I am not in a position to travel far from Ascot. What is the rationale as to why all Ascot property lawyers are not on all mortgage company panels?
Even though it may seem unfair for mortgage companies to limit who can represent them, from the public’s or lawyer’s standpoint, the other side of the coin is that lenders are becoming ever more anxious and regard it crucial to defend themselves against illegal activities. As a consequence of this concern mortgage companies are limiting their panel of approved conveyancing lawyers to a size that they are happy to control.
All was ready to move into my new home in Ascot next Monday. My solicitor now wants me to supply her with evidence of content and building insurance for the property as he says that he has to check this in his capacity as lawyer for the mortgage company. What risks does the lender expect the insurance to cover?
All property lawyers on acting for mortgage companies would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s Part 2 conditions. These requirements are not specific to conveyancing in Ascot.
Why do I have to pay up front for my conveyancing in Ascot?
If you are buying a property in Ascot your solicitor will request that you place them with monies to cover the search fees. Normally this is needed to cover the fees of the conveyancing searches. If any down payment is payable against the total price then this will be required shortly ahead of contracts are exchanged. Any further balance that is needed will be payable a couple of days ahead of the day of completion.
Is it the case that all Ascot CQS (Conveyancing Quality Scheme) solicitors are on the Aldermore conveyancing list of approved firms?
A selection of banks and building societies now use the accreditation scheme as the kick off point for Panel approval such as HSBC and Santander. The Law Society’s CQS membership however is no guarantee to lender panel acceptance. Nevertheless,the CML have indicated that it is likely to become a pre-requisite for solicitor practices wishing to remain on their approved list of conveyancing solicitors.
It is not clear whether my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my Ascot building society branch on numerous occasions and was advised it wasn't a problem and they will lend. My Ascot conveyancing solicitor - who is on the bank conveyancing panel- called to say that they refuse to lend based on their published requirements. Who do I believe?
The solicitor has to comply with the CML Handbook Part 2 conditions for your lender. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years remaining.
After months of negotiation I have agreed a price on an apartment in Ascot. My mortgage broker pressured me to appoint their conveyancing practitioner. I paid an on account payment of £225. A couple of days later, the conveyancing practitioner called me embarrassingly acknowledging that they were not on the Virgin Money 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 Virgin Money 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.
How does conveyancing in Ascot differ for newly converted properties?
Most buyers of new build premises in Ascot come to us having been asked by the builder to sign contracts and commit to the purchase even before the property is finished. This is because developers in Ascot tend to buy the land, 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 property lawyers 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 accustomed to new build conveyancing in Ascot or who has acted in the same development.
Do you have any top tips for leasehold conveyancing in Ascot from the point of view of saving time on the sale process?
- Much of the frustration in leasehold conveyancing in Ascot can be avoided if you get in touch lawyers as soon as your agents start marketing the property and ask them to collate the leasehold information which will be required by the buyers’ solicitors. If you have had any disputes with your landlord or managing agents it is very important that these are settled before the property is marketed. The buyers and their solicitors will be concerned about purchasing a flat where a dispute is unsettled. You may have to bite the bullet and pay any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the buyers, but it is better to present the dispute as over rather than ongoing. The majority of landlords or managing agents in Ascot levy fees for supplying management packs for a leasehold premises. You or your lawyers should discover the actual amount of the charges. The management information sought as soon as you have a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most frequent reason for frustration in leasehold conveyancing in Ascot. If you hold a share in a the Management Company, you should make sure that you have the original share document. Arranging a replacement share certificate can be a lengthy process and frustrates many a Ascot home move. If a reissued share certificate is necessary, do contact the company director and secretary or managing agents (where applicable) for this at the earliest opportunity.
I own a studio flat in Ascot, conveyancing having been completed June 2009. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent flats in Ascot with a long lease are worth £191,000. The average or mid-range amount of ground rent is £55 invoiced annually. The lease ends on 21st October 2079
You have 54 years remaining on your lease the likely cost is going to be between £31,400 and £36,200 as well as professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to supply a more accurate figure in the absence of detailed due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first getting professional advice.