I am buying residence in Yarm. My property lawyer is not on the bank solicitor panel. Can I still appoint my Yarm conveyancing solicitor even though they are excluded from the mortgage company panel?
You have a number of alternatives open to you here
- Complete the deal with your existing Yarm conveyancing practitioner but your mortgage company will no doubt retain a conveyancing practitioner on their conveyancing panel. The net result is additional charges together with probable delay.
- Choose a new solicitor to act in the purchase, making sure they are on the bank conveyancing panel.
- Appeal to your solicitor to seek to join the lender panel
Please help - my lawyer says that lack of building regulations insurance is needed on my purchase. What is the level of cover for Yarm conveyancing?
The right level of lack of building regulations indemnity insurance should be dictated by who who your lender is. It would differ for example between Barclays and Skipton Building Society. Conveyancing solicitors as opposed to borrowers take out such insurances.
I'm the sole beneficiary of my late father’s will and I have everything in my name alone, including the house in Yarm. Conveyancing formalities meant that the Land Registry date was in June. I want to move. I do know about the CML 6 month 'rule', meaning my property ownership will be regarded the same way as though I had purchased the house in June. Will no one buy the property for half a year?
The CML handbook obliges solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you might be impacted by that. many banks would take a sensible view as this requirement is primarily there to identify subsales or the wholesaling and assigning of properties.
We previously appointed conveyancers based in Yarm on the Skipton solicitor approved list. They are now charging me a further amount for dealing with the Skipton mortgage. Is this a supplemental conveyancing fee set by Skipton?
Unfortunately, as long as it is in their Terms and Conditions or estimate then yes your property lawyer is entitled to levy a fee for this. This fee is not set by Skipton but by your Yarm lawyer. Numerous firms on the Skipton panel will levy an ‘acting for lender’ fee and others do not.
I am buying my first flat in Yarm with a mortgage from Bank of Ireland. The sellers refused to budge the amount so I negotiated £7000 of extras instead. The sale representative advised me not disclose to my conveyancer about the deal as it will adversely affect my mortgage with the bank. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer 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.
As co-executor for the estate of my uncle I am selling a property in Monmouth but reside in Yarm. My lawyer (based 235 miles from mehas requested that I execute a statutory declaration before completion. Can you recommend a conveyancing solicitor in Yarm to attest this legal document for me?
strictly speaking you should not need to have the documents attested by a conveyancing solicitor. Normally any notary public or solicitor will be fine regardless of whether they are located in Yarm
Last February I purchased a leasehold flat in Yarm. Am I liable to pay service charges relating to a period prior to completion of my purchase?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I inherited a 1st floor flat in Yarm, conveyancing having been completed in 2006. Can you let me have an estimated range of the fair premium for a lease extension? Comparable flats in Yarm with an extended lease are worth £201,000. The ground rent is £45 per annum. The lease terminates on 21st October 2083
With just 64 years left to run we estimate the price of your lease extension to span between £14,300 and £16,400 plus costs.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. You should not use this information in tribunal or court proceedings. There may be additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first getting professional advice.