My husband and I are planning to purchase a house in Cotham and are in fact using a Cotham 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. Godiva Mortgages Ltd have this evening contacted us to advise us that they have now hit a problem as our Cotham lawyer is not on their conveyancing panel. What do we do from here?
Where you are buying a property needing a mortgage it is standard for the purchasers' lawyers to also represent 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 Accreditation Scheme. Your solicitor should contact your lender and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You don't have to instruct a firm on the lender’s conveyancing panel and you may continue to use your own Cotham solicitors, in which case it will likely add costs, and it may delay matters as you have another set of people involved.
How up to date is your search tool for Cotham conveyancing solicitors on the Nottingham conveyancing panel? Do Nottingham send you an updated list?
Cotham conveyancing firms themselves provide us confirmation that they are on the Nottingham conveyancing panel as opposed to being supplied with a list from Nottingham directly.
We wanted to use a property lawyer in Cotham for our house purchase. Our broker informed us that our mortgage company Virgin Money won't deal with them. Surely this is unfair competition?
A decade ago most lenders had a different appetite for risk. Almost all Cotham conveyancing firms would have been on most bank panels. The FSA in 2010 conducted a thematic review into mortgage fraud which come to the conclusion: mortgage lenders should know the conveyancing solicitors dealt with. Consequently, mortgage companies are increasingly seeing more data from law firms relating to their operations and their employees as well as set certain criteria such a completing on a minimum number of transactions. Many Cotham 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. Cotham is amongst the thousands of locations where the lawyers we list are are approved Virgin Money.
When it comes to mortgage companies such as Aldermore, do Cotham conveyancers incur a yearly amount to be on the conveyancing panel?
We are not aware of any bank fees to register on their list of approved firms, although some do charge an administration charge to deal with the processing of the conveyancing panel application.
Completion of my purchase has taken place for my property in Cotham. Conveyancing was of an acceptable standard but I feel I should register my dissatisfaction about the lender. How does one go about formally complaining?
All banks and building societies have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Services Team at head office. We understand that complaints to a lender are resolved effectively and efficiently. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR with full details of your complaint.
Virgin Money have agreed my home loan in principle, my bid on a apartment in Cotham has been accepted, what happens next?
The estate agent will want to know who your solicitors are (ensure that the conveyancing practitioners are on the bank’s approved list). Call up Virgin Money or the broker and finalise any relevant forms. Virgin Money will instruct a valuer who will get in contact with the selling agent or seller to arrange a slot for the valuation to occur. Once conducted (assuming no problems) it takes about a week for the mortgage offer to be issued. Virgin Money will send the offer to you and your conveyancing practitioners. The transaction will then take it’s course according the nature and complexity of the conveyancing in Cotham.
Given that I will soon part with £400,000 on a two bedroom apartment in Cotham I would like to have a conversation with the solicitor regarding theconveyancing in advance of giving the go ahead to the firm. Is this something that you can arrange?
Absolutely - we would be delighted to talk to you we do not take any clients on without you speaking to the solicitor who will be conducting your property ownership legalities in Cotham.There is no ‘factory style conveyancing’ - each client is an important person, not a matter reference. The solicitors that we put you in touch with believe that the figure you are provided with for residential conveyancing in Cotham should be the figure that you end up paying.
Looking forward to complete next month on a garden flat in Cotham. Conveyancing lawyers inform me that they will have a report out to me tomorrow. What should I be looking out for?
The report on title for your leasehold conveyancing in Cotham should include some of the following:
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The physical extent of the premises. This will be the flat itself but might incorporate a loft or cellar if applicable. You need to be told what is to be regarded as a Nuisance in the lease Additions to the flat An explanation concerning the obligations in the lease to to contribute towards maintenance costs - in relation to the building, and the more general rights a lessee has The length of the lease term. You should be advised as what happens when the lease expires, and aware of the importance of not letting the lease term falling below eighty years
I own a 1st floor flat in Cotham, conveyancing formalities finalised March 1996. Can you work out an approximate cost of a lease extension? Equivalent properties in Cotham with a long lease are worth £195,000. The ground rent is £45 levied per year. The lease ceases on 21st October 2088
With 64 years remaining on your lease we estimate the price of your lease extension to span between £14,300 and £16,400 plus legals.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. Do not use the figures 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 want to be as accurate as possible in your negotiations. Neither should you move forward based on this information before seeking the advice of a professional.