My husband and I are hoping to acquire a home in Bedlington and are in fact using a Bedlington conveyancing practice. Within the past 48 hours our solicitor has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Barnsley Building Society have this evening contacted us to advise us that there is now an issue as our Bedlington lawyer 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 usual for the purchasers' lawyers to also represent 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 lender 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 lender’s conveyancing panel as you are at liberty to use your preferred Bedlington lawyers, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.
Can you clarify what the consequences are if my lawyer’s firm is suspended from the TSB Solicitor panel ahead of completing my conveyancing in Bedlington?
First, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
Have purchased a a semi-detached house in Bedlington , how long will it take for the Land Registry to deal with the formalities evidencing my ownership? My Bedlington conveyancing solicitor has been very slow, so I want to be sure that my name is recorded.
As far as conveyancing in Bedlington registration is no faster or slower than anywhere else in the country. Rather than based on location, timeframes can differ subject to the party submitting the application, whether there are errors and whether the Land registry communicate with any 3rd parties. Currently in the region of 80% of such applications are fully dealt with in less than three weeks but occasionally there can be longer hold-ups. Historically registration takes place after the buyer is living at the premises therefore post completion formalities is not usually an essential issue but where there is a degree of urgency associated with the registration then you or your solicitor could contact the land registry and explain the circumstances.
I'm refinancing my existing home to a buy to let mortgage with The Royal Bank of Scotland and intend to use the remaining equity towards another house. The area we are interested in is Bedlington. Will your conveyancers be able to act for both sets of lenders and link together the two deals?
Do use our search tool on this page to ensure that the solicitors are on the relevant lender panels. Assuming that they are your solicitor will be able to simultaneously deal with the two transactions but you should have a chat with you conveyancer and make apparent your expectations and requirements.
I am on look out for some leasehold conveyancing in Bedlington. Before diving in I want to be sure as to the number of years remaining on the lease.
If the lease is registered - and most are in Bedlington - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I acquired a split level flat in Bedlington, conveyancing having been completed half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Equivalent properties in Bedlington with over 90 years remaining are worth £206,000. The average or mid-range amount of ground rent is £45 levied per year. The lease ceases on 21st October 2085
With only 67 years unexpired the likely cost is going to be between £10,500 and £12,000 plus plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first seeking the advice of a professional.