We are purchasing a 3 bedroom apartment in Axbridge with a mortgage. We have a Axbridge solicitor, but the bank advise she’s not on their "panel". It appears that we have no choice but to instruct one of the lender panel conveyancing practices or keep our Axbridge conveyancer and pay for one of their panel ones to represent them. This seems very unfair; 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 Axbridge conveyancing solicitor to apply to be on the conveyancing panel.
Two weeks ago we had a mortgage agreed in principle with Clydesdale. Axbridge conveyancing solicitors are appointed. What is the average time that one could expect to receive a mortgage offer from Clydesdale?
Some lenders take longer than others. Have Clydesdale conducted the survey? Have you advised Clydesdale as to your lawyers' details and checked that your lawyers are on the Clydesdale conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
I have decided to exercise my right to buy my property in Axbridge off the council. I have a mortgage offer with Leeds Building Society. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Leeds Building Society, you will need to appoint a solicitor on the Leeds Building Society conveyancing panel.
Our sealed bid on a property in Axbridge has been agreed to, but there is a chain. The sellers have offered on a flat, however it’s not yet tied up, and have viewings of other apartments booked. I have instructed a nearby conveyancing solicitor in Axbridge. What do I do now? At what point should I apply for the mortgage with Santander?
It is understandable to have concerns where there is a chain as you are unlikely to want to be too out of pocket prematurely (home loan application is in the region of £1k, then valuation, Axbridge conveyancing search charges, etc). First, you must check that your lawyer is on the Santander conveyancing panel. Concerning the subsequent steps this very much depends on the specifics of your case, attraction to the property and on the state of the market. In a rising market the majority of home buyers would apply for the mortgage with Santander and pay for the valuation and only if it was satisfactory would they pay their conveyancing practitioner to press on with searches.
Should commercial conveyancing searches reveal impending roadworks that may impact a commercial premises in Axbridge?
Its becoming the norm that commercial conveyancing solicitors in Axbridge will carry out a SiteSolutions Highways report as it reduces the time that conveyancers spend in investigating accurate data on highways that impact buildings and development assets in Axbridge. The report sets out definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Axbridge.
For each commercial conveyancing transaction in Axbridge it is crucial to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been dealt with adequately may cause delays to Axbridge commercial conveyancing transactions as well as pose a risk to future intentions for the site. These searches are not ordered for domestic conveyancing in Axbridge.
How straightforward is it to use the search app to get a fee calculation from a conveyancing lawyer in Axbridge on the panel for my bank?
First pick a bank such as Yorkshire Building Society, Skipton Building Society or Britannia then specify your preferred area such as Axbridge. Conveyancing organisations in Axbridge and across England and Wales will then be listed.
I am looking at a two maisonettes in Axbridge both have approximately forty five years left on the lease term. Do I need to be concerned?
There is no doubt about it. A leasehold apartment in Axbridge is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it adversely affects the value of the premises. The majority of purchasers and mortgage companies, leases with less than eighty years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Axbridge conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I invested in buying a split level flat in Axbridge, conveyancing was carried out half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Similar properties in Axbridge with a long lease are worth £197,000. The ground rent is £55 invoiced every year. The lease terminates on 21st October 2080
You have 55 years remaining on your lease we estimate the price of your lease extension to be between £31,400 and £36,200 plus costs.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action based on this information before getting professional advice.
At what point do I incur stamp duty payable for my purchase in Axbridge?
The majority of solicitors tend to fill out a Land Transaction Return Form for you during your Axbridge conveyancing transaction for signature. On completion your conveyancer will submit the STL Return Form to the Tax Authorities and - assuming they have the funds - discharge any land tax due for you.