My husband and I are purchasing a 1 bedroom flat in Norris Green with a mortgage. We wish to retain our Norris Green solicitor, but the bank says she’s not on their "panel". It appears that we have little choice but to instruct one of the bank panel firms or keep our Norris Green solicitor and pay for one of their panel firms to act for them. This feels very unfair; is there anything we can do?
Unfortunately,no. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your Norris Green conveyancing solicitor to apply to be on the conveyancing panel.
Should lawyers request an advanced payment for conveyancing in Norris Green?
Where you are retaining lawyers for conveyancing in Norris Green your lawyer will ask you to provide them with funds to cover the the cost of the conveyancing searches. This will be the total of the cost of the Local Authority Search. When the down payment is payable against the purchase price then this will be asked for immediately before exchange of contracts. The final balance that is needed should be transferred shortly before completion.
My solicitor has informed me that absentee landlord insurance is needed on my purchase. What is the level of cover for Norris Green conveyancing?
The right level of absentee landlord indemnity insurance should be dictated by who your lender. It would differ for example between Birmingham Midshires and Chelsea Building Society. Conveyancing lawyers as opposed to borrowers take out such policies.
Is it the case that all Norris Green conveyancing solicitors on the Barclays conveyancing panel are governed by the SRA?
As a firm of solicitors, in order to be on the Barclays conveyancing panel they would need to be regulated by the SRA. Many banks do list licenced conveyancers on their panel and in such a situation the practice would be overseen by the CLC.
It is not clear whether my bank requires a lease extension. I have called into my local Norris Green building society branch on various occasions and was told they are content with the situation and they would lend. My Norris Green conveyancing solicitor - who is on the mortgage company conveyancing panel- called to say that they refuse to lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. I simply don't know who is right.
Provided that the conveyancer is on the lender panel, they must adhere to the Council of Mortgage Lenders’ Handbook provisions for the bank. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I have recentlyfound out that Arc property Solicitors have been shut down. They conducted my conveyancing in Norris Green for a purchase of a leasehold flat 10 months ago. How can I check that the property is in my name in the name of the former proprietor?
The quickest way to check if the premises is in your name, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Norris Green conveyancing specialists.
I am employed by a long established estate agent office in Norris Green where we have witnessed a number of leasehold sales put at risk due to short leases. I have received inconsistent advice from local Norris Green conveyancing solicitors. Can you confirm whether the vendor of a flat can initiate the lease extension formalities for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the sale.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I purchased a 1 bedroom flat in Norris Green, conveyancing formalities finalised 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? Equivalent flats in Norris Green with an extended lease are worth £179,000. The ground rent is £65 per annum. The lease runs out on 21st October 2082
With just 57 years left to run we estimate the premium for your lease extension to be between £26,600 and £30,800 as well as costs.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive investigations. You should not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be considered and you obviously 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.