I am in the process of selling my maisonette in Thirsk and the EA has just e-mailed to advise that the purchasers are swapping property lawyer. I am told that this is due to the fact that the mortgage company will only deal with property lawyers on their conveyancing panel. Why would a big named lender only work with specific solicitors rather the firm that they want to select for their conveyancing in Thirsk ?
UK lenders have always had an approved set of law firms that can act for them, but in recent years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for over 25 years.
Mortgage companies blame a rise in fraud by way of justification for the cull – criteria have been stiffened as a smaller panel is easier to maintain. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is hearing daily from firms that have been removed from panels. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The buyers are not going to have any sway in the decision.
My home in Thirsk is up for sale and I have accepted an offer. Does my lawyer need to be required to be on the Virgin Money conveyancing panel in order to deal with the discharge of my mortgage?
Ordinarily, even if your lawyer is not on the Virgin Money conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their panel criteria fairly frequently currently.
I have been on the look out for a leasehold apartment up to £235,500 and identified one near me in Thirsk I like with a park and station in the vicinity, the downside is that it only has 49 years unexpired on the lease. I can't really find anything else in Thirsk in this price bracket, so just wondered if I would be making a mistake acquiring a short lease?
Should you need a home loan that many years may be a potential deal breaker. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for a minimum of 2 years you could request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should speak to your conveyancing lawyer about this.
My husband and I are FTB’s - had an offer accepted, yet the agent told us that the vendor will only issue a contract if we appoint the agent's chosen lawyers as they need an ‘expedited deal’. My instinct tells me that we should use a family conveyancer used to conveyancing in Thirsk
It is improbable the vendors are behind this. If they want ‘a quick sale', turning down a serious purchaser is likely to cause more damage than good. Try to communicate with the owners directly and make sure they understand (a)you are keen to buy (b)you are ready to go, with mortgage lined up © you are unencumbered (d) you intend to proceed fast (e)but you intend to appoint your own,trusted Thirsk conveyancing firm - not the ones that will give the estate agent a introducer fee or meet his conveyancing thresholds demanded by corporate headquarters.
I am hoping to put an offer on a small detached house that seems to meet my requirements, at a great price which is making it all the more appealing. I have since been informed that it's a leasehold rather than freehold. I would have thought that there are particular concerns purchasing a leasehold house in Thirsk. Conveyancing solicitors have are about to be instructed. Will my lawyers set out the risks of buying a leasehold house in Thirsk ?
Most houses in Thirsk are freehold and not leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area who can help the conveyancing process. We note that you are purchasing in Thirsk so you should seriously consider looking for a Thirsk conveyancing practitioner and be sure that they are used to dealing with leasehold houses. First you will need to check the number of years remaining. Being a leaseholder you will not be at liberty to do whatever you want to the property. The lease will likely included provisions such as obtaining the freeholder’sconsent to conduct alterations. You may also be required to pay a contribution towards the upkeep of the estate where the property is part of an estate. Your solicitor will appraise you on the various issues.
I own a studio flat in Thirsk, conveyancing formalities finalised October 1996. How much will my lease extension cost? Similar properties in Thirsk with a long lease are worth £185,000. The average or mid-range amount of ground rent is £65 invoiced annually. The lease ceases on 21st October 2086
With only 60 years left to run we estimate the price of your lease extension to be between £20,000 and £23,000 as well as legals.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive investigations. You should not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not take any other action based on this information before seeking the advice of a professional.
The property lawyers handling our conveyancing in Thirsk has forwarded papers to review that reveal that the property is unregistered with epitome documents. How can it be that the property not registred at HM Land Regsitry?
It is unusual for premises in Thirsk not to be registered. An 'epitome' is basically a dossier of photocopies of documents affecting an unregistered title. Plenty of Thirsk conveyancing practitioners will be familiar with this type of conveyancing but where uncertainty exists the prevailing proposition nowadays is for the current owners to undertake the registration formalities first and subsequently sell - this undoubtedly cause a protracted home move.