My wife and I are hoping to acquire a flat in Radcliffe on Trent and have appointed a Radcliffe on Trent conveyancing practice. Within the past 48 hours our solicitor has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. Leeds Building Society have this afternoon contacted us to inform me that they have now hit a problem as our Radcliffe on Trent solicitor is not on their approved list of lawyers. Is this a problem?
When purchasing a property with the benefit of a mortgage it is conventional for the purchasers' lawyers to also act for 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 property lawyer should contact your lender 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 Radcliffe on Trent lawyers, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.
I am approaching an exchange on a property in Radcliffe on Trent and my mum and dad have transferred the ten percent deposit to my conveyancer. I am now told that as the deposit has been received from someone other than me my conveyancer needs to disclose this to my mortgage company. Apparently, in also acting for the bank he must inform them that the balance of the purchase price is coming from anyone other than me. I disclosed to the mortgage company concerning my parents' contribution when I applied for the home loan, so is it really necessary for this now to delay the deal?
Your conveyancing practitioner is obliged to clarify with lender to ensure that they understand that the balance of the purchase price is not from your own resources. The solicitor can only reveal this to your bank if you permit them to, failing which, your lawyer must cease to continue acting.
Are the Radcliffe on Trent conveyancing solicitors identified as being on the Co-operative conveyancing panel, together with their details provided by Co-operative?
Radcliffe on Trent conveyancing firms themselves provide us confirmation that they are on the Co-operative conveyancing panel as opposed to being supplied with a list from Co-operative directly.
In researching mumsnet.com for a recommended lawyer in Radcliffe on Trent, many advise that I should use a CQS accredited lawyer. Can you explain what CQS is?
Radcliffe on Trent Conveyancing Quality Scheme solicitors have been granted accreditation under the Law Society's Scheme (CQS) The Law Society established CQS to promote high standards in the home moving process. CQS enables buyers and sellers to identify practices who provide a quality residential conveyancing. Radcliffe on Trent is one of locations in England and Wales in which CQS are based. The scheme requires solicitors to undergo a strict assessment, compulsory training, self-reporting, spot checks and yearly assessments in order to maintain CQS status. It is available to solicitors and not licensed conveyancers and has the support of the Council of Mortgage Lenders.
I have been told that property searches are the primary cause of stalling in Radcliffe on Trent conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) has noted the findings of a review by MoveWithUs that conveyancing searches do not figure within the most frequent causes of delays during the legal transfer of property. Searches are unlikely to feature in any holding up conveyancing in Radcliffe on Trent.
Back In 2001, I bought a leasehold house in Radcliffe on Trent. Conveyancing and Barclays Direct mortgage organised. A letter has just been received from someone saying they have taken over the freehold. It included a ground rent demand for rent dating back to 1993. The conveyancing practitioner in Radcliffe on Trent who acted for me is not around. Any advice?
The first thing you should do is make enquiries of the Land Registry to be sure that the individual claiming to own the freehold is indeed the registered owner of the freehold reversion. You do not need to incur the fees of a Radcliffe on Trent conveyancing solicitor to do this as you can do this on the Land Registry website for £3. Rest assured that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I bought a 1st floor flat in Radcliffe on Trent, conveyancing having been completed 4 years ago. Can you please calculate a probable premium for a statutory lease extension? Comparable flats in Radcliffe on Trent with a long lease are worth £216,000. The ground rent is £50 levied per year. The lease runs out on 21st October 2095
You have 69 years left to run we estimate the premium for your lease extension to range between £9,500 and £11,000 plus legals.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before getting professional advice.