It has come to my attention via my IFA that my Stilton property lawyer is not on the bank Solicitor panel. How can I be sure whether this is correct?
You need to contact your Stilton lawyer directly. You lawyer should advise you what has happened. If they are not on the panel they could put your in touch with solicitors on the conveyancing panel for your mortgage company.
We intend to purchase a 2 bedroom apartment in Stilton with a loan from Skipton Building Society.We would like to retain our Stilton conveyancing practitioner but Skipton Building Society advised that she’s not on their "panel". It seems we are left with little choice but to instruct a Skipton Building Society panel lawyer or retain our local solicitor and pay for one of their panel ones to act for them. We feel as though this is unjust; Can we not simply insist that Skipton Building Society use our lawyer?
No, not really. The home loan issued to you contains terms and conditions, one of which will be that solicitors must be on the Skipton Building Society approved list. in the past, most banks had large numbers of law firms on their panels: a borrower could find 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. A further alternative is for your solicitors to apply to be on the conveyancing panel for Skipton Building Society
How does conveyancing in Stilton differ for newly converted properties?
Most buyers of new build property in Stilton contact us having been asked by the builder to sign contracts and commit to the purchase even before the property is built. This is because builders in Stilton tend to acquire the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Stilton or who has acted in the same development.
I have just started marketing my garden flat in Stilton. Conveyancing is yet to be initiated, but I have recently had a half-yearly maintenance charge invoice – Do I pay up?
It best that you clear the maintenance contribution as you normally would because all ground rent and service invoices will be allotted as part of the financial calculations for completion monies, so you should recover the relevant percentage by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
I purchased a ground floor flat in Stilton, conveyancing having been completed in 2006. 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 properties in Stilton with an extended lease are worth £201,000. The average or mid-range amount of ground rent is £45 invoiced annually. The lease ceases on 21st October 2088
With only 64 years left to run the likely cost is going to range between £14,300 and £16,400 plus 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 are not able to supply a more accurate figure in the absence of detailed investigations. You should not use this information in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first seeking the advice of a professional.
Me and my husband are selling a Stilton apartment left to us 5 years ago in 2009. I have over a decades worth of conveyancing experience and, although retired, wish to do my own conveyancing. The purchaser's conveyancing practitioner has informed me that their mortgage company will not allow us to do our own conveyancing requiring the funds to be transferred to a solicitor's bank account.
Lending instructions to property lawyers from all CML members state that If the seller does not have legal representation the borrower's lawyers should check whether the bank needs to be informed so that a decision can be reached as to whether or not they are prepared to progress.