My mortgage broker says he needs my Old Woking lawyer’ panel reference for the Nat West conveyancing panel. How do I find this out. I have tried my local Old Woking office but they don't know it.
The sensible thing to do is ask for this information from your Old Woking lawyer . Most Old Woking conveyancing firms will keep a file or database of lender panel information which would include, if applicable, their conveyancing panel details for each lender.
We're in Old Woking, FTBs buying with a mortgage (lender is HSBC , and our solicitor is on the HSBC conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the HSBC conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no solicitor should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
My bid for a property was accepted at auction in Old Woking. Conveyancing is required. What happens now?
Given that you have now exchanged you now have to instruct a conveyancing practitioner as a matter of priority as you now have a tight deadline in which to complete the purchase. An auction property will have an associated legal set of papers. This should include most,if not all of the paperwork that your lawyer will need. In the case of leasehold premises the conveyancing pack should contain a copy of the lease, management information and a sellers leasehold information form and associated conveyancing paperwork specific to a leasehold property. You must give this to your appointed conveyancing solicitor ASAP. Do make sure that that you have the requisite funding in place to complete on the on the contractual date .
Is it correct that all Old Woking CQS (Conveyancing Quality Scheme) solicitors are on the Leeds Building Society conveyancing list of approved firms?
It is true that some banks and building societies now utilise the accreditation scheme as the kick off point for Panel membership such as HSBC and Santander. The Law Society’s CQS accreditation however is no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for firms wishing to join their panels.
Can I be sure that the Old Woking conveyancing solicitor on the TSB panel is any good?
When it comes to conveyancing in Old Woking obtaining recommendations is a good start. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one advertising the lowest fees. We would always advise that you speak with the lawyer conducting your transaction.
I am employed by a long established estate agency in Old Woking where we have witnessed a number of leasehold sales jeopardised due to leases having less than 80 years remaining. I have been given inconsistent advice from local Old Woking conveyancing solicitors. Can you clarify whether the seller of a flat can initiate the lease extension formalities for the purchaser on completion of the sale?
As long as 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. The benefit of this is that the buyer 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 disposal of the property.
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 invested in buying a split level flat in Old Woking, conveyancing having been completed April 2003. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar flats in Old Woking with over 90 years remaining are worth £227,000. The average or mid-range amount of ground rent is £50 per annum. The lease ceases on 21st October 2097
With 71 years unexpired we estimate the price of your lease extension to be between £9,500 and £11,000 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 cannot give you the actual costs without more detailed due diligence. You should not use this information in tribunal or court proceedings. There may be other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action based on this information before seeking the advice of a professional.
A couple of weeks ago I was informed by my lender that their panel lawyers operate no move no fee basis for conveyancing in Old Woking. My purchase did not proceed yet the lawyers have invoiced for search fees! They are claiming that the fees are seperate!
By offering "no completion no fee" Old Woking conveyancing practices are writing off their fees for any work carried out. We should make it clear that this is not to be regarded as an insurance scheme. Disbursements aren’t covered – where the property lawyer have to pay money out to other people, e.g. Old Woking local search fees