I am selling my ground floor flat in South Normanton and the estate agent has just e-mailed to advise that the purchasers are switching property lawyer. The reason given is that the mortgage company will only deal with property lawyers on their conveyancing panel. On what basis would a major lender only engage with certain law firms rather the firm that they want to select for their conveyancing in South Normanton ?
Lenders have always had panels of law firms they are content to work with, but in the last few years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for decades.
Banks attribute this action to a rise in fraud by way of justification for the reduction – criteria have been tightened as a smaller panel is easier to keep an eye on. Banks tend not to reveal 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 are unaware that 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 unlikely to have any impact on this.
My husband and I have organised a further advance on our mortgage from Skipton as we intend to conduct a loft conversion to our home in South Normanton. Do we need to appoint a bricks and mortar South Normanton solicitor on the Skipton conveyancing panel to deal with the legals?
Skipton don't usually require firms on their approved list of lawyers to handle the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Skipton panel.
I am expecting a OIP from Aldermore this week so we can work out what to offer on a property we like as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Aldermore recommend any South Normanton solicitors on the Aldermore conveyancing panel, or is it better to find our own lawyer?
You will need to appoint South Normanton solicitors independently although you'll need to choose one on the Aldermore conveyancing panel. The solicitor represents both you and Aldermore through the process.
I am due to exchange contracts on my flat. I had a double glazing fitted in August 2008, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's mortgage company, Principality are being difficult. The South Normanton solicitor who is on the Principality conveyancing panel is happy to accept ‘lack of building regulation’ insurance but Principality are requiring a building regulation certificate. Why do Principality have a conveyancing panel if they don't accept advice from them?
It is probably the case that Principality have referred the matter to their valuer. The reason why Principality 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.
We are purchasing a property and the solicitor has identified Chancel Repair to which the property may be obligated to pay given it’s proximity to the area of such a church. She has recommended insurance. Is this really appropriate for conveyancing in South Normanton
Unless a previous acquisition of the property took place after 12 October 2013 you could expect conveyancing practitioners carrying out conveyancing in South Normanton to continue to recommend a chancel search and or insurance against a claim.
I am purchasing a new build house in South Normanton with a mortgage from Platform Home Loans Ltd. The builders would not move on the amount so I negotiated £7000 of additionals instead. The estate agent advised me not reveal to my solicitor about this side-deal as it would impact my mortgage with Platform Home Loans Ltd. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I have been on the look out for a leasehold apartment up to £305k and found one near me in South Normanton I like with open areas and station nearby, however it's only got 61 years unexpired on the lease. I can't really find anything else in South Normanton suitable, so just wondered if I would be making a grave error purchasing a short lease?
If you need a mortgage the shortness of the lease will likely be a potential deal breaker. Discount the price by the expected lease extension will cost if not already taken into account. If the current proprietor has owned the property for a minimum of 2 years you can ask them to start the process of the extension and pass it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should consult your conveyancing lawyer regarding this.
Having checked my lease I have discovered that there are only 68 years remaining on my lease in South Normanton. I am keen to extend my lease but my landlord is missing. What are my options?
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 mean that your lease can be granted an extra 90 years by the Court. However, you will be required to demonstrate that you or your lawyers have done all that could be expected to track down the freeholder. For most situations a specialist should be helpful to try and locate and prepare an expert document which can be used as evidence that the landlord can not be located. It is advisable to get professional help from a solicitor both on proving the landlord’s disappearance and the application to the County Court overseeing South Normanton.
I am the registered owner of a ground floor flat in South Normanton, conveyancing having been completed in 2003. Can you work out an approximate cost of a lease extension? Corresponding properties in South Normanton with over 90 years remaining are worth £216,000. The average or mid-range amount of ground rent is £50 invoiced every year. The lease expires on 21st October 2095
You have 69 years unexpired we estimate the price of your lease extension to range between £9,500 and £11,000 as well as 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 the actual costs in the absence of detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before seeking the advice of a professional.