I am obtaining a mortgage offer from Nat West. My intention is to employ the services of a Licensed Conveyancer in Norwood Green. Does the Nat West Conveyancing panel exclude conveyancers regulated by the CLC?
The Nat West approved solicitor list is, like many other lenders, associated to the Council or Mortgage Lenders or Building Society Association, open to Licensed Conveyancers regulated by the Council of Licensed Conveyancers.
Is there a reason why leasehold purchase conveyancing in Norwood Green costs more?
The conveyancing costs on a leasehold property in Norwood Green is often greater as compared to a freehold transaction. This is because there is an amount of extra work required in dealing with the landlord and managing agents to obtain information about whether the rent and maintenance fee have been paid and whether there are any major works due in the foreseeable future on repairs or maintenance of the block.
Is there a list of Bank of Ireland panel solicitors in Norwood Green on the Building Society Association’s Website?
Unfortunately not yet. There is no such directory service on the Council of Mortgage Lenders or Building Society Association websites. Very few banks make their panel listings visible on the web. If you are looking for a Norwood Green solicitor on the Bank of Ireland please make the most of our facility.
We are getting a further advance on our mortgage from Nottingham as we want to conduct alterations to our house in Norwood Green. Do we need to select a bricks and mortar Norwood Green solicitor on the Nottingham conveyancing panel to deal with the legals?
Nottingham would not normally instruct a member of their approved list of lawyers to handle the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Nottingham list.
It is unclear whether my bank requires a lease extension. I have called into my local Norwood Green building society branch on a couple of occasions and was informed it wasn't a problem and they would lend. My Norwood Green conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned and was told they refuse to lend based on their specific requirements. Who do I believe?
Your conveyancer has to follow the CML Handbook Part 2 requirements for your lender. Unless your lawyer obtains specific confirmation in writing that the bank 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 bank to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I've recently found out that there is a flying freehold element on a property I have offered on two weeks back in what should have been a simple, chain free conveyancing. Norwood Green is the location of the property. What do you suggest?
Flying freeholds in Norwood Green are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Norwood Green you would need to get your solicitor to go through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Norwood Green may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
I own a leasehold flat in Norwood Green. Conveyancing was finished in 21012. I have heard that I should not allow the lease length fall too low. What is the reasoning?
Norwood Green leasehold properties are for a fixed period - normally just under one hundred years when they are first granted. However a significant flats in Norwood Green were built or converted 25 or more years ago and so such leases now have under 80 years left to run. That may sound like a long time however Banks, Building Societies and other mortgage lenders generally need leases to have a minimum of seventy five years left to adequate security. This means that when you come to sell the property you will need to extend the term of your lease if you are getting close to seventy five years. To optimize your property value you should be thinking about whether or not to extend your lease well in advance of selling the property. There are also significant benefits to taking action before the lease reaches even eighty years as when the lease is less than eighty years the amount to be paid to extend starts to increase.