Me and my fiance are purchasing a 1 bedroom flat in Cotham with a mortgage. We like our Cotham solicitor, however the mortgage company says she’s not on their "panel". It seems we have little option but to use one of the bank panel solicitors or retain our Cotham conveyancing practitioner and pay for one of their panel ones to act for them. This seems very unfair; can we not demand that the mortgage company use our Cotham lawyer ?
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 Cotham conveyancing lawyer to apply to be on the conveyancing panel.
Me and my partner are buying our first house. Our property lawyer has contact usto ask if we would like to purchase supplemental conveyancing searches. We are really unsure what's relevant for conveyancing in Cotham
The range of Cotham conveyancing searches depends primarily on the premises, the location, the likelihood of any of these risks, your knowledge of the region and risks, your overall approach to risk. What matters is that you adequately comprehend what information each search could supply. Then you can make a decision if you consider that you need that information. Where you are unclear, ask your property lawyer to advise.
I am purchasing my first flat in Cotham with a loan from Halifax. The builders refused to move on the price so I negotiated £7000 of fixtures and fittings instead. The sale representative suggested that I not to tell my solicitor about this deal as it may affect my loan with the lender. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Due to the advice of my in-laws I had a survey completed on a house in Cotham ahead of retaining solicitors. I have been informed that there is a flying freehold element to the property. The surveyor has said that some mortgage companies tend not issue a mortgage on this type of property.
It varies from the lender to lender. Lloyds has different instructions from Halifax. Should you wish to telephone us we can look into this further via the appropriate lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Cotham. Conveyancing may be slightly more expensive based on your lender's requirements.
What are your top tips when it comes to choosing a Cotham conveyancing practice to deal with our lease extension?
When appointing a solicitor for your lease extension (regardless if they are a Cotham conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you make enquires with two or three firms including non Cotham conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. The following questions could be useful:
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What are the costs for lease extension conveyancing? How many lease extensions has the firm conducted in Cotham in the last 12 months?
I own a 1 bedroom flat in Cotham, conveyancing was carried out in 2010. Can you work out an approximate cost of a lease extension? Corresponding flats in Cotham with an extended lease are worth £195,000. The ground rent is £45 per annum. The lease comes to an end on 21st October 2088
With only 62 years unexpired the likely cost is going to span between £17,100 and £19,800 plus costs.
The figure above a general guide to costs for extending a lease, but we are not able to supply the actual costs in the absence of comprehensive due diligence. You should not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you move forward based on this information before getting professional advice.
My fiance is buying a leasehold flat in Cotham. He has received an estimate by the conveyancer connected to the estate agents and it came to £1156 . It was fifteen years ago I sold and purchased a property and the bill was £450. Have fees really increased to that extent?
You should call a few local Cotham conveyancing firms seeking estimates. You should base your selection not solely on cost, but on promptness and on how comprehensive the reply is.