My partner and I are planning to purchase a home in Kirton in Lindsey and are in fact using a Kirton in Lindsey conveyancing practice. Within the last couple of days our property lawyer has sent a preliminary report and documents to look through with a view to exchanging next week. Coventry Building Society have this evening contacted us to inform me that they have now hit a problem as our Kirton in Lindsey conveyancer is not on their approved list of lawyers. Is this a problem?
When purchasing a property with mortgage finance it is standard 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 bank's conveyancing panel and you may continue to use your own Kirton in Lindsey 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.
My husband and I are acquiring a newly constructed duplex in Kirton in Lindsey and my solicitor is informing me that she has to the mortgage company to reveal incentives from the builder. I am under pressure to exchange and I would rather not prolong the conveyancing. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your lawyer. A precondition to being on a lender panel is to comply with the UK Finance Lenders’ Handbook conditions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
My home in Kirton in Lindsey is up for sale and I have a purchaser. Will the solicitor have to be required to be on the Coventry BS conveyancing panel in order to deal with the discharge of my mortgage?
Ordinarily, even if your lawyer is not on the Coventry BS 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 conditions fairly frequently in recent years.
My cousin has suggested that I instruct his conveyancers in Kirton in Lindsey. Should I find my own conveyancer?
No doubt it’s preferable to choose a conveyancing solicitor is to seek recommendations from friends or family who have experience in using the solicitor you're contemplating using.
Back In 2000, I bought a leasehold house in Kirton in Lindsey. Conveyancing and Norwich and Peterborough Building Society mortgage went though with no issue. A letter has just been received from someone claiming to own the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1997. The conveyancing practitioner in Kirton in Lindsey who previously acted has now retired. What should I do?
First make enquiries of HMLR to make sure that the individual claiming to own the freehold is in fact the new freeholder. You do not need to instruct a Kirton in Lindsey conveyancing solicitor to do this as it can be done on-line for £3. Rest assured that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I bought a garden flat in Kirton in Lindsey, conveyancing was carried out half a dozen years ago. How much will my lease extension cost? Equivalent flats in Kirton in Lindsey with over 90 years remaining are worth £176,000. The ground rent is £50 yearly. The lease ceases on 21st October 2074
With only 50 years left to run we estimate the price of your lease extension to span between £31,400 and £36,200 plus legals.
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 without more comprehensive 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. Please do not move forward based on this information without first getting professional advice.