My husband and I are buying a 2 bedroom apartment in Lincolnshire with a mortgage. We like our Lincolnshire lawyer, however the bank advise she’s not on their "panel". We have to appoint one of the mortgage company panel firms or retain our Lincolnshire solicitor as well as pay for one of their panel lawyers to represent them. This feels very unfair; can we not insist that the mortgage company use our Lincolnshire conveyancer ?
Unfortunately,no. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose 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. A further alternative is for your Lincolnshire conveyancing solicitor to apply to be on the conveyancing panel.
Is it correct that all Lincolnshire CQS (Conveyancing Quality Scheme) solicitors are on the Leeds Building Society conveyancing panel?
It is true that some banks and building societies now use CQS as the starting point for Panel approval such as HSBC and Santander. The Law Society’s CQS membership however gives no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitor practices wishing to join their approved list of conveyancing solicitors.
We had instructed conveyancers locally in Lincolnshire on the HSBC solicitor approved list. They have just invoiced me an additional amount for the legal aspects of the HSBC mortgage. Is this an additional conveyancing fee set by HSBC?
Provided it is contained in their Terms of Engagement or Quote then yes your conveyancing practitioner is entitled to charge a fee for this. This fee is not set by HSBC but by your Lincolnshire conveyancer. Numerous firms on the HSBC panel will levy ’dealing with mortgage’ fee but plenty of firms include it on their overall fee.
I have today made my last payment due on my mortgage with Virgin Money. I assume I don't need a Lincolnshire solicitor on the Virgin Money panel to discharge the mortgage at the Land Registry. Am I right?
If you have finished paying off your Virgin Money 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 Virgin Money mortgage from the register. Virgin Money, 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 Virgin Money has sent the Land Registry the discharge electronically, and
- Virgin Money has instructed the Land Registry to do so
I need some expedited conveyancing in Lincolnshire as I am faced with a deadline to exchange contracts within 3 weeks. A home loan is not required. Can I decline from having conveyancing searches to save money and time?
As you are are a mortgage free buyer you are at free not to have searches conducted although no lawyer would recommend that you don't. With lots of history conveyancing in Lincolnshire the following are instances of issues that can arise and therefore affect the marketability of the property: Enforcement Notices, Overdue Fees, Overdue Grants, Unadopted Roads,...
I'm purchasing a new build house in Lincolnshire with the aid of help to buy. The sellers would not budge the amount so I negotiated 6k of fixtures and fittings instead. The sale representative suggested that I not reveal to my solicitor about the extras as it would jeopardize my mortgage with Lloyds TSB Bank. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I have just started marketing my garden flat in Lincolnshire. Conveyancing lawyers have not yet been instructed, however I have recently had a yearly service charge demand – what should I do?
Your conveyancing lawyer is likely to suggest that you should clear the service charge as usual given that all ground rent and maintenance invoices should be allotted on completion, so you will be reimbursed by the purchaser for the period running from after the completion date to the subsequent invoice date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I bought a 1st floor flat in Lincolnshire, conveyancing having been completed 7 years ago. Can you work out an approximate cost of a lease extension? Corresponding flats in Lincolnshire with an extended lease are worth £165,000. The ground rent is £50 levied per year. The lease expires on 21st October 2095
You have 77 years remaining on your lease we estimate the premium for your lease extension to be between £7,600 and £8,800 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive due diligence. Do not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not take any other action based on this information before seeking the advice of a professional.