Me and my partner are buying a 2 bedroom flat in Downton with a mortgage. We like our Downton conveyancer, but the lender advise he's not on their "panel". It seems we have little option but to instruct one of the mortgage company panel conveyancing practices or retain our Downton lawyer as well as pay for one of their panel firms to act for them. This seems very unfair; can we not demand that the lender use our Downton lawyer ?
No, not really. 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. A further alternative is for your Downton conveyancing solicitor to apply to be on the conveyancing panel.
I am purchasing a new build house in Downton with a loan from Virgin Money. The sellers refused to move on the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The sale representative suggested that I not reveal to my conveyancer about this extras as it may impact my loan with the lender. Should I keep quiet?.
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.
I have been on the look out for a leasehold apartment up to £305k and found one near me in Downton I like with amenity areas and railway links in the vicinity, however it's only got 52 years on the lease. There is not much else in Downton suitable, so just wondered if I would be making a mistake buying a lease with such few years left?
If you require a mortgage that many years will be an issue. Reduce the price by the anticipated lease extension will cost if not already taken into account. If the current proprietor has owned the premises for a minimum of twenty four months you could ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should consult your conveyancing lawyer about this matter.
I need to retain a conveyancing solicitor for purchase conveyancing in Downton. I have stumble upon a web site which appears to be the ideal solution If it is possible to get all formalities completed via phone that would be ideal. Do I need to be concerned? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
I am on look out for some leasehold conveyancing in Downton. Before I get started I want to be sure as to the unexpired term of the lease.
If the lease is registered - and 99.9% are in Downton - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I acquired a ground floor flat in Downton, conveyancing having been completed 10 years ago. Can you work out an approximate cost of a lease extension? Similar properties in Downton with a long lease are worth £185,000. The ground rent is £65 charged once a year. The lease comes to an end on 21st October 2086
With only 60 years left to run the likely cost is going to span between £20,000 and £23,000 plus professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to supply the actual costs without more 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 should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first seeking the advice of a professional.
My wife and I are purchasing a studio flat in Downton. When we first instructed lawyer, they assured us that they were on all major UK mortgage company panels. Our financial adviser emailed today to advise that they don't seem to be on the HSBC approved list. Were it to be true, what should we do? Do we simply choose a new lawyer that is on their approved list or do we cover the costs for dual representation, with HSBC appointing their own preferred lawyer.
Where you are purchasing a property needing a mortgage it is conventional for the buyer’s lawyers to also represent the purchaser's lender. In order to act for a bank or building society a conveyancing practitioner has to be on that lender's list of approved lawyers. An application has to be made by the conveyancing practitioner to the lender to become a member of the lender's panel and there are increasingly strict criteria which the property lawyer has to meet. Some mortgage companies now insist their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your lawyer should contact HSBC to discover 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 HSBC's conveyancing panel and you may continue to use your own Downton solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.