My husband and I are planning to purchase a property in Nottingham and are in fact using a Nottingham conveyancing firm. Within the past 48 hours our property lawyer has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. Chelsea Building Society have this morning contacted us to inform me that they have now hit a problem as our Nottingham conveyancer is not on their approved list of lawyers. Please explain?
When purchasing a property with the benefit of a mortgage it is standard for the purchasers' solicitors to also represent the mortgage company. 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 mortgage company 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 don't have to instruct a firm on the bank's conveyancing panel as you are at liberty to use your preferred Nottingham lawyers, in which case it will likely add costs, and it may delay matters as you have another set of people involved.
I am purchasing a property for cash in Nottingham. I have been residing for the last dozen years in Nottingham. Conveyancing searches are exorbitant. As I know the area and road very well should I not bother getting the solicitor to do all the conveyancing searches?
Provided that you do not need a home loan, then all but one or two of the Nottingham conveyancing searches are optional. Your lawyer will try and steer you, perhaps strongly, that you should have searches done, but she has a professional duty to take that path of encouragement . One thing to consider; if you are likely to dispose of the house one day, it will likely be be of interest to your prospective purchaser what the searches reveal. Sometimes houses with no practical issues can still throw up unpredicted search results. A competent conveyancing solicitor in Nottingham will provide you some sensible guidance concerning this.
I purchased a freehold house in Nottingham but still pay rent, why is this and what is this?
It’s unusual for properties in Nottingham and has limited impact for conveyancing in Nottingham but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back many centuries, but the Rent Charge Act 1977 barred the creation of new rentcharges from 1977 onwards.
Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 will be extinguished.
Can you point me to a directory of Principality panel solicitors in Nottingham on the UK Finance Lenders’ Handbook Website?
No. There is no such tool on the Council of Mortgage Lenders or Building Society Association websites. A small selection of mortgage companies make their panel listings available online. Where you are in need of a Nottingham lawyer on the Principality please make the most of our facility.
Two weeks ago we had a mortgage agreed in principle with RBS. Nottingham conveyancing solicitors are instructed. What is the average time that one could expect to receive a mortgage offer from RBS?
Some lenders take longer than others. Have RBS completed the survey? Have you informed RBS as to your lawyers' details and checked that your lawyers are on the RBS conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
After what feels like an age I have had an offer on a maisonette in Nottingham agreed to, the sellers do however have a connected purchase. The owners have put an offer on a property, but it’s not yet tied up, and are looking at other flats in the pipeline. I have chosen a bricks and mortar conveyancing solicitor in Nottingham. What do I do now? At what point do I apply for the mortgage with Yorkshire BS?
It is usual to have concerns where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is in the region of £1k, then valuation, Nottingham conveyancing search fees, etc). First, you must ensure that your lawyer is on the Yorkshire BS approved list. Concerning the subsequent steps this very much dictated by the circumstances of your case, motivation for this property and on the state of the market. During a hot market the majority of home buyers will apply for a home loan with Yorkshire BS and arrange for the valuation and only if it was satisfactory would they ask their solicitor to proceed with the conveyancing in Nottingham.
My husband and I have had DIP from Yorkshire Building Society who suggested we could borrow up to £400k. When do we need to appoint a lawyer for conveyancing? Nottingham is where we plan to move to.
It would be wise to appoint a conveyancing practitioner now so that the conveyancer can open the file so they can commence the AML checks etc. As and when you wish them to start work they will seek a deposit normally approximately £225. That would generally be after you have the loan offer from your bank and valuation report, however if you want to speed the process you can get going sooner even though you may be risking some expense.