My Conveyancer in Selsey has never been on on the Norwich and Peterborough Building Society Solicitor Panel. Can I still use my prefered solicitor even though they are not on the Norwich and Peterborough Building Society list of approved lawyers?
Your options are as follows:
- Carry on with your existing Selsey lawyers but Norwich and Peterborough Building Society will need to retain a conveyancer on their list of acceptable firms. This will inevitably rack up the overall conveyancing fees and cause delays.
- Choose a new solicitor to act in the purchase, remembering to check they are Convince your conveyancer to do everything within their powers to join the Norwich and Peterborough Building Society conveyancing panel
Me and my brother have a semi-detached Edwardian house in Selsey. Conveyancing lawyer represented me and Accord Mortgages Ltd. I did a free Land Registry search last week and there are two entries: one for freehold, the second leasehold with the exact same address. I thought I was buying a freehold how can I check?
You should review the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Selsey and other locations in the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with purchasers. You can also question the position with your conveyancing practitioner who conducted the conveyancing.
I am purchasing my first flat in Selsey with a mortgage from Bank of Ireland. The developers refused to reduce the price so I negotiated £7000 of fixtures and fittings instead. The house builders rep told me not to tell my conveyancer about this side-deal as it may jeopardize my loan with Bank of Ireland. Do I keep my lawyer in the dark?.
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.
I today plan to offer on a house that appears to meet my requirements, at a great price which is making it all the more appealing. I have since found out that it's a leasehold rather than freehold. I am assuming that there are issues buying a house with a leasehold title in Selsey. Conveyancing lawyers have not yet been appointed. Will they explain the issues?
Most houses in Selsey are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area who can assist with the conveyancing process. it is apparent that you are buying in Selsey so you should seriously consider shopping around for a Selsey conveyancing practitioner and check that they are used to transacting on leasehold houses. First you will need to check the number of years remaining. Being a leaseholder you will not be at liberty to do whatever you want to the property. The lease will likely included provisions such as requiring the freeholder’sconsent to carry out alterations. It may be necessary to pay a maintenance charge towards the maintenance of the estate where the house is located on an estate. Your solicitor should appraise you on the various issues.
I purchased a 1st floor flat in Selsey, conveyancing having been completed June 2005. Can you work out an approximate cost of a lease extension? Equivalent flats in Selsey with an extended lease are worth £181,000. The ground rent is £55 yearly. The lease terminates on 21st October 2075
You have 50 years unexpired we estimate the premium for your lease extension to span between £31,400 and £36,200 as well as costs.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to advice on the actual costs without more comprehensive due diligence. Do not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before seeking the advice of a professional.
My partner and I are acquiring a ground floor flat in Selsey. At the time of instructing our property lawyer, they told us that they were on all mainstream bank panels. Our financial adviser contacted us today to say that they are not on the Principality approved list. Were it to be true, what should we do? Do we simply find a different conveyancing practitioner that is on their approved list or should we cover the costs for separate representation, with Principality appointing their own approved lawyer.
If you are buying a property requiring a mortgage it is conventional for the buyer’s solicitors to also act for the purchaser's lender. In order to act for a bank or building society a solicitor has to be on that lender's list of approved lawyers. An application has to be made by the conveyancer to the lender to become a member of the lender's panel and there are increasingly strict criteria which the property lawyer has to meet. Some mortgage companies now require their panel firms to be part of the Law Society’s Conveyancing Accreditation Scheme. Your conveyancing practitioner should contact Principality to discover 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 Principality's conveyancing panel and you may continue to use your own Selsey solicitors, in which case your legal fees may increase, and it may delay matters as you have another set of people involved.