Me and my fiance are purchasing a 2 bedroom apartment in Banstead with a mortgage. We have a Banstead lawyer, but the bank advise he's not on their "panel". We have to appoint one of the bank panel firms or keep our Banstead solicitor as well as pay for one of their panel lawyers to act for them. We regard this is unjust; can we not require that the lender use our Banstead conveyancer ?
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 Banstead conveyancing lawyer to apply to be on the conveyancing panel.
I am considering refinancing my property in Banstead, does my lawyer need to be on the Leeds Building Society Conveyancing panel?
There is nothing to stop you using your solicitor, but Leeds Building Society will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
When it comes to mortgage companies such as RBS, do Banstead solicitors have to pay a fee to be on the list of approved solicitors?
We are not aware of any bank fees to be on their list of approved firms, although some do charge an administration charge to deal with the processing of the conveyancing panel application.
I had a mortgage agreed in principle with Virgin Money. Banstead conveyancing practitioners have been selected. How long does it take for Virgin Money to forward the offer to the lawyer?
Some lenders take longer than others. Have Virgin Money done the survey? Have you informed Virgin Money as to your lawyers' details and checked that your lawyers are on the Virgin Money conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
I recently had an offer accepted on a house in Banstead. My mortgage broker pressured me to appoint their conveyancer. I paid an upfront payment of £225. Not long after, the property lawyer called me sheepishly admitting that they were not on the Co-operative 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 Co-operative 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.
I am downsizing from our home in Banstead and according to the buyers it appears that there is a risk of it being constructed on contaminated land. Any high street Banstead conveyancer would know that there is no such problem. For the life of me I don't know why the buyers are using a factory type conveyancing outfit as opposed to a conveyancing solicitor in Banstead. We have lived in Banstead for 4 years we know that this is a non issue. Is it a good idea to contact our local Authority to obtain clarification that there is no issue.
It sounds as though you may have a conveyancing lawyer currently acting for you. What do they say? You need to enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same illness)
I decided to have a survey carried out on a house in Banstead prior to instructing lawyers. I have been advised that there is a flying freehold overhang to the house. The surveyor advised that some lenders may refuse to give a mortgage on a flying freehold home.
It varies from the lender to lender. HSBC has different instructions for example to Halifax. Should you wish to call us we can check with the appropriate bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Banstead. Conveyancing will be smoother if you use a solicitor in Banstead especially if they are familiar with such properties in Banstead.
Having spent years of dialogue we are unable to agree with our landlord on how much the lease extension should cost for our flat in Banstead. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
if there is a missing landlord or if there is disagreement about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the Leasehold Valuation Tribunal to assess the sum to be paid.
An example of a Lease Extension case for a Banstead residence is 33 The Maisonettes Alberta Avenue in June 2014. the Tribunal decided that the premium payable for the grant of a new lease be the sum of £20,680 (Twenty Thousand six hundred and eighty pounds). This case related to 1 flat. The remaining number of years on the lease was 60.43 years.
What makes a Banstead lease defective?
There is nothing unique about leasehold conveyancing in Banstead. Most leases are drafted differently and legal mistakes in the legal wording can result in certain sections are erroneous. For example, if your lease is missing any of the following, it could be defective:
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A provision to repair to or maintain parts of the property A provision for the recovery of money spent for the benefit of another party.
You may have difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. National Westminster Bank, Norwich and Peterborough Building Society, and Barclays Direct all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, obliging the purchaser to pull out.