My husband and I are hoping to buy a 2 bedroom flat in Chesterton with a mortgage. We have a Chesterton solicitor, but the mortgage company says she’s not on their "panel". It appears that we have no option but to instruct one of the lender panel solicitors or retain our Chesterton solicitor as well as pay for one of their panel firms to represent them. This seems very unfair; can we not require that the bank use our Chesterton conveyancing practitioner ?
Unfortunately,no. 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 Chesterton conveyancing lawyer to apply to be on the conveyancing panel.
Should conveyancers request an advanced payment for conveyancing in Chesterton?
Where you are retaining lawyers for conveyancing in Chesterton your solicitor will request that you place them with funds to cover the search fees. Generally this is requested to cover the fees of the Local Authority Search. When the deposit is payable against the sale price then this should be needed immediately ahead of exchange of contracts. The closing balance that is due should be sent to your lawyer a few days ahead of the day of completion.
I currently have a mortgage with UBS for my property in Chesterton. Conveyancing was finalised 12 months ago. If I am intending to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform UBS?
Your original mortgage agreement with UBS will provide that you need their approval in advance of renting your property as this is likely to be a breach of UBS’s mortgage conditions. It may be that UBS will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact UBS directly. It should not be necessary to do this via a UBS conveyancing panel firm.
Planning on purchasing a house in Chesterton. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Coventry BS conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Chesterton lawyer is on the Coventry BS conveyancing panel.
I've read lots of mortgage guides, I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my local Chesterton solicitor - who is on the Skipton conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
Skipton will need an independent valuation of the property. Your lawyer will not arrange this. Usually Skipton will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Chesterton surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
I require fast conveyancing in Chesterton as I have an ultimatum to sign on the dotted line inside 2 weeks. A home loan is not required. Is it possible to decline from having conveyancing searches to save money and time?
As you are are a cash purchaser you have the choice not to have searches carried out although no law firm would recommend that you don't. Drawing on our experience of conveyancing in Chesterton the following are examples of issues that can crop up and adversely impact future saleability: Enforcement Actions, Outstanding Fees, Outstanding Grants, Unadopted Roads,...
We are 17 days into a leasehold purchase having been directed to a firm by the estate agent to do our conveyancing in Chesterton. We are not happy. Could you help me find new solicitors?
They would need to be really poor in order to consider changing them. Has the mortgage been issued? If so you need to advise them of the new contact details and get the mortgage documents are issued to the new lawyers. Your new solicitor ideally should be on the mortgage company approved list to avoid supplemental charges and frustration. That should be your starting point. Our search tool will help you find a bank approved solicitor for your home move in Chesterton
Expecting to exchange soon on a garden flat in Chesterton. Conveyancing solicitors have said that they are sending me a report on Monday. What should I be looking out for?
The report on title for your leasehold conveyancing in Chesterton should include some of the following:
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Defining your legal entitlements in respect of common areas in the building.For instance, does the lease permit a right of way over a path or staircase? How long the lease is. You should receive guidance as what happens when the lease ends, and aware of the importance of not letting the lease term falling below eighty years What options are open to you if an adjoining owner is in violation of a provision in their lease? Ground rent - what is payable and when is collected, and be on notice if this will change in the future
I invested in buying a garden flat in Chesterton, conveyancing was carried out June 2007. Can you give me give me an indication of the likely cost of a lease extension? Similar flats in Chesterton with an extended lease are worth £260,000. The average or mid-range amount of ground rent is £45 charged once a year. The lease comes to an end on 21st October 2099
With only 74 years left to run we estimate the price of your lease extension to span between £8,600 and £9,800 as well as legals.
The figure above a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure in the absence of comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first seeking the advice of a professional.