My fiance and I are planning to acquire a house in Whittlesey and have appointed a Whittlesey conveyancing practice. Within the last couple of days our conveyancer has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Nottingham Building Society have this morning contacted us to advise us that there is now an issue as our Whittlesey conveyancer is not on their conveyancing panel. What do we do from here?
When purchasing a property with the benefit of a mortgage it is conventional for the purchasers' solicitors 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 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 Whittlesey 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.
We see that you have a search directory listing firms on the Aldermore conveyancing panel. Do firms pay you a commission if I retain them for our own conveyancing in Whittlesey?
We are a listing service only for law firms wishing to communicate if they are on the Aldermore conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Whittlesey.
I am considering applying for a Yorkshire BS mortgage for purchase of a new build (under development) in Whittlesey with 65 per cent LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Yorkshire BS ?
In theory, you could use a solicitor that is not on the Yorkshire BS conveyancing panel, but Yorkshire BS 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.
What is the difference between a licensed conveyancer and conveyancing solicitor in Whittlesey
There are two types of lawyers who can perform conveyancing in Whittlesey namely licenced conveyancers or solicitors. Both professionals handle the legal services that required to complete the disposal or acquisition of property. Both are obliged to execute Whittlesey conveyancing to the same quality and guidelines so you can be sure that your conveyancing will be properly conducted and that all requisite steps will be accurately taken.
I currently have a mortgage with Nationwide for my property in Whittlesey. Conveyancing has been completed 12 months ago. In the event that I decide to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Nationwide?
You must advise Nationwide prior to letting out your property as this is likely to be a breach of Nationwide’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Nationwide directly. It should not be necessary to do this via a Nationwide conveyancing panel solicitor.
Nationwide have agreed my home loan in principle, my bid on a property in Whittlesey has been accepted, what are the next steps?
The property agent will want to be informed of your property lawyer's details (ensure that the property lawyers are on the bank’s panel). Telephone Nationwide or the financial adviser and complete any outstanding forms. Nationwide will appoint a valuer who will get in contact with the selling agent or vendor to schedule an appointment. Once conducted (assuming no problems) it takes approximately a week to get a mortgage offer. Nationwide will send the offer to you and your lawyers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Whittlesey.
I am one month into a residential purchase having been directed to solicitors by the selling agent to carry out the conveyancing in Whittlesey. I am not happy. Can you help me find new solicitors?
A lawyer would have to be very poor in order to consider replacing them. Has the mortgage been generated? If so you need to advise them of the replacement conveyancer and have the loan are re-sent. Your solicitor ideally needs to be on the lenders approved list to avoid added fees and frustration. So that should be your starting point. The search tool can help you find a bank approved solicitor for your conveyancing in Whittlesey
I would like to rent out my leasehold flat in Whittlesey. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?
Some leases for properties in Whittlesey do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord is not entitled to unreasonably withhold but, in such cases, they would need to see references. Experience suggests that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting consent.
I bought a 2 bed flat in Whittlesey, conveyancing formalities finalised in 2005. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent flats in Whittlesey with a long lease are worth £170,000. The average or mid-range amount of ground rent is £50 levied per year. The lease finishes on 21st October 2104
With 78 years left to run we estimate the premium for your lease extension to range between £7,600 and £8,800 plus costs.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to supply a more accurate figure without more detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and you obviously should 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.