My husband and I are planning to acquire a house in Somerset and have instructed a Somerset conveyancing practice. Within the last couple of days our lawyer has sent a preliminary report and documents to look through with a view to exchanging next week. Nottingham Building Society have this afternoon contacted us to advise us that they have now hit a problem as our Somerset solicitor is not on their approved list of lawyers. What do we do from here?
When purchasing a property with the benefit of a mortgage it is standard for the purchasers' solicitors to also represent the mortgage company. 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 bank's conveyancing panel and you may continue to use your own Somerset solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another lawyer into the mix.
I am considering applying for a Aldermore mortgage for purchase of a newly converted (under development) in Somerset with 65 per cent loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for Aldermore ?
In theory, you could use a solicitor that is not on the Aldermore conveyancing panel, but Aldermore would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same transaction.
I opted to have a survey completed on a house in Somerset in advance of appointing lawyers. I have been told that there is a flying freehold overhang to the property. My surveyor advised that some banks may not grant a mortgage on a flying freehold property.
It varies from the lender to lender. Lloyds has different instructions from Nationwide. Should you wish to telephone us we can check via the appropriate bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Somerset. Conveyancing may be slightly more expensive based on your lender's requirements.
We are 18 days into a leasehold purchase having been referred to a firm by the selling agent to execute conveyancing in Somerset. I am am very frustrated with the level of service. Could you help me find new lawyers?
A solicitor would need to be very poor to suggest changing them. Has your loan offer been issued? In the event that it has you will need to inform them of the new lawyer and ensure the loan are re-sent. Your solicitor ideally needs to be on the lenders approved list to avoid escalating costs and delays. That should be your first question of the new lawyers. The search tool will assist you in finding a lender approved conveyancer for your home move in Somerset
I own a leasehold flat in Somerset. Conveyancing and Bank of Scotland mortgage are in place. I have received a letter from someone saying they have taken over the reversionary interest in the property. It included a ground rent demand for rent dating back to 1991. The conveyancing practitioner in Somerset who previously acted has long since retired. Do I pay?
The first thing you should do is make enquiries of the Land Registry to be sure that this person is indeed the registered owner of the freehold reversion. There is no need to incur the fees of a Somerset conveyancing lawyer to do this as you can do this on the Land Registry website for £3. Rest assured that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I own a 2 bed flat in Somerset, conveyancing was carried out in 1997. Can you please calculate a probable premium for a statutory lease extension? Equivalent flats in Somerset with over 90 years remaining are worth £185,000. The average or mid-range amount of ground rent is £65 per annum. The lease expires on 21st October 2085
With just 59 years left to run we estimate the premium for your lease extension to be between £20,900 and £24,200 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range 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 in the absence of comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be considered 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 seeking the advice of a professional.
Being a leasehold owner I am liable for a service charge for my ground floor flat in Somerset. Due to losing my job and other issues I fell behind with payments. I negotiated a payment schedule but there remains approximately £2000 currently due.
I am under pressure to sell and I am nervous that this will hold me back if I have to settle the arrears now. I'd like to sell up and then pay them back with the completion monies - is this practicable?
Your property lawyer will hopefully be in a position to negotiate with the management company, and agree with them whether or not they would accept settlement from sale proceeds. Here is indicative of why it is sensible to appoint a conveyancer in Somerset as they may well enjoy an established relationship with the parties.