My partner and I are looking to acquire a house in Boscastle and are in fact using a Boscastle conveyancing practice. Within the last couple of days our solicitor has sent a preliminary report and documents to look through with a view to exchanging next week. HSBC Bank have this afternoon contacted us to advise us that they have now hit a problem as our Boscastle lawyer is not on their conveyancing panel. What do we do from here?
When purchasing a property with the benefit of a mortgage it is standard for the purchasers' lawyers to also act for the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your solicitor should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You are not legally obliged to appoint a law firm on the bank's conveyancing panel and you may continue to use your own Boscastle solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another lawyer into the mix.
How up to date is your database of Boscastle solicitors on the Coventry BS conveyancing panel? Do Coventry BS send you an updated list?
Boscastle conveyancing firms themselves provide us confirmation that they are on the Coventry BS conveyancing panel as opposed to being supplied with a list from Coventry BS directly.
I'm converting the mortgage on my existing home to a BTL loan with Platform Home Loans Ltd and intend to use the remaining equity as a deposit on further property. The area we are looking at is Boscastle. Will your solicitors be able to act for the two banks and tie in the two deals?
Do use our search tool on this page to check that the lawyers are approved by both mortgage companies. Assuming that they are the lawyer should be able to tie up the two deals but you should have a chat with you lawyer and communicate your expectations and needs.
My father-in-law has suggested that I appoint his conveyancing solicitors in Boscastle. Should I use them?
No doubt the ideal way to choose a conveyancing practitioner is to get recommendations from friends or family who have actually used the solicitor you're considering.
I am attracted to a two maisonettes in Boscastle which have about forty five years remaining on the leases. Will this present a problem?
There are no two ways about it. A leasehold apartment in Boscastle is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it adversely affects the marketability of the property. The majority of purchasers and banks, leases with less than 75 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 property 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 property 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 Boscastle 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 the agreed 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 own a 1 bedroom flat in Boscastle, conveyancing formalities finalised 10 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar properties in Boscastle with over 90 years remaining are worth £191,000. The ground rent is £55 invoiced every year. The lease comes to an end on 21st October 2078
With just 53 years unexpired we estimate the price of your lease extension to be between £27,600 and £31,800 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to provide a more accurate figure without more comprehensive due diligence. Do not use this information in tribunal or court proceedings. There may be additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not move forward based on this information without first getting professional advice.
I need to find a mortgage company panel solicitor in Boscastle. Could you help me?
It is not clear why you need a Boscastle panel solicitor but in any event, if you can not find one on our search tool you will need to speak directly to the bank to find out which solicitors in Boscastle are on their panel . If you do find such a firm in Boscastle not listed please direct them to our site to list. At a fee of one pound per month it is not expensive to register on the site