We are purchasing a 2 bedroom apartment in Fowey with a mortgage. We would like to retain our Fowey solicitor, but the mortgage company advise he's not on their "panel". We have to appoint one of the lender panel solicitors or keep our Fowey property lawyer as well as pay for one of their panel firms to act for them. This feels very unfair; can we not insist that the lender use our Fowey conveyancing practitioner ?
No, not really. Your mortgage offer 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 Fowey conveyancing lawyer to apply to be on the conveyancing panel.
Can you recommend a Birmingham Midshires allowed Fowey conveyancing lawyer that can complete within under 3 weeks? Would it be better to use a local Fowey practice or an online conveyancer?
We would be happy to suggest some excellent Fowey conveyancing firms. Another option is to visit the main road in Fowey. Go in to a couple of firms and ask to speak with a conveyancing solicitor for a quote. Discuss your expectations together with the reasons and ask for a commitment on speed. Choose the lawyer that appears most efficient.
Are the BSA intent on creating a online directory to list firms on the Loughborough BS conveyancing panel for instance in Fowey?
We are not aware of any intention on the part of the BSA to promote such a register.
We are buying a end of terrace house in Fowey. The intention is to carry out a loft conversion at the property.Will the conveyancing process include enquiries to see if these alterations are allowed?
Your solicitor should check the registered title as conveyancing in Fowey will occasionally identify restrictions in the title deeds which prohibit categories of works or necessitated the permission of another owner. Many additions call for local authority planning permissions and approval in accordance building regulations. Certain areas are designated conservation areas and special planning restrictions apply which frequently prevent or affect extensions. You should check these things with a surveyor prior to committing yourself to a purchase.
Can you point me to a directory of Lloyds panel solicitors in Fowey on the Council of Mortgage Lender’s Website?
Unfortunately not yet. There is no such directory service on the CML or Building Society Association websites. Very few lending institutions make their panel listings available online. If you are seeking to appoint a Fowey conveyancer on the Lloyds please use our tool.
My partner and I have organised a further advance on our home loan from HSBC as we want to carry out alterations to our property in Fowey. Are we obliged to select a nearby Fowey solicitor on the HSBC conveyancing panel to handle the legals?
HSBC would not normally require a member of their approved list of lawyers to deal with the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the HSBC panel.
I have been on the look out for a leasehold apartment up to £245,000 and identified one close by in Fowey I like with amenity areas and transport links in the vicinity, the downside is that it only has 49 remaining years left on the lease. There is not much else in Fowey suitable, so just wondered if I would be making a mistake acquiring a short lease?
Should you require a mortgage that many years will likely be an issue. Reduce the price by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the premises for a minimum of twenty four months you may request that they start the process of the extension and then assign it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should consult your conveyancing solicitor about this.
I work for a busy estate agent office in Fowey where we see a few flat sales jeopardised due to short leases. I have received contradictory information from local Fowey conveyancing solicitors. Can you shed some light as to whether the vendor of a flat can start the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the disposal of the property.
An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I acquired a garden flat in Fowey, conveyancing formalities finalised 3 years ago. Can you work out an approximate cost of a lease extension? Similar flats in Fowey with a long lease are worth £206,000. The average or mid-range amount of ground rent is £45 levied per year. The lease runs out on 21st October 2090
You have 66 years remaining on your lease we estimate the price of your lease extension to be between £11,400 and £13,200 plus professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to provide a more accurate figure in the absence of comprehensive due diligence. Do 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. Please do not move forward based on this information before seeking the advice of a professional.