I had intended to instruct a property lawyer in Fishponds for our home move. Our broker informed us that our bank Leeds Building Society won't deal with them. Why is this not regarded as unfair competition?
Mortgage Companies normally imposes restrictions either the type or the volume of conveyancing firms on their panel. Typical examples of such restriction(s) being that a firm must not be a sole practitioner. As well as restricting the type of firm, a few banks have decided to limit the number of solicitor practices they use to act for them. You should note that Leeds Building Society have no responsibility for the quality of advice provided by any member of Leeds Building Society Conveyancer Panel. Mortgage fraud was a primary driver in the rationalisation of conveyancing panels a few years ago even though there are differing views about the extent of solicitor engagement in some of that fraud. Figures from the Land Registry indicate that plenty of law firms, including some in or near Fishponds only perform one or two conveyances per annum.
I am buying a property in Fishponds. A rare aspect is that the roof has a solar panel. Skipton have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As you are obtaining a mortgage with Skipton your lawyer must check the conveyancing instructions outlined in Part 2 of UK Finance Lenders’ Handbook for Skipton. The CML Handbook sets out minimum requirements for solar panel roof-space leases, and property lawyers are required to report to Skipton where a lease fails to satisfy these requirements. The provisions relate to the installation of panels on properties nationwide and is not limited to Fishponds.
My fiancee and I are at the point of looking at flats in Fishponds and I am about to put in an offer. Should I already have a conveyancing practitioner appointed at this stage? I will be getting a mortgage with Co-operative.
You should start requesting conveyancing estimates from solicitors ASAP. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and pass their contact information on to the selling agent. Given that you are taking out a mortgage with Co-operative, ask your prospective lawyers if they are on the Co-operative conveyancing panel otherwise they can't do the mortgage legal work.
My offer on a house in Fishponds has been accepted, but there is a chain. The vendors have offered on on an apartment, but it’s not yet agreed to, and have viewings of other apartments booked. I have chosen a local conveyancing solicitor in Fishponds. What should be my next step? When should I get the mortgage application with Leeds Building Society started?
It is normal to have apprehensions where there is a chain as you are unlikely to want to be too out of pocket prematurely (home loan application is in the region of one thousand pounds, then valuation, Fishponds conveyancing search fees, etc). First, you should check that your conveyancer is on the Leeds Building Society conveyancing panel. Concerning the next stages this very much dictated by the uniqueness of your transaction, desire for the property and on the state of the market. During a rising market some purchasers would apply for the mortgage with Leeds Building Society and arrange for the valuation and only if it comes back ok would they request their conveyancing practitioner to move forward with searches.
Due to the encouragement of my in-laws I had a survey completed on a house in Fishponds prior to instructing solicitors. I have been informed that there is a flying freehold overhang to the property. My surveyor advised that some mortgage companies may not grant a loan on this type of house.
It varies from the lender to lender. Santander has different instructions from Halifax. Should you wish to telephone us we can check with the appropriate lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Fishponds. Conveyancing will be smoother if you use a solicitor in Fishponds especially if they are accustomed to such properties in Fishponds.
Is it best to choose a Fishponds conveyancing practitioner based in the location that I am hoping to buy? I have an old university friend who can carry out the conveyancing but they are based 400miles away.
The primary upside of using a local Fishponds conveyancing practice is that you can pop in to sign paperwork, hand in your identification documents and apply pressure on them where appropriate. Having local Fishponds know how is a plus. However nothing is more important than finding someone that will do a good and efficient job. If if people you trust used your friend and they were content that should outweigh using an unknown Fishponds conveyancing solicitor just because they are Fishponds based.
I today plan to offer on a house that appears to meet my requirements, at a great price which is making it all the more appealing. I have since been informed that it's a leasehold rather than freehold. I am assuming that there are issues buying a leasehold house in Fishponds. Conveyancing advisers have are about to be instructed. Will my lawyers set out the risks of buying a leasehold house in Fishponds ?
The majority of houses in Fishponds are freehold rather than leasehold. This is one of the situations where having a local solicitor who is familiar with the area who can help the conveyancing process. it is apparent that you are buying in Fishponds in which case you should be looking for a Fishponds conveyancing practitioner and be sure that they have experience in transacting on leasehold houses. First you will need to check the unexpired lease term. Being a tenant you will not be at liberty to do whatever you want to the property. The lease will likely included provisions such as requiring the landlord’sconsent to conduct alterations. You may also be required to pay a maintenance charge towards the upkeep of the estate where the property is located on an estate. Your solicitor should appraise you on the various issues.
I invested in buying a leasehold flat in Fishponds, conveyancing was carried out 5 years ago. Can you give me give me an indication of the likely cost of a lease extension? Equivalent flats in Fishponds with an extended lease are worth £222,000. The ground rent is £50 per annum. The lease expires on 21st October 2096
With 71 years left to run we estimate the premium for your lease extension to span between £9,500 and £11,000 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to provide a more accurate figure without more detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before getting professional advice.
We are in the process of buying a apartment in Fishponds. Conveyancing is not complete but we wish to keep our transaction price confidential from sites such as Rightmove. Is this possible and how?
HM Land Registry as a matter of law bound to note price paid information on the official title for domestic properties nationwide which includes premises in Fishponds. The register of ownership is a public document, so HM Land Registry would be breaking the law excluded specific properties such as the one in Fishponds.
In essence you can make a request of HM Land Registry to withhold the price paid data yet the answer will be a No.