We wanted to use a property lawyer in Braintree for our home move. Our financial adviser informed us that our bank Clydesdale won't deal with them. Why is this not regarded as unfair competition?
A decade ago most banks had a different appetite for risk. Almost all Braintree conveyancing firms would have been on most bank panels. The FSA in 2010 completed a thematic investigation into mortgage fraud which come to the conclusion: know the conveyancing solicitors dealt with. Consequently, mortgage companies are increasingly seeing more data from law firms concerning their operations and the individuals who work for them and set certain criteria such a completing on a minimum amount of conveyancing. Many Braintree conveyancing firms that have been excluded from lender panels have a 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Braintree is amongst the thousands of areas where the conveyancers we list are are approved Clydesdale.
We had chosen conveyancers locally in Braintree on the TSB solicitor panel. They are now charging me a separate fee for the legal aspects of the TSB mortgage. Is this a supplemental conveyancing fee specified by TSB?
Provided it is contained in their Terms of Engagement or estimate then yes your solicitor can levy a fee for this. This fee is not set by TSB but by your Braintree property lawyer. Plenty of firms on the TSB panel will charge ’dealing with mortgage’ fee but plenty of practices include it on their overall fee.
We have agreed to purchase a house in Braintree. One unusual aspect is that the roof has a solar panel. Santander have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As your lender is Santander your lawyer must check the conveyancing instructions set out in Part 2 of UK Finance Lenders’ Handbook for Santander. The Council of Mortgage Lenders’ Handbook includes minimum specifications for solar panel roof-space leases, and property lawyers are required to report to Santander where a lease does not meet these specifications. The requirements relate to the installation of panels on properties countrywide and is not isolated to Braintree.
I had an offer accepted on an apartment in Braintree on 8/10/2024, valuation was booked five days later, received a clean bill of health. Conveyancer appointed, so all that was missing was my mortgage offer. Having made daily calls to Coventry BS and chasing them on my offer, I have now been told that my offer will not be issued unless the lawyer is on the Coventry BS conveyancing panel. Can the lender hold off the offer?
A lender would not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Coventry BS to deal with your lawyer's application to be on the Coventry BS conveyancing panel. There's no guarantee that your solicitor will be accepted.
About to purchase a new build flat in Braintree. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Here is a sample of a few leasehold new build questions that you should expect your new-build leasehold conveyancing in Braintree
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Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. Please confirm the Lease plans are architect prepared. Please supply evidence that the form of Lease proposed has been approved by the Land Registry. Please supply a car parking plan.
Due to the guidance of my in-laws I had a survey completed on a house in Braintree before appointing conveyancers. I have been advised that there is a flying freehold overhang to the property. Our surveyor has said that some mortgage companies may refuse to grant a mortgage on a flying freehold home.
It depends who your proposed lender is. Lloyds has different instructions from Halifax. Should you wish to call us we can check via the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Braintree. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Braintree to see if the conveyancing will be more expensive.
Am I right to be wary that 3rd parties that I am dealing with are suggesting a nationwide conveyancing firm rather than a High Street Braintree conveyancing company?
As with many professional services, often recommendations from family and friends can be worth their weight in gold. Yet there are lots of parties with a vested interest in a conveyancing matter; estate agents, mortgage brokers and mortgage companies might all suggest lawyers to choose. Sometimes the conveyancers might be known to one of the organisations as being good in their field, but sometimes there is an underlying commercial relationship behind the recommendation. You are free to select your own conveyancer. Don't forget that some lenders specify a panel list of solicitors you must use for the lender related work in your transaction.
I am looking at a two maisonettes in Braintree which have approximately fifty years left on the lease term. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Braintree. The lease is a right to use the premises for a prescribed time frame. As a lease gets shorter the saleability of the lease reduces and it becomes more costly to extend the lease. This is why it is generally wise to extend the lease term. Sometimes it is difficulties arise selling premises with a short lease as mortgage companies less inclined to grant a loan on such properties. Lease extension can be a protracted process. We recommend you seek professional help from a solicitor and surveyor with experience in this arena.
I own a basement flat in Braintree, conveyancing was carried out April 2008. Can you work out an approximate cost of a lease extension? Similar properties in Braintree with over 90 years remaining are worth £180,000. The ground rent is £65 yearly. The lease comes to an end on 21st October 2083
With just 59 years unexpired we estimate the premium for your lease extension to range between £20,900 and £24,200 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure in the absence of detailed investigations. You should not use this information in tribunal or court proceedings. 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 placing reliance on this information without first getting professional advice.