My wife and I are hoping to acquire a flat in North Walsham and are in fact using a North Walsham conveyancing practice. Within the past 48 hours our property lawyer has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Santander have this evening contacted us to inform me that they have now hit a problem as our North Walsham solicitor is not on their approved list of lawyers. Please explain?
When purchasing a property with the benefit of a mortgage it is usual 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 solicitor should contact your bank 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 and you may continue to use your own North Walsham solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
I am purchasing a garden flat in North Walsham. Can I do my own conveyancing?
Leaving aside the complexities and merits of DIY conveyancing in North Walsham you will have to appoint a solicitor on your lender's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in North Walsham.
If you had a top tip for choosing a conveyancing solicitor in North Walsham what would it be?
We would encourage you not to go for the cheapest North Walsham conveyancing costs illustration. You really do get what you’re paying for when it comes to conveyancing solicitors. 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.
The formalities of my remortgage has taken place for my property in North Walsham. Conveyancing was of an acceptable standard but I would like to complain about the lender. Who do I contact should I wish to lodge a complaint?
Almost all lenders have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Care Team at head office. We understand that complaints to a lender are sorted out effectively and efficiently. If you feel the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR who will take matters further.
I can not fathom if my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called into my local North Walsham building society branch on various occasions and was reassured it wasn't an issue and they would lend. My North Walsham conveyancing solicitor - who is on the mortgage company conveyancing panel- called to say that they refuse to lend in accordance with their published requirements. Who do I believe?
Provided that the conveyancing practitioner is on the mortgage company panel, they must comply with the Council of Mortgage Lenders’ Handbook requirements for the bank. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years remaining.
I need to instruct a conveyancing solicitor for leasehold conveyancing in North Walsham. I happened to stumble upon a site which looks to be the ideal solution If it is possible to get all this stuff done via phone that would be preferable. Should I be wary? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
Can you provide any advice for leasehold conveyancing in North Walsham from the perspective of speeding up the sale process?
- Much of the delay in leasehold conveyancing in North Walsham can be avoided where you get in touch lawyers as soon as your agents start marketing the property and request that they start to collate the leasehold documentation needed by the purchasers’ lawyers. If you have had any disputes with your landlord or managing agents it is essential that these are settled prior to the flat being marketed. The purchasers and their solicitors will be nervous about purchasing a flat where there is an ongoing dispute. You may have to bite the bullet and pay any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the purchasers, but it is clearly preferable to reveal the dispute as historic as opposed to unresolved. If you hold a share in a the Management Company, you should ensure that you have the original share document. Obtaining a duplicate share certificate can be a lengthy process and frustrates many a North Walsham home move. Where a reissued share is needed, do contact the company officers or managing agents (where applicable) for this at the earliest opportunity. Many landlords or Management Companies in North Walsham levy fees for providing management packs for a leasehold property. You or your lawyers should discover the actual amount of the charges. The management information sought as soon as you have a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most frequent cause of frustration in leasehold conveyancing in North Walsham.
I purchased a studio flat in North Walsham, conveyancing was carried out September 2000. Can you give me give me an indication of the likely cost of a lease extension? Comparable properties in North Walsham with over 90 years remaining are worth £222,000. The average or mid-range amount of ground rent is £50 yearly. The lease terminates on 21st October 2090
With just 71 years remaining on your lease we estimate the price of your lease extension to span between £9,500 and £11,000 plus 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 detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before seeking the advice of a professional.