Our lawyer has identified a defect with the lease for the flat we are buying in Shinfield and Arborfield. The other side have offered title insurance as a workaround. We are content with insurance and will pay for it. Our lawyer says that he must check that the lender is willing to move forward with this solution. Who is the client here, us or the bank?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the bank are the client. Your conveyancing practitioner must comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the mortgage company can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your conveyancer will have no choice but to discontinue acting for you.
My Solicitor in Shinfield and Arborfield is not listed on the Nationwide Building Society Solicitor Panel. Is it possible for me to retain my prefered solicitor notwithstanding that they are not on the Nationwide Building Society panel?
The limited options available to you here include:
- Complete the purchase with your existing Shinfield and Arborfield lawyers but Nationwide Building Society will need to use a conveyancer on their panel. This will result in additional overall legal charges as well as result in frustration.
- Find a new solicitor to to deal with the purchase, obviously checking they are on the Nationwide Building Society panel
My lawyer has informed me that restrictive coveneant insurance is necessary on my purchase. What is the level of cover for Shinfield and Arborfield conveyancing?
The appropriate level of restrictive coveneant indemnity insurance should be dictated by who your lender. It would differ for example between Halifax and Barnsley Building Society. Conveyancing practitioners as opposed to members of the public take out such policies.
Is it correct that all Shinfield and Arborfield CQS (Conveyancing Quality Scheme) solicitors are on the Nationwide conveyancing panel?
It is true that some lenders now utilise CQS as the kick off point for Panel membership such as HSBC and Santander. CQS membership however gives no guarantee to lender panel acceptance. Nevertheless,the CML have indicated that it is likely to become a pre-requisite for firms wishing to join their approved list of firms.
Can I be sure that the Shinfield and Arborfield conveyancing solicitor on the Bank of Ireland panel is any good?
When it comes to conveyancing in Shinfield and Arborfield getting recommendations is a sensible 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 advocate that you speak with the solicitor carrying out your transaction.
I need some expedited conveyancing in Shinfield and Arborfield as I have a deadline to exchange contracts inside 4 weeks. Fortunately I do not require a mortgage. Can I escape the need for conveyancing searches to save fees and time?
As you are are a cash buyer you have the choice not to have searches conducted although no solicitor would advise that you don't. Drawing on years of experience of conveyancing in Shinfield and Arborfield the following are examples of issues that can crop up and adversely impact the marketability of the property: Enforcement Notices, Outstanding Charges, Overdue Grants, Road Schemes,...
I need to retain a conveyancing solicitor for freehold conveyancing in Shinfield and Arborfield. I've chance upon a site which appears to be the perfect solution If it is possible to get all the legals completed via phone that would be preferable. Do I need to be wary? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
I wish to sublet my leasehold apartment in Shinfield and Arborfield. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for their consent?
Even though your previous Shinfield and Arborfield conveyancing solicitor is no longer around you can check your lease to check if you are permitted to let out the apartment. The rule is that if the deeds are non-specific, subletting is allowed. There may be a precondition that you must obtain consent via your landlord or some other party before subletting. This means you not allowed to sublet in the absence of prior consent. Such consent should not be unreasonably turned down. If the lease does not allow you to sublet you will need to ask your landlord if they are willing to waive this restriction.
I am the registered owner of a split level flat in Shinfield and Arborfield, conveyancing formalities finalised half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Similar flats in Shinfield and Arborfield with a long lease are worth £206,000. The average or mid-range amount of ground rent is £45 charged once a year. The lease ceases on 21st October 2092
With 66 years left to run we estimate the price of your lease extension to span between £11,400 and £13,200 plus plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to supply a more accurate figure without more comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. 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 based on this information without first getting professional advice.