are thinking of instructing.
I’m about to sell my 2 bed apartment in Settle. Conveyancing solicitors are to be appointed soon, however I have recently had a half-yearly maintenance charge invoice – should I leave it to the buyer to sort out?
The sensible thing to do is clear the invoice as you normally would as all rents and service invoices should be allotted 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 next payment date. Most managing agents 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.
I purchased a 1 bedroom flat in Settle, conveyancing formalities finalised 8 years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Corresponding flats in Settle with a long lease are worth £192,000. The ground rent is £55 per annum. The lease expires on 21st October 2079
With only 54 years remaining on your lease the likely cost is going to be between £32,300 and £37,400 plus legals.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. Do not use the figures in tribunal or court proceedings. There may be additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not move forward based on this information without first getting professional advice.