My partner and I are hoping to purchase a flat in Robin Hoods Bay and have instructed a Robin Hoods Bay 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. Leeds Building Society have this morning contacted us to advise us that they have now hit a problem as our Robin Hoods Bay conveyancer is not on their approved list of lawyers. What do we do from here?
If you are buying a property needing a mortgage it is usual for the purchasers' lawyers 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 Accreditation 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 lawyers to represent them. You don't have to instruct a firm on the lender’s conveyancing panel as you are at liberty to use your preferred Robin Hoods Bay lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another lawyer into the mix.
I have an AIP. The lender mentioned the loan came with free conveyancing. Does this mean I have to use their panel solicitor as I would prefer to appoint a Robin Hoods Bay based conveyancing firm?
You should check but the the likelihood is that appoint one of their panel conveyancers where you accept the "fee-free" incentive. Contact the mortgage company to see if they allow a cash alternative. In the past a few mortgage companies offered a £250 cashback as a further option in which case you could put that amount towards the cost for your conveyancing solicitor in Robin Hoods Bay.
I got the keys to my apartment on 11 January and my personal details is yet to be registered. Need I be worried? My conveyancing solicitor in Robin Hoods Bay advises it will be registered in a couple of weeks. Are properties in Robin Hoods Bay particularly slow to register?
As far as conveyancing in Robin Hoods Bay registration is no quicker or slower than anywhere else in the country. Rather than based on location, timescales can vary subject to the party submitting the application, whether there are errors and whether the Land registry must send notices to any other persons or bodies. As of today roughly three quarters of submission are fully dealt with within 12 days but occasionally there can be protracted hold-ups. Historically registration is effected once the buyer is living at the property thus registration formalities is not typically an essential issue but where there is a degree of urgency associated with the registration then you or your conveyancer should communicate with the Registry to express the reasoning for an expedited registration.
I've recently found out that there is a flying freehold element on a property I have offered on a fortnight ago in what was supposed to be a quick, chain free conveyancing. Robin Hoods Bay is the location of the property. Can you offer any assistance?
Flying freeholds in Robin Hoods Bay are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Robin Hoods Bay you would need to get your solicitor to go through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Robin Hoods Bay may ascertain 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 premises.
I am hoping to complete next month on a ground floor flat in Robin Hoods Bay. Conveyancing solicitors assured me that they report fully tomorrow. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Robin Hoods Bay should include some of the following:
Advice as to the provision in the lease to to contribute towards maintenance costs - in relation to the building, and the wider rights a leaseholder has Changes to the premises Details of the parties to the lease, for instance these could be the tennant, head lessor, freeholder You should be sent a copy of the lease
I bought a basement flat in Robin Hoods Bay, conveyancing was carried out half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Similar properties in Robin Hoods Bay with over 90 years remaining are worth £176,000. The average or mid-range amount of ground rent is £50 levied per year. The lease finishes on 21st October 2098
With only 80 years left to run we estimate the premium for your lease extension to range between £8,600 and £9,800 plus costs.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to provide the actual costs in the absence of detailed due diligence. You should not use this information in tribunal or court proceedings. There may be additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first getting professional advice.