I am not well enough to travel far from Chilwell. Is there a reason why all Chilwell conveyancers aren't automatically on all bank panels?
Pre- 2008 most mortgage companies had an attitude to risk which is different from today. The financial regulator in 2010 carried out a thematic review into fraud which in summary warned lenders: know the conveyancers on your panel. Consequently, banks have subsequently looked to extract more data from law firms about their processes and the individuals who work for them and set certain criteria such as completing a minimum volume of transactions. Hundreds of law practices have found themselves excluded from lender panels even though they had an exemplary disciplinary record, no complaints and no claims and didn't just 'dabble' in conveyancing. Such firms were never going to satisfy the criteria of volume of transactions the lenders insisted on.
I am about to put a bid on a leasehold property in Chilwell. The selling agents say that it is usual for flats in Chilwell to have less than 75 years unexpired on the lease. I am getting a loan with Tesco Bank. Is this going to be a problem if the lease has 72 years unexpired.
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are getting a mortgage then your lender may insist that the lease be extended before competition. Tesco Bank have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 27/11/2019 the requirements read as follows :
For new build properties, the following lease terms are not acceptable:
- The unexpired lease term on a new build flat is less than 125 years
- The unexpired lease term on a new build house is less than 250 years
If the lease cannot be amended to comply with the above, the case cannot proceed. Please advise us immediately where the case cannot proceed.
Contact point as detailed in 1.11b.
Despite weeks of looking the Title Certificate and documents to our home can not be found. The lawyers who handled the conveyancing in Chilwell 5 years ago are no longer around. What are my options?
As long as the title is registered the details of your proprietorship will be evidenced by HMLR under a Title Number. It is possible to carry out a search at the Land Registry, identify your house and secure up to date copies of the property title for a small fee. Where the title is Leasehold then the Land Registry will in most cases hold a file copy of the Registered Lease and again, a copy can be retrieved for £20 inclusive of VAT.
Due to the input of my in-laws I had a survey completed on a property in Chilwell in advance of instructing conveyancers. I have been told that there is a flying freehold overhang to the house. The surveyor advised that some mortgage companies tend not give a mortgage on this type of premises.
It depends who your proposed lender is. Bank of Scotland has different instructions for example to Birmingham Midshires. Should you wish to telephone us we can check via the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Chilwell. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Chilwell to see if the conveyancing costs will increase in light of this.
Is it possible to transfer to a new firm as I have to choose a firm on the Lloyds TSB Bank conveyancing panel. I hired a high street conveyancing solicitor in Chilwell round the corner but the firm is not accepted by Lloyds TSB Bank
It would be our pleasure to assist you select a conveyancing solicitor in Chilwell on the Lloyds TSB Bank panel. Please note that the property lawyers that we work with do not pay us a referral fee if you instruct them and are authorised and regulated by the SRA who regulate all conveyancing solicitors in Chilwell. In utilising the find a conveyancing solicitor tool on this website, you can compare and instruct different solicitors and conveyancers both nationally and in Chilwell.