We are planning to buy a 3 bedroom apartment in Brinklow with a mortgage. We like our Brinklow conveyancer, however the lender advise he's not on their "panel". It appears that we have no option but to appoint one of the lender panel firms or continue with our Brinklow property lawyer and pay for one of their panel firms to act for them. We regard this is inequitable; are we not able to require that the mortgage company use our Brinklow conveyancing practitioner ?
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 Brinklow conveyancing lawyer to apply to be on the conveyancing panel.
My husband and I are nearing an exchange on a property in Brinklow and my parents have transferred the exchange deposit to my conveyancer. I am now informed that as the deposit has been sent from someone other than me my conveyancing practitioner needs to make a notification to my lender. I am advised that, in also acting for the mortgage company he must advise them that the balance of the purchase price is not just from me. I advised the lender concerning my parents' contribution when I applied for the home loan, so is it really necessary for this now to be an issue?
The property lawyer is legally required to clarify with the bank to ensure that they understand that the balance of the purchase price is not from your own resources. Your solicitor can only reveal this to your mortgage company if you agree, failing which, your lawyer must cease to continue acting.
As a first time buyer what is the most important number one tip you can impart about purchase conveyancing in Brinklow?
Not many law firms shout this from the rooftops but conveyancing in Brinklow and elsewhere in England and Wales is often a confrontational experience. Put another way, when it comes to conveyancing there exists lots of room for conflict between you and others involved in the transaction. E.g., the vendor, estate agent and even potentially a bank. Choosing a law firm for your conveyancing in Brinklow should not be taken lightly as your conveyancer is your adviser, and is the ONE party in the legal process whose responsibility is to act in your best interests and to protect you.
On occasion a potential adversary may try and convince you that you should follow their advice. For example, the selling agent may claim to be helping by suggesting your lawyer is dragging his heels. Or your financial adviser may tell you to do something that is against your conveyancers guidance. You should always trust your lawyer above all other parties when it comes to the legal transfer of property.
When it comes to mortgage companies such as Nationwide, do Brinklow conveyancers incur a fee to be on the list of approved solicitors?
We are unaware of any bank fees to be on their list of approved firms, although some do levy an administration fee to deal with the processing of the conveyancing panel application.
I am purchasing a property in Brinklow. An unusual aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Kent Reliance be concerned?
Given that you are obtaining a mortgage with Kent Reliance your lawyer must follow the formal requirements outlined in Part 2 of UK Finance Lenders’ Handbook for Kent Reliance. The Council of Mortgage Lenders’ Handbook includes minimum requirements for solar panel roof-space leases, and lawyers are required to report to Kent Reliance where a lease fails to satisfy these conditions. The requirements relate to the installation of panels on properties in England and Wales and is not limited to Brinklow.
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 Brinklow building society branch on numerous occasions and was informed it wasn't a problem and they would lend. My Brinklow conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned to say that they will not lend based on their published requirements. I have no idea who is right.
The property lawyer must follow the Council of Mortgage Lenders’ Handbook Part 2 specifications for your lender. Unless your lawyer obtains specific confirmation in writing that the lender 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 remaining.
I have been on the look out for a flat up to £235,500 and identified one close by in Brinklow I like with amenity areas and station nearby, however it's only got 52 years on the lease. There is not much else in Brinklow suitable, so just wondered if I would be making a grave error purchasing a short lease?
If you require a home loan that many years will be problematic. Discount the price by the anticipated lease extension will cost if not already taken into account. If the current owner has owned the property for at least twenty four months you can request that they commence the lease extension formalities and pass it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should speak to your conveyancing solicitor regarding this matter.
I own a leasehold flat in Brinklow. Conveyancing was completed in 21012. I have heard that I mustn’t allow the the remaining lease term to get too short. Is this right?
Brinklow leasehold properties are for a fixed term - usually 99 years when they commenced. However a significant flats in Brinklow were built or converted in the 60’s and so these leases now have less than eighty years left to run. That may sound like plenty of time but Banks, Building Societies and other mortgage institutions on the whole need leases to have at least seventy five years remaining to be mortgageable. This means that when you come to sell the property you will need a lease extension if you are nearing seventy five years. To enhance the saleability of your property you should be thinking about whether to extend your lease long before you come to sell it. You should note that there are significant benefits to doing so before the lease hits 80 years as when the lease is less than 80 years the amount you have to pay to extend starts to get a lot more expensive.