Me and my partner are hoping to acquire a 1 bedroom apartment in Ashton Under Lyne with a mortgage. We have a Ashton Under Lyne conveyancer, however the lender says he's not on their "panel". We have to appoint one of the lender panel firms or continue with our Ashton Under Lyne solicitor as well as pay for one of their panel firms to represent them. This seems very unfair; can we not require that the lender use our Ashton Under Lyne conveyancer ?
Unfortunately,no. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the lender’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 Ashton Under Lyne conveyancing solicitor to apply to be on the conveyancing panel.
I am buying a property in Ashton Under Lyne. A rare aspect is that the roof has a solar panel. Leeds Building Society have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As you are obtaining a mortgage with Leeds Building Society your lawyer must check the conveyancing instructions contained in Part two of UK Finance Lenders’ Handbook for Leeds Building Society. The CML Handbook sets out minimum requirements for solar panel roof-space leases, and property lawyers are required to report to Leeds Building Society where a lease fails to comply with these specifications. The specifications relate to the installation of panels on properties nationwide and is not isolated to Ashton Under Lyne.
It is not clear whether my bank obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called into my local Ashton Under Lyne building society branch on various occasions and was told it does not affect the mortgage offer and they would lend. My Ashton Under Lyne conveyancing solicitor - who is on the lender conveyancing panel- telephoned to say that they would not lend in accordance with their published requirements. Who do I believe?
As long as the property lawyer is on the mortgage company approved list, she or he must adhere to the CML Handbook provisions for the 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 left on the lease.
Intending to buy a apartment in Ashton Under Lyne. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the UBS conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Ashton Under Lyne conveyancing practitioner is on the UBS conveyancing panel.
I have been told that property searches are a common reason for stalling in Ashton Under Lyne house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) has noted the findings of research by MoveWithUs that conveyancing searches do not figure amongst the top 10 causes of delays in the conveyancing process. Local searches are not likely to be the root cause of slowing down conveyancing in Ashton Under Lyne.
I purchased a renovated Georgian house in Ashton Under Lyne. Conveyancing solicitor represented me and Britannia. I happened to do a free search for it on the Land Registry database and there are a couple of entries: one for freehold, the second leasehold under the exact same address. Is it worth asking Britannia to clarify?
You should review 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 Ashton Under Lyne and other locations in the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with lenders. You can also question the situation with your conveyancing lawyer who conducted the conveyancing.
Over the last few months I have been searching for a ground for flat up to £245,000 and found one round the corner in Ashton Under Lyne I like with amenity areas and railway links nearby, however it only has 61 years on the lease. I can't really find anything else in Ashton Under Lyne in this price bracket, so just wondered if I would be making a grave error purchasing a short lease?
Should you require a mortgage the remaining unexpired lease term may be an issue. Reduce the offer by the amount the lease extension will cost if not already taken into account. If the current owner has owned the premises for a minimum of 2 years you may ask them to start the process of the extension and then assign it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should consult your conveyancing lawyer concerning this matter.
Is it simple use the search facility to locate a conveyancing solicitor in Ashton Under Lyne on the panel for my bank?
First choose a mortgage company such as Nationwide Building Society, Skipton Building Society or Clydesdale then type in your preferred area such as Ashton Under Lyne. Conveyancing firms in Ashton Under Lyne and across England and Wales should be identified.