My fiance and I are buying residence in Boldon. My lawyer is not on the bank approved list. Is it possible for me to retain my Boldon conveyancing solicitor notwithstanding that they are not on the mortgage company list of approved lawyers?
One will need to use a conveyancer to deal with the legal work required when you need a loan to buy your home. They will carry out all the appropriate due diligence on the property, make sure that you’re registered as proprietor and ensure that all the required mortgage documentation is dealt with. You may appoint a Boldon conveyancing practitioner of your choosing. However, if the lawyer appointed is not on the mortgage company approved list further costs will be incurred as separate legal representation will be need by the bank. Conveyancing panel applications may be submitted, so where your solicitor has not previously applied for membership they should do so.
My fiance and I are purchasing a purpose built flat in Boldon with a loan from Nationwide Building Society.We use our Boldon conveyancing practitioner but Nationwide Building Society advised that he's not on their approved list of firms. We have to appoint a Nationwide Building Society panel lawyer or keep our high street solicitor and pay for one of their panel ones to represent them. We feel as though this is unjust; is there anything we can do?
No, not really. The mortgage offered to you is subject to its terms and conditions, a common one being that solicitors needs to be on the Nationwide Building Society approved list. Until recently, most banks had large numbers of solicitors on their panels: a borrower could find one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your solicitors to apply to be on the conveyancing panel for Nationwide Building Society
I am being told by my solicitor that lack of building regulations insurance is required on my purchase. What is the typical level of cover needed for conveyancing in Boldon?
The right level of lack of building regulations indemnity insurance should be dictated by who your lender. It would differ for example between Halifax and Skipton Building Society. Conveyancing lawyers as opposed to borrowers take out such insurances.
I have paid off my mortgage with Yorkshire BS. I assume I don't need a Boldon conveyancing practitioner on the Yorkshire BS panel to discharge the mortgage at the Land Registry. Am I right?
If you have finished paying off your Yorkshire BS mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Yorkshire BS mortgage from the register. Yorkshire BS, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Yorkshire BS has sent the Land Registry the discharge electronically, and
- Yorkshire BS has instructed the Land Registry to do so
Coventry BS have agreed my mortgage in principle, my bid on a apartment in Boldon has been accepted, now what?
Your property agent will wish to be advised as to your conveyancing practitioner's details (ensure that the property lawyers are on the bank’s panel). Telephone Coventry BS or your financial adviser and complete any relevant paperwork. Coventry BS will sellect a valuer who will get in touch with the estate agent or owners to book a slot for the valuation to happen. Once conducted (assuming no problems) it takes approximately a fortnight for the mortgage offer to be issued. Coventry BS 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 Boldon.
I have been on the look out for a leasehold apartment up to £305k and found one close by in Boldon I like with open areas and transport links in the vicinity, however it only has 49 years unexpired on the lease. I can't really find anything else in Boldon in this price bracket, so just wondered if I would be making a grave error buying a short lease?
If you require a home loan that many years will be a potential deal breaker. Discount the offer by the expected lease extension will cost if not already taken into account. If the existing owner has owned the premises for at least twenty four months you may request that they commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should speak to your conveyancing solicitor regarding this matter.
My wife and I may need to sub-let our Boldon 1st floor flat temporarily due to a career opportunity. We used a Boldon conveyancing firm in 2004 but they have since shut and we did not think at the time seek any advice as to whether the lease prohibits the subletting of the flat. How do we find out?
Some leases for properties in Boldon do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord cannot unreasonably withhold but, in such cases, they would need to review 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.
Boldon Conveyancing for Leasehold Flats - Sample of Queries Prior to Purchasing
What is the maintenance charge and ground rent on the apartment? Does the lease contain onerous restrictions? How long is the Lease?