I am purchasing an apartment in Endon. My lawyer has never been on on the lender approved panel. Is it possible for me to retain my Endon conveyancing solicitor even though they are excluded from the mortgage company panel?
Your options include
- Complete the deal with your existing Endon property lawyer but your lender will need to use a conveyancing practitioner from their approved panel. The net result is additional charges together with potential delay.
- Choose a fresh property lawyer to conduct the conveyancing, ensuring that they are on the lender conveyancing panel.
- Convince your conveyancing practitioner to do everything within their powers to get listed on the mortgage company panel of solicitors
My partner and I have recently acquired a property in Endon. We have since encountered a number of problems with the property which we suspect were missed in the conveyancing searches. Do we have any recourse? What searches should? have been ordered as part of conveyancing in Endon?
The question is not clear as to the nature of the problems and if they are specific to conveyancing in Endon. Conveyancing searches and investigations initiated as part of the buying process are supposed to help avoid problems. As part of the process, a seller fills in a document called a SPIF. If the information is misleading, you may have a misrepresentation claim against the owner for any losses that you have suffered. The survey should have identified any problems with the structure of the property. Assuming a detailed survey was carried out and the issues were not identified, you may have a claim against the surveyor. However, if you did not have a full survey, you may be responsible for fixing any defects that have now been noted. We would always encourage buyers to take every possible step to ensure they are completely aware of the condition of a property before purchase regardless of whether they are buying in Endon.
I'm at the point of viewing flats in Endon and I am about to put in an offer. Is it premature to have a solicitor in place? I am planning to take a home loan with Virgin Money.
It would be prudent to commence your search sooner rather than later. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and pass their details on to the selling agent. As you are getting a mortgage with Virgin Money, ask your prospective lawyers if they are on the Virgin Money conveyancing panel otherwise they can't do the mortgage legal work.
The mortgage over my property is with Aldermore for my property in Endon. Conveyancing was finalised some time ago. Should I wish to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Aldermore?
Aldermore must be informed of your intention prior to letting out your property as this is likely to be a breach of Aldermore’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Aldermore directly. You need not do this via a Aldermore conveyancing panel firm.
It is not clear whether my lender obliges me to make sure the lease term for the flat is extended prior to the completion date. I have telephoned my Endon building society branch on numerous occasions and was told it does not impact the mortgage offer and they would lend. My Endon conveyancing solicitor - who is on the bank conveyancing panel- called and was told they will not lend based on their specific requirements. Who do I believe?
Provided that the conveyancing practitioner is on the lender panel, they must follow the Council of Mortgage Lenders’ Handbook provisions for the lender. 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 bank to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I have todaybecome aware that Action Conveyancing have closed. They conducted my conveyancing in Endon for a purchase of a leasehold apartment 10 months ago. How can I check that the property is not still registered in the name of the former proprietor?
The easiest method to see if the property is registered to you, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Endon conveyancing specialists.
I opted to have a survey done on a property in Endon prior to retaining lawyers. I have been told that there is a flying freehold element to the house. The surveyor has said that some lenders tend refuse to grant a mortgage on a flying freehold house.
It varies from the lender to lender. Bank of Scotland has different instructions for example to Halifax. If you e-mail us we can investigate further with the relevant bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Endon. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Endon to see if the conveyancing will be more expensive.
I am on look out for some leasehold conveyancing in Endon. Before I set the wheels in motion I would like to find out the unexpired term of the lease.
If the lease is recorded at the land registry - and 99.9% are in Endon - 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 own a basement flat in Endon, conveyancing having been completed 8 years ago. Can you give me give me an indication of the likely cost of a lease extension? Comparable properties in Endon with an extended lease are worth £176,000. The average or mid-range amount of ground rent is £50 levied per year. The lease runs out on 21st October 2106
You have 80 years remaining on your lease the likely cost is going to range between £8,600 and £9,800 plus 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 detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first seeking the advice of a professional.