I am in the process of selling my flat in Tibshelf and the EA has just called to say that the purchasers are appointing a new conveyancer. The reason given is that the bank will only engage with solicitors on their conveyancing panel. Why would a big named mortgage company only work with specific solicitors rather the firm that they want to appoint to handle their conveyancing in Tibshelf ?
UK lenders have always had an approved set of law firms that can act for them, but in the last few years big names such as Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Mortgage companies point to the increase in fraud by way of justification for the reduction – criteria have been stiffened as a smaller panel is easier to monitor. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is being contacted daily by practices that have been removed from panels. Some are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your purchasers are unlikely to have any impact on this.
We are purchasing a flat and require a conveyancing solicitor in Tibshelf who is on the Santander solicitor panel. Can you recommend a local firm?
Our service is limited to being a directory service for firms who wish to be listed as being on the approved conveyancing panel for Santander . We don't recommend any particular firms conducting conveyancing in Tibshelf.
I'm buying my first flat in Tibshelf with a mortgage from Chelsea Building Society. The developers would not budge the amount so I negotiated 6k of additionals instead. The estate agent suggested that I not to tell my conveyancer about the side-deal as it may jeopardize my mortgage with the bank. Should I keep quiet?.
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.
Yesterday I discovered that there is a flying freehold issue on a property I put an offer in last month in what was supposed to be a quick, no chain conveyancing. Tibshelf is where the house is located. Can you shed any light on this issue?
Flying freeholds in Tibshelf are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Tibshelf you would need to get your solicitor to go through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Tibshelf 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 residence.
What are your top tips when it comes to choosing a Tibshelf conveyancing firm to deal with our lease extension?
If you are instructing a property lawyer for lease extension works (regardless if they are a Tibshelf conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We advise that you talk with several firms including non Tibshelf conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. The following questions might be of use:
How familiar is the practice with lease extension legislation? How many lease extensions has the firm carried out in Tibshelf in the last year?
I own a ground floor flat in Tibshelf, conveyancing was carried out half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Comparable properties in Tibshelf with a long lease are worth £260,000. The average or mid-range amount of ground rent is £50 invoiced annually. The lease runs out on 21st October 2096
You have 75 years remaining on your lease we estimate the premium for your lease extension to be between £8,600 and £9,800 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 are not able to provide the actual costs without more comprehensive investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not move forward based on this information before seeking the advice of a professional.