we are a couple who wish to acquire a newbuild flat in Heacham with a loan from TSB.We would like to retain our Heacham conveyancing practitioner but TSB advised that he's not on their approved list of firms. It seems we have little choice but to instruct a TSB panel firm or keep our local solicitor and pay for a TSB panel lawyer to act for them. We feel as though this is unjust; Can we not simply insist that TSB use our lawyer?
Unfortunately,no. The home loan issued to you is subject to its terms and conditions, one of which will be that solicitors will be on the TSB approved list. in the past, most banks had large numbers of solicitors 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 lawyer to apply to be on the conveyancing panel for TSB
This question may be naive but I am new to the home buying as a 1st time buyer of a garden flat in Heacham. Do I pick up the keys to the premises on completion from my conveyancer? If so, I will find a High Street conveyancing solicitor in Heacham?
On the day of completion you do not need to attend the conveyancers office in Heacham. Conveyancing lawyers for you will transfer the purchase money to the vendor’s lawyers, and once they have received this, you will be called to collect the keys from the Estate Agents and move into your new home. Usually this occurs between 1 and 3pm.
is it true that all Heacham solicitors on the Santander conveyancing panel are overseen by the SRA?
As a firm of solicitors, in order to be on the Santander conveyancing panel they would need to be regulated by the Solicitors Regulatory Authority. Many lenders do allow licenced conveyancers on their panel in which case such firms would be regulated by the Council of Licensed Conveyancers.
I am due to exchange contracts on my flat. I had a double glazing fitted in December 2007, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s mortgage company, Bank of Ireland are being difficult. The Heacham solicitor who is on the Bank of Ireland conveyancing panel is recommending indemnity insurance as a solution but Bank of Ireland are insisting on a building regulation certificate. Why do Bank of Ireland have a conveyancing panel if they don't accept advice from them?
It is probably the case that Bank of Ireland have referred the matter to their valuer. The reason why Bank of Ireland may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
Am I better off to go with a Heacham conveyancing lawyer who is local to the property I am purchasing? We have a good friend who can carry out the legal formalities but they are based 200kilometers away.
The primary upside of using a high street Heacham conveyancing firm is that you can visit the firm to execute documents, deliver your ID and apply pressure on them where appropriate. They will also have local knowledge which is a plus. However it's more important to get someone that will do a good and efficient job. If you know people who instructed your friend and they were content that must surpass using an unfamiliar Heacham conveyancing solicitor just because they are based in the area.
I only have 72 years left on my flat in Heacham. I am keen to get lease extension but my landlord is absent. What options are available to me?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be granted an extra 90 years by the magistrate. However, you will be required to prove that you have done all that could be expected to locate the freeholder. In some cases an enquiry agent should be helpful to conduct investigations and prepare a report to be accepted by the court as proof that the landlord is indeed missing. It is advisable to get professional help from a solicitor both on investigating the landlord’s disappearance and the application to the County Court covering Heacham.
I purchased a 1 bedroom flat in Heacham, conveyancing having been completed half a dozen years ago. How much will my lease extension cost? Equivalent properties in Heacham with over 90 years remaining are worth £222,000. The average or mid-range amount of ground rent is £50 levied per year. The lease ends on 21st October 2097
With just 71 years unexpired we estimate the premium for your lease extension to be between £9,500 and £11,000 plus legals.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. You should not use the figures 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. Please do not move forward based on this information before getting professional advice.
We are midway through purchasing a property in Heacham. Conveyancing solicitor has called to say the title is "Leasehold". Does this make a difference on our Halifax valuation?
Heacham conveyancing does not in most situations involve leasehold houses. The key factor here is the unexpired lease term and the ground rent. If it's 999 years with a peppercorn rent, it's almost the same as freehold, so it shouldn't impact the value significantly.
At the other end of the spectrum, if it's, say, 50 years it will have a adverse impact on the value, and most likely wouldn't be acceptable to the lender. The length of lease and ground rent will be stated in the lease which should be made available to your lawyer.