My wife and I are looking to purchase a house in Summerhill and are in fact using a Summerhill conveyancing firm. Within the last couple of days our property lawyer has sent a preliminary report and documents to look through with a view to exchanging next week. Bank of Scotland have this morning contacted us to advise us that there is now an issue as our Summerhill conveyancer is not on their approved list of lawyers. Please explain?
When purchasing a property with the benefit of a mortgage it is conventional for the purchasers' lawyers to also act for 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 Quality 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 lawyers to represent them. You are not legally obliged to appoint a law firm on the bank's conveyancing panel as you are at liberty to use your preferred Summerhill lawyers, in which case it will likely add costs, and it may delay matters as you have another set of people involved.
My solicitor has uncovered a defect with the lease for the property we are buying in Summerhill. The seller’s lawyers have put forward defective title insurance as a workaround. We are happy with insurance and will cover the costs. Our property lawyer has advised that he must check that the lender is willing to move forward with this solution. Who is the client here, us or the lender?
Notwithstanding that you have a mortgage offer from the lender does not mean to say that the property will meet their requirements for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook conditions. You and the bank are the client. The appropriate lender requirements must be adhered to.
How can we tell if a Summerhill conveyancing solicitor on the Lloyds panel is any good?
When it comes to conveyancing in Summerhill obtaining recommendations is a sensible start. 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 advertising the lowest fees. We would always advise that you speak with the lawyer handling your conveyancing.
My wife and I have arranged a further advance on our home loan from Leeds Building Society as we wish to conduct renovations to our home in Summerhill. Are we obliged to choose a local Summerhill solicitor on the Leeds Building Society conveyancing panel to handle the paperwork?
Leeds Building Society do not ordinarily appoint a member of 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 Leeds Building Society list.
Our offer on a detached house in Summerhill has been agreed to, but there is a chain. The sellers have put an offer on on an apartment, however it’s not been accepted yet, and are looking at other properties in the pipeline. I have chosen a high street conveyancing solicitor in Summerhill. What should be my next step? When do I get the mortgage application with Clydesdale going?
It is normal to have concerns where there is a chain as you are unlikely to want to be too out of pocket prematurely (mortgage application is approx £1k, then survey, Summerhill conveyancing search charges, etc). First, you should ensure that your lawyer is on the Clydesdale approved list. As to the subsequent phase this very much depends on the uniqueness of your case, attraction to this property and on the state of the market. During a buoyant market some home buyers will apply for a home loan with Clydesdale and pay for the valuation and only if it comes back ok would they pay their property lawyer to move forward with the conveyancing in Summerhill.
Have purchased a a semi-detached house in Summerhill , What is the estimated time for the Land Registry to record my ownership? My Summerhill conveyancing solicitor has been painfully slow, so I want to be sure the land registry aspects are dealt with.
As far as conveyancing in Summerhill is concerned, registration is no faster or slower than the rest of England and Wales. As opposed to being determined by geographic area, timescales can vary depending on who lodges the application, whether it is in order and whether the Land registry need to notify any interested parties. At present approximately three quarters of submission are fully dealt with in less than three weeks but some can be subject to longer hold-ups. Registration takes place after the purchaser has moved in to the premises therefore an expedited registration is not usually primary concern but where it is urgent that the the registration takes place urgently then you or your lawyers must contact the land registry and explain the circumstances.
I am a negotiator for a reputable estate agency in Summerhill where we see a few flat sales derailed due to leases having less than 80 years remaining. I have been given conflicting advice from local Summerhill conveyancing firms. Please can you confirm whether the vendor of a flat can instigate the lease extension process for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the sale.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I am the registered owner of a garden flat in Summerhill, conveyancing having been completed in 2010. Can you let me have an estimated range of the fair premium for a lease extension? Comparable flats in Summerhill with an extended lease are worth £202,000. The ground rent is £60 yearly. The lease ceases on 21st October 2083
With 57 years left to run the likely cost is going to range between £28,500 and £33,000 plus legals.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to provide the actual costs in the absence of comprehensive due diligence. Do not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action based on this information without first seeking the advice of a professional.
Is it the case that all Summerhill law firms on every lender conveyancing panel?
You can use our search tool or you can drop into your local bank branch in Summerhill. the probability is that they will know some good conveyancing solicitors in Summerhill