I am expecting a mortgage offer from Nat West. My intention is to instruct a Licensed Conveyancer in Lees and Moorside. Does the Nat West Solicitor panel allow for conveyancers regulated by the CLC?
The Nat West approved solicitor list is, like many other lenders, associated to the Council or Mortgage Lenders or BSA, open to Licensed Conveyancers regulated by the CLC.
Why is leasehold purchase conveyancing in Lees and Moorside is more expensive?
Lees and Moorside leasehold properties involve far more paperwork than a freehold purchase, and therefore takes more time to examine and advise upon.Conveyancing will involve the lease having to be checked which is usually a lengthy document, queries raised to ensure that the covenants and conditions have been observed. If it is a flat there will be a management company in existence and the accounts of this will need to be checked and enquiries raised to ensure it is operating efficiently and that all monies due have been paid by the Seller to the company and if not ensuring that money is paid up to date or the appropriate undertakings obtained.
What is your number one tip for choosing a conveyancing solicitor in Lees and Moorside
We would encourage you not to go for the lowest Lees and Moorside conveyancing quote. You really do get what you’re paying for when it comes to property lawyers. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you go into the conveyancing with your eyes wide open.
I currently have a mortgage with Barclays for my property in Lees and Moorside. Conveyancing has been completed 12 months ago. In the event that I decide to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Barclays?
Barclays must be informed of your intention before renting your property as this is likely to be a breach of Barclays’s mortgage conditions. It may be that Barclays will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Barclays directly. It should not be necessary to do this via a Barclays conveyancing panel firm.
After much negotiation I have agreed a price on a house in Lees and Moorside. My mortgage broker suggested a property lawyer. I paid an upfront payment of £225. A couple of days later, the solicitor contacted me embarrassingly acknowledging that they were not on the Nottingham conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Nottingham panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
4 months have gone by following my purchase conveyancing in Lees and Moorside completed. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
What are the common deficiencies that you witness in leases for Lees and Moorside properties?
There is nothing unique about leasehold conveyancing in Lees and Moorside. All leases are drafted differently and drafting errors can sometimes mean that certain clauses are wrong. The following missing provisions could result in a defective lease:
Clauses dealing with recovering service charges for expenditure on the building or common parts.
You may encounter a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Lloyds TSB Bank, Skipton Building Society, and Alliance & Leicester all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, obliging the buyer to pull out.
Leasehold Conveyancing in Lees and Moorside - A selection of Queries before Purchasing
How many of the leaseholders are in arrears for their maintenance charge payments? How much is the ground rent and service charge?