My husband and I are planning to purchase a house in Haverhill and have appointed a Haverhill conveyancing firm. Within the last couple of days our property lawyer has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Bank of Scotland have this evening contacted us to advise us that there is now an issue as our Haverhill lawyer is not on their conveyancing panel. Is this a problem?
If you are buying a property requiring a mortgage it is standard for the purchasers' solicitors to also act for the mortgage company. 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 solicitor 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 solicitors to act. 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 Haverhill lawyers, in which case your legal fees may increase, and it may delay matters as you have another set of people involved.
The Haverhill conveyancing firm handling our Haverhill conveyancing has uncovered a discrepancy between the assumptions in the home valuation survey and what is revealed within the title deeds. My lawyer informs me that he needs to check that the lender is happy with this discrepancy and is still content to lend. Is my lawyer’s approach right?
Your conveyancer must comply with the UK Finance Lenders’ Handbook specifications which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
My flat in Haverhill is up for sale and I have a buyer. Will my property lawyer have to be on the Nationwide conveyancing panel in order to deal with redeeming my mortgage?
Ordinarily, even if your lawyer is not on the Nationwide 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 requirements fairly frequently in recent years.
Having had my offer accepted I require leasehold conveyancing in Haverhill. Before I get started I want to be sure as to the unexpired term of the lease.
Assuming the lease is registered - and most are in Haverhill - 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 invested in buying a split level flat in Haverhill, conveyancing having been completed half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Similar properties in Haverhill with a long lease are worth £195,000. The average or mid-range amount of ground rent is £45 charged once a year. The lease comes to an end on 21st October 2080
With only 62 years left to run we estimate the premium for your lease extension to range between £17,100 and £19,800 as well as professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure without more detailed due diligence. Do not use this information in tribunal or court proceedings. There may be other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before getting professional advice.
A couple of weeks ago I was informed by my mortgage company that their approved lawyers work on no completion no charge basis for conveyancing in Haverhill. Our purchase did not proceed nevertheless the conveyancers have invoiced for search fees! They are claiming that the fees are independent!
Haverhill conveyancing search fees are separate expenses not solicitors fees as these are paid to a third party.