My husband and I wish to acquire a purpose built flat in East Leake with a residential mortgage from Yorkshire Building Society.We would like to retain our East Leake conveyancing solicitor but Yorkshire Building Society says his firm is not on their "panel". We have to appoint a Yorkshire Building Society panel lawyer or keep our high street solicitor and pay for one of their panel ones to act for them. We feel as though this is unjust; Can we not simply insist that Yorkshire Building Society use our lawyer?
Unfortunately,no. The home loan offered to you contains terms and conditions, one of which will be that lawyers needs to be on the Yorkshire Building Society approved list. in the past, most lenders 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 solicitors to apply to be on the conveyancing panel for Yorkshire Building Society
Can you point me to a directory of Nationwide panel conveyancers in East Leake on the Council of Mortgage Lender’s Website?
No. There is no such tool on the Council of Mortgage Lenders or Building Society Association sites. Very few mortgage companies make their panel listings open the public online. Where you are seeking to appoint a East Leake conveyancer on the Nationwide please make the most of our tool.
I have decided to exercise my right to buy my property in East Leake off the council. I have a mortgage agreed with Bank of Ireland. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Bank of Ireland, you will need to appoint a solicitor on the Bank of Ireland conveyancing panel.
It is unclear whether my lender obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my East Leake bank branch on various occasions and was told they are content with the situation and they would lend. My East Leake conveyancing solicitor - who is on the bank conveyancing panel- called and was told they refuse to lend based on their specific requirements. I have no idea who is right.
Provided that the lawyer is on the bank panel, she or he must comply with the Council of Mortgage Lenders’ Handbook specifications for the bank. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years remaining.
How does conveyancing in East Leake differ for newly converted properties?
Most buyers of new build or newly converted property in East Leake come to us having been asked by the builder to exchange contracts and commit to the purchase even before the property is finished. This is because house builders in East Leake typically purchase the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in East Leake or who has acted in the same development.
I'm refinancing my current property to a buy to let mortgage with Barclays Direct and I will use the ballance of the raised equity towards a second house. The neighborhood we are interested in is East Leake. Will your solicitors be able to act for the two lenders and link together the conveyances?
Make use of our comparison tool on this site to check that the conveyancers are on the relevant lender panels. On the basis that they are your lawyer should be able to connect the two deals but you should have a chat with you lawyer and communicate your desired outcome and requirements.
I am hoping to put an offer on a small detached house that seems to tick a lot of boxes, at a great price which is making it more attractive. I have subsequently been informed that it's a leasehold rather than freehold. I am assuming that there are issues buying a house with a leasehold title in East Leake. Conveyancing solicitors have are about to be instructed. Will they explain the issues?
The majority of houses in East Leake are freehold and not leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. We note that you are buying in East Leake in which case you should be looking for a East Leake conveyancing solicitor and be sure that they have experience in advising on leasehold houses. First you will need to check the unexpired lease term. As a leaseholder you will not be entirely free to do whatever you want with the house. The lease comes with conditions such as obtaining the freeholder’sconsent to carry out changes to the property. It may be necessary to pay a maintenance charge towards the upkeep of the estate where the property is located on an estate. Your solicitor should advise you fully on all the issues.
I acquired a 2 bed flat in East Leake, conveyancing having been completed 5 years ago. Can you give me give me an indication of the likely cost of a lease extension? Comparable properties in East Leake with an extended lease are worth £197,000. The average or mid-range amount of ground rent is £55 per annum. The lease ceases on 21st October 2081
With only 56 years remaining on your lease the likely cost is going to be between £29,500 and £34,000 as well as costs.
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 comprehensive investigations. You should not use this information in tribunal or court proceedings. There are no doubt 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 take any other action based on this information before getting professional advice.
My wife and I plan to buy our 1st property in East Leake. Conveyancing lawyer has been selected. The mortgage adviser suggested that a survey is not appropriate as the property was only built in 2002.
As the bare minimum you need a Home Buyer's Report. Given the residence is over ten years old the property will not come with a warranty, so you would be well advised not to take a risk. Where a property of this age shows no signs of problems a Home Buyer's report may suffice. They will highlight any apparent problems and suggest further investigation where relevant. If there are any signs of problems seek a full Building Survey from the beginning.