I am nearing exchange of contracts for my ground floor flat in Ascot and the EA has just text me to advise that the buyers are changing their law firm. The excuse is that the mortgage company will only engage with property lawyers on their conveyancing panel. On what basis would a leading mortgage company only engage with certain law firms rather the firm that they want to select for their conveyancing in Ascot ?
UK lenders have always had panels of law firms that can act for them, but in recent years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Lending institutions point to the increase in fraud as the reason for the pruning – criteria have been narrowed as a smaller panel is easier to oversee. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is being contacted daily by practices that have been removed from panels. Some are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The buyers are unlikely to have any impact on this.
Is there a reason why leasehold purchase conveyancing in Ascot is more expensive?
In short, leasehold conveyancing in Ascot and Berkshire usually necessitates extra hours of investigation compared to freehold transactions. This includes analysing the lease terms, liaising with the landlord about serving required notices, procuring up-to-date service charge and management information, obtaining the landlord’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – regardless of the fact the lease has passed through many different property solicitors hands since it was first entered into.
I am helping my step-mother sell her property in Ascot. Will the conveyancer order an energy performance certificate or should I organise this?
Following the abolition of Home Packs, energy assessments remained a compulsory part of moving property. An EPC must be to hand before the property is put on the market. It is not a task that law firms ordinarily arrange. Where you are instructing a Ascot conveyancing practitioner they might be willing to arrange energy assessments given their relationships with reputable Ascot assessors
I have a mortgage with Nottingham for my property in Ascot. Conveyancing has been completed some time ago. In the event that I decide to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Nottingham?
You must advise Nottingham in advance of letting out your property as this is likely to be a breach of Nottingham’s mortgage conditions. It may be that Nottingham will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Nottingham directly. It should not be necessary to do this via a Nottingham conveyancing panel firm.
After weeks of negotiation I have agreed a price on an apartment in Ascot. My financial adviser suggested a lawyer. I paid an upfront payment of £175. A couple of days later, the lawyer called me to say that they were not on the Aldermore conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Aldermore panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
I've recently found out that there is a flying freehold element on a house I have offered on a fortnight ago in what was supposed to be a quick, no chain conveyancing. Ascot is where the house is located. Can you shed any light on this issue?
Flying freeholds in Ascot are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Ascot you would need to get your solicitor to go through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Ascot may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
What makes a Ascot lease unacceptable for security purposes?
Leasehold conveyancing in Ascot is not unique. Most leases are unique and drafting errors can result in certain clauses are not included. For example, if your lease is missing any of the following, it could be defective:
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Clauses dealing with recovering service charges for expenditure on the building or common parts.
You will encounter difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Halifax, Chelsea Building Society, and Bank of Ireland all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, forcing the purchaser to withdraw.
I bought a 1st floor flat in Ascot, conveyancing formalities finalised in 1998. How much will my lease extension cost? Comparable flats in Ascot with an extended lease are worth £260,000. The average or mid-range amount of ground rent is £50 yearly. The lease ceases on 21st October 2100
You have 75 years remaining on your lease the likely cost is going to range between £8,600 and £9,800 as well as costs.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure without more comprehensive investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before seeking the advice of a professional.
I need to consider quotes for conveyancing in Ascot from various lawyer and decide on one. Am I right to instruct them to sit tight until I a suitable house to buy.
We suggest that you wait to ask your property lawyer to commence work and order searches after the sales memorandum has been sent by the selling agent especially as Ascot conveyancing searches are a couple of hundred pounds.