My husband and I are buying a 1 bedroom apartment in Godshill with a mortgage. We like our Godshill conveyancer, but the mortgage company says he's not on their "panel". It appears that we have no choice but to use one of the bank panel solicitors or continue with our Godshill lawyer as well as pay for one of their panel ones to act for them. This feels very unfair; can we not insist that the mortgage company use our Godshill lawyer ?
No, not really. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the lender’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 Godshill conveyancing solicitor to apply to be on the conveyancing panel.
It is a dozen years since I bought my property in Godshill. Conveyancing solicitors have now been instructed on the sale but I am unable to locate my title deeds. Will this jeopardise the sale?
You need not be too concerned. First the deeds may be retained by the mortgage company or they could be archived with the lawyers who oversaw your purchase. Secondly in all probability the land will be registered at the land registry and you will be able to establish that you are the registered owner by your conveyancing lawyers acquiring up to date copy of the land registers. Nearly all conveyancing in Godshill involves registered property but in the rare situation where your home is not registered it is more of a problem but is not insurmountable.
Should our lawyer be asking questions concerning flooding as part of the conveyancing in Godshill.
The risk of flooding is if increasing concern for lawyers carrying out conveyancing in Godshill. There are those who purchase a house in Godshill, completely aware that at some time, it may be flooded. However, leaving to one side the physical destruction, where a house is at risk of flooding, it may be difficult to get a mortgage, satisfactory insurance cover, or dispose of the property. Steps can be carried out during the course of a house purchase to forewarn the purchaser.
Lawyers are not qualified to give advice on flood risk, however there are a number of searches that can be initiated by the purchaser or by their solicitors which can give them a better understanding of the risks in Godshill. The conventional set of information supplied to a buyer’s lawyer (where the Conveyancing Protocol is adopted) includes a usual inquiry of the vendor to discover whether the premises has suffered from flooding. In the event that the residence has been flooded in past and is not revealed by the owner, then a buyer may commence a compensation claim as a result of such an misleading response. The buyer’s conveyancers will also carry out an environmental report. This will disclose if there is a recorded flood risk. If so, more detailed investigations will need to be carried out.
I am purchasing my first flat in Godshill with a mortgage from Birmingham Midshires. The builders would not move on the price so I negotiated £7000 of additionals instead. The sale representative advised me not inform my conveyancer about the deal as it may put at risk my loan with the bank. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Given that I will soon spend over three hundred thousand on a two bedroom apartment in Godshill I would like to have a conversation with the lawyer about myconveyancing prior to giving the go ahead to the firm. Can this be arranged?
Absolutely - we would be pleased to talk to you we do not take any clients on without you first talking to the conveyancer due to be conducting your conveyancing in Godshill.There is no ‘factory style conveyancing’ - each client is unique person, not a file number. The law firms that we put you in touch with believe that the figure you are quoted for your conveyancing in Godshill should be the figure that you are charged.
I am looking at a two maisonettes in Godshill which have in the region of forty five years unexpired on the leases. Will this present a problem?
A lease is a legal document that entitles you to use the property for a prescribed time frame. As the lease shortens the value of the lease decreases and results in it becoming more expensive to acquire a lease extension. This is why it is generally wise to increase the term of the lease. More often than not it is difficult to sell a property with a short lease because mortgage lenders may be unwilling to lend money on such properties. Lease enfranchisement can be a protracted process. We advise that you get professional help from a solicitor and surveyor with experience in this field.
I own a 1st floor flat in Godshill, conveyancing having been completed 4 years ago. Can you work out an approximate cost of a lease extension? Equivalent properties in Godshill with over 90 years remaining are worth £216,000. The ground rent is £50 invoiced every year. The lease terminates on 21st October 2095
You have 69 years left to run we estimate the premium for your lease extension to range between £9,500 and £11,000 plus legals.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. Do not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action based on this information before getting professional advice.