My partner and I are hoping to acquire a flat in Blakeney and have instructed a Blakeney conveyancing practice. Within the past 48 hours our lawyer has sent a preliminary report and documents to look through with a view to exchanging next week. Yorkshire Building Society have this evening contacted us to inform me that they have now hit a problem as our Blakeney conveyancer is not on their approved list of lawyers. Is this a problem?
Where you are buying a property requiring a mortgage it is normal 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 Quality Scheme. Your solicitor 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 solicitors to act. You are not legally obliged to appoint a law firm on the bank's conveyancing panel and you may continue to use your own Blakeney solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
Why is leasehold purchase conveyancing in Blakeney is more expensive?
In short, leasehold conveyancing in Blakeney and Gloucestershire usually warrants more work compared to freehold transactions. This includes lease investigation, liaising with the landlord about the service of applicable notices, procuring up-to-date service charge and management information, procuring the landlord’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – no matter how many different proprietor have owned the lease since it was first entered into.
I'm the single beneficiary of my late mum's will with all property in now in my sole name, including the house in Blakeney. The Blakeney property was put into my name in November. I want to move. I understand that there is a Mortgage Lenders six month 'rule', meaning my property ownership may be treated the same way as though I had purchased the house in November. Do I have to wait half a year to sell?
The CML handbook instructs conveyancers 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 caught by that. Some lenders would take a sensible view as this requirement is chiefly there to capture the purchase and immediately sell or the flipping of property.
Does a directory service exist listing Coventry BS panel conveyancers in Blakeney on the Building Society Association’s 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 viewable on the web. If you are looking for a Blakeney lawyer on the Coventry BS please make the most of our facility.
We are getting the release of further funds on our mortgage from Aldermore as we want to conduct improvements to our property in Blakeney. Do we need to appoint a high street Blakeney solicitor on the Aldermore conveyancing panel to deal with the legals?
Aldermore don't usually appoint firms on their conveyancing panel to deal with the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Aldermore conveyancing panel.
Back In 2001, I bought a leasehold flat in Blakeney. Conveyancing and Halifax mortgage are in place. I have received a letter from someone saying they have taken over the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1995. The conveyancing solicitor in Blakeney who previously acted has now retired. Do I pay?
The first thing you should do is make enquiries of HMLR to make sure that this person is indeed the registered owner of the freehold reversion. You do not need to instruct a Blakeney conveyancing solicitor to do this as it can be done on-line for less than a fiver. You should note that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am the registered owner of a 2 bed flat in Blakeney, conveyancing was carried out in 2002. 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? Similar properties in Blakeney with over 90 years remaining are worth £190,000. The average or mid-range amount of ground rent is £65 invoiced every year. The lease terminates on 21st October 2086
With just 62 years remaining on your lease we estimate the premium for your lease extension to range between £17,100 and £19,800 as well as plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. Do not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before getting professional advice.
Our mortgage broker has suggested using their conveyancing practitioner for my conveyancing in Blakeney - Surely it’s advisable to just use them?
You need to establish if the selling agent is recommending a lawyer or introducing to a solicitor. There are plenty of Blakeney estate agents who recommend two or three Blakeney conveyancing firms and get nothing from it.