I can't travel far from Ashton. Is there a reason why all Ashton lawyers aren't included on all lender panels?
Even though it may seem unfair for lenders to restrict who can act for them, from the public’s or lawyer’s standpoint, the the contrary view is that lending institutions are becoming ever more anxious and feel it necessary to defend themselves from illegal activities. As a result of this concern lenders are limiting their conveyancing panel to a manageable size.
My husband and I swapping mortgage lender for our penthouse in Ashton with Coventry BS. We have a son 18 who lives with us. Our solicitor requested us to identify anyone over the age of 17 other than ourselves who reside at the property. The solicitor has now sent a form for our son to sign, giving up any rights in the event that the apartment is forfeited by the lender. I have two concerns (1) Is this document specific to the Coventry BS conveyancing panel as he never had to sign this form when we remortgaged 5 years ago (2) In signing this form is our son in any way compromising his right to inherit the property?
On the face of it your lawyer has done nothing wrong as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Coventry BS. This is solely used to protect Coventry BS if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave. It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Coventry BS had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
My Solicitor in Ashton is not listed on the Platform Home Loans Ltd Solicitor Panel. Can I still continue with my family solicitor notwithstanding that they are not on the Platform Home Loans Ltd panel?
The limited options open to you here include:
- Carry on with your existing Ashton lawyers but Platform Home Loans Ltd will need to retain a solicitor on their panel. This will result in additional overall conveyancing charges and cause frustration.
- Get an alternative practitioner to to deal with the conveyancing, not forgetting to check they are Platform Home Loans Ltd approved.
- Try to convince your Platform Home Loans Ltd based solicitor to try to join the Platform Home Loans Ltd panel
A friend informed me that in purchasing a property in Ashton there may be a number of restrictions preventing external alterations to the property. Is this right?
We are aware of anumerous of properties in Ashton which have some sort of restriction or requirement of consent to perform external changes. Part of the conveyancing in Ashton should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
My wife and I have arranged a further advance on our mortgage from TSB as we intend to carry out improvements to our home in Ashton. Are we obliged to appoint a local Ashton solicitor on the TSB conveyancing panel to handle the paperwork?
TSB don't usually require a member of their approved list of lawyers to handle such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the TSB panel.
I am buying a property in Ashton. One unusual aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Principality be concerned?
As your lender is Principality your lawyer must follow the conveyancing instructions contained in Part 2 of UK Finance Lenders’ Handbook for Principality. The Council of Mortgage Lenders’ Handbook sets out minimum provisions for solar panel roof-space leases, and conveyancers are required to report to Principality where a lease fails to meet these provisions. The specifications relate to the installation of panels on properties nationwide and is not limited to Ashton.
My partner and I may need to let out our Ashton ground floor flat temporarily due to a career opportunity. We instructed a Ashton conveyancing firm in 2003 but they have closed and we did not think at the time get any advice as to whether the lease prohibits the subletting of the flat. How do we find out?
Some leases for properties in Ashton do contain a provision to say that subletting is only allowed with permission. The landlord cannot unreasonably withhold but, in such cases, they would need to see references. Experience dictates that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting permission.
I inherited a ground floor flat in Ashton, conveyancing having been completed November 2002. Can you let me have an estimated range of the fair premium for a lease extension? Similar properties in Ashton with a long lease are worth £206,000. The average or mid-range amount of ground rent is £45 yearly. The lease comes to an end on 21st October 2092
You have 67 years remaining on your lease we estimate the price of your lease extension to be between £10,500 and £12,000 as well as professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to supply the actual costs in the absence of detailed investigations. You should not use this information in tribunal or court proceedings. There may be additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first getting professional advice.
Our solicitor in Ashton has identified a a problem with the lease for the apartment we are purchasing in Ashton. The other side have suggested title insurance as a solution. We are happy with insurance and will cover the costs. Our solicitor has advised that as he is on the bank conveyancing panel he must check that the lender is happy with this solution. Are we the client or is the lender?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the lender are the client. A precondition to being on the lender approved panel is to comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects will the lease so that the bank can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected . Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.