Me and my partner are buying a maisonette in Gloucester. My property lawyer is not listed on the bank approved list. Is it possible for me to appoint my Gloucester conveyancing solicitor notwithstanding that they are excluded from the mortgage company approved list?
One must appoint a conveyancer to deal with the formalities when you need a mortgage to purchase your property. The solicitor will carry out all the necessary investigations on the property, ensuring that you’re properly registered as the owner and ensure that all the necessary mortgage documentation is in order. One may appoint a Gloucester conveyancer of your choosing. Nevertheless, where the property lawyer appointed is not on the bank approved list additional costs will arise as separate legal representation will be required by them. Lender panel applications may be submitted, so provided your conveyancer has not in the past applied for membership they should take the opportunity to apply.
My Conveyancer in Gloucester is not on the Godiva Mortgages Ltd Solicitor Panel. Can I still retain my prefered solicitor even though they are not on the Godiva Mortgages Ltd panel?
The limited options open to you here include:
- Complete the purchase with your preferred Gloucester solicitors but Godiva Mortgages Ltd will need to instruct a solicitor on their list of acceptable firms. This will result in additional overall conveyancing fees as well as result in frustration.
- Choose a new lawyer to act in the conveyancing, obviously checking they are on the Godiva Mortgages Ltd panel
I happen to be the single beneficiary of my late father’s estate with all property in now in my sole name, including the house in Gloucester. The Gloucester property was put into my name in March. I plan to dispose of the property. I understand that there is a CML 6 month 'rule', which means that my property ownership could be considered the same way as if I'd bought the house in March. Is the property unsalable for six months?
The Council of Mortgage Lenders’ handbook instructs conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you may be affected by that. Most mortgage companies would take a practical view as this obligation principally exists to identify subsales or the quick reselling of properties.
Is it the case that all Gloucester solicitor practices on the Clydesdale conveyancing panel are regulated by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the Clydesdale conveyancing panel they would need to be governed by the SRA. The majority of lenders do list licenced conveyancers on their panel in which case such practice would be regulated by the CLC.
UBS have agreed my mortgage in principle, my offer on a property in Gloucester has been accepted, what happens next?
The estate agent will want to know who your solicitors are (make sure the conveyancers are on the lender’s approved list). Telephone UBS or your financial adviser and complete any appropriate paperwork. UBS will sellect a valuer who will get in touch with the estate agent or vendor to schedule a time for the valuation to take place. Once conducted (assuming no problems) it takes about ten days to receive the mortgage offer. UBS will send the offer to you and your conveyancing practitioners. The legal work will then take it’s course according the nature and complexity of the conveyancing in Gloucester.
I require expedited conveyancing in Gloucester as I am under pressure to complete inside 2 weeks. Fortunately I do not require a mortgage. Can I escape the need for conveyancing searches to save money and time?
As you are not getting a home loan you have the choice not to have searches carried out although no solicitor would advise that you don't. Drawing on years of experience of conveyancing in Gloucester the following are examples of what can crop up and therefore impact future mortgageability: Refused Planning Applications, Outstanding Charges, Overdue Grants, Unadopted Roads,...
Due to the advice of my in-laws I had a survey completed on a house in Gloucester in advance of appointing lawyers. I have been told that there is a flying freehold overhang to the house. The surveyor has said that some mortgage companies tend not grant a loan on this type of premises.
It varies from the lender to lender. Lloyds has different instructions for example to Halifax. Should you wish to telephone us we can look into this further via the appropriate bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Gloucester. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Gloucester to see if the conveyancing will be more expensive.
I've found a house that seems to meet my requirements, at a reasonable figure which is making it all the more appealing. I have just found out that it's a leasehold as opposed to freehold. I would have thought that there are issues purchasing a house with a leasehold title in Gloucester. Conveyancing advisers have not yet been instructed. Will my lawyers set out the implications of buying a leasehold house in Gloucester ?
The majority of houses in Gloucester are freehold and not 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 Gloucester in which case you should be looking for a Gloucester conveyancing practitioner and check that they are used to advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a leaseholder you will not be at liberty to do whatever you want to the property. The lease will likely included provisions for example obtaining the freeholder’sconsent to carry out alterations. It may be necessary to pay a service charge towards the upkeep of the communal areas where the property is located on an estate. Your lawyer should appraise you on the various issues.
I purchased a 2 bed flat in Gloucester, conveyancing having been completed August 2012. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent properties in Gloucester with over 90 years remaining are worth £265,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease runs out on 21st October 2101
You have 76 years left to run the likely cost is going to span between £8,600 and £9,800 as well as legals.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. You should not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you move forward based on this information before seeking the advice of a professional.