Me and my partner are purchasing a 1 bedroom flat in Ascot with a mortgage. We like our Ascot solicitor, but the lender says he's not on their "panel". It appears that we have little choice but to select one of the bank panel solicitors or retain our Ascot lawyer and pay for one of their panel firms to act for them. We regard this is unjust; is there anything we can do?
No, not really. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, most lenders had large numbers of law firms 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 Ascot conveyancing lawyer to apply to be on the conveyancing panel.
Can you clarify what the consequences are if my lawyer’s firm is expelled from the Santander Conveyancing panel ahead of completing my conveyancing in Ascot?
First, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
What can a local search reveal concerning the property my wife and I purchasing in Ascot?
Ascot conveyancing often commences with the applying for local authority searches directly from your local Authority or through a personal search organisations for instance Onsearch The local search is essential in every Ascot conveyancing purchase; as long as you don’t want any nasty surprises after you move into your property. The search will reveal data on, amongst other things, details on planning applications applicable to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 subject areas.
I have a terraced Edwardian house in Ascot. Conveyancing lawyer acted for me and Barclays Direct. I did a free Land Registry search last week and there are a couple of entries: the first freehold, another for leasehold under the matching address. Is it worth asking Barclays Direct to clarify?
You should read the Freehold register you have again and check the Charges Register as there may be 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 Ascot and other locations in the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also enquire as to the position with the conveyancing practitioner who conducted the purchase.
I am purchasing my first flat in Ascot with a loan from HSBC Bank. The builders would not reduce the price so I negotiated five thousand pounds worth of extras instead. The property agent advised me not to tell my lawyer about the deal as it may put at risk my loan with the bank. Is this normal?.
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.
What are the common deficiencies that you come across in leases for Ascot properties?
There is nothing unique about leasehold conveyancing in Ascot. All leases are unique and legal mistakes in the legal wording can sometimes mean that certain provisions are wrong. The following missing provisions could result in a defective lease:
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A provision for the recovery of money spent for the benefit of another party. Service charge per centages that don't add up correctly leaving a shortfall
You may have a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Accord Mortgages Ltd, Norwich and Peterborough Building Society, and TSB all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, forcing the purchaser to withdraw.
I own a split level flat in Ascot, conveyancing having been completed half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Comparable flats in Ascot with a long lease are worth £165,000. The average or mid-range amount of ground rent is £50 levied per year. The lease comes to an end on 21st October 2102
You have 77 years left to run we estimate the price of your lease extension to range between £7,600 and £8,800 as well as professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you move forward based on this information before seeking the advice of a professional.