My partner and I are hoping to purchase a home in Chopwell and are in fact using a Chopwell conveyancing practice. Within the last couple of days our lawyer has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. Leeds Building Society have this evening contacted us to advise us that they have now hit a problem as our Chopwell solicitor is not on their approved list of lawyers. Is this a problem?
When purchasing a property with mortgage finance it is normal 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 property lawyer 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 Chopwell solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
Are you able to suggest a TSB accepted Chopwell conveyancing practice who can have us moved in within 28 days? Am I best advised to choose a local Chopwell firm or a factory type firm?
We would be happy to suggest some excellent Chopwell conveyancing firms. You can also walk up the high street in Chopwell. Approach two or three law practices and request to see a conveyancing solicitor for a costs illustration. Explain your time frames together with your reasons and get an assurance on speed. Choose the lawyer that genuine.
we are a couple who wish to acquire a purpose built apartment in Chopwell with a loan from Virgin Money.We have a Chopwell conveyancing practitioner but Virgin Money says she’s not listed on their "panel". It seems we are left with no choice but to instruct a Virgin Money panel solicitor or keep our high street solicitor and pay for a Virgin Money panel lawyer to act for them. We feel as though this is unjust; is there anything we can do?
Unfortunately,no. The mortgage issued to you contains various provisions, one of which will be that conveyancers needs to be on the Virgin Money approved list. in the past, most banks had large numbers of solicitors 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 lawyer to apply to be on the conveyancing panel for Virgin Money
Due to the guidance of my in-laws I had a survey completed on a house in Chopwell in advance of appointing lawyers. I have been told that there is a flying freehold aspect to the house. The surveyor advised that some banks will refuse to grant a mortgage on such a property.
It depends who your proposed lender is. Lloyds has different instructions for example to Halifax. Should you wish to call us we can look into this further with the relevant lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Chopwell. Conveyancing will be smoother if you use a solicitor in Chopwell especially if they are acquainted with such properties in Chopwell.
I'm converting the mortgage on my primary property to a buy to let mortgage with Nationwide Building Society and intend to use the remaining equity as a deposit on a second house. The location we are looking at is Chopwell. Will your lawyers be able to act for the two lenders and link together the two deals?
Make use of our search tool on this site to ensure that the conveyancers are approved by both banks. On the basis that they are the solicitor should be able to connect the two transactions but you should talk with you solicitor and communicate your expectations and needs.
What are the common defects that you witness in leases for Chopwell properties?
Leasehold conveyancing in Chopwell is not unique. All leases are individual and legal mistakes in the legal wording can result in certain sections are erroneous. The following missing provisions could result in a defective lease:
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Clauses dealing with recovering service charges for expenditure on the building or common parts. Insurance obligations
A defective lease can cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Barclays , The Mortgage Works, and Platform Home Loans Ltd all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to provide security, forcing the buyer to withdraw.
I invested in buying a 1 bedroom flat in Chopwell, conveyancing having been completed June 2001. Can you work out an approximate cost of a lease extension? Corresponding flats in Chopwell with over 90 years remaining are worth £186,000. The average or mid-range amount of ground rent is £55 charged once a year. The lease expires on 21st October 2079
With only 53 years unexpired the likely cost is going to be between £27,600 and £31,800 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure without more comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before getting professional advice.