We are purchasing a 3 bedroom flat in Haydock with a mortgage. We would like to retain our Haydock solicitor, but the mortgage company says she’s not on their "panel". We have to appoint one of the bank panel firms or continue with our Haydock solicitor and pay for one of their panel ones to represent them. This seems very unfair; can we not demand that the bank use our Haydock 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 Haydock conveyancing lawyer to apply to be on the conveyancing panel.
I am considering mortgaging my property in Haydock, does my lawyer need to be on the Virgin Money Solicitor panel?
There is nothing to stop you using your solicitor, but Virgin Money will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
I'm the sole beneficiary of my late mum's estate and I have everything in my name now, including the house in Haydock. The Haydock property was put into my name in May. I want to move. I understand that there is a CML six month 'rule', meaning my proprietorship may be treated the same way as if I'd bought the house in May. Do I have to wait 6 months to sell?
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 could be impacted by that. Some mortgage companies would take a pragmatic view as this provision chiefly exists to identify subsales or the wholesaling and assigning of properties.
is it true that all Haydock solicitor firms on the TSB conveyancing panel are governed by the Solicitors Regulatory Authority?
As solicitors, in order to be on the TSB approved list of solicitors they would need to be regulated by the Solicitors Regulatory Authority. The majority of lenders do permit licenced conveyancers on their panel in which case such firms would be governed by the CLC.
I've read lots of house buying guides, I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my local Haydock solicitor - who is on the Kent Reliance conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
Kent Reliance will need an independent valuation of the property. Your lawyer will not arrange this. Usually Kent Reliance will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your property lawyer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Haydock postcode. As you are getting a mortgage with Kent Reliance, you could contact them to see if they have a list of approved surveyors in Haydock.
We are buying a house and the lawyer has referenced Chancel Repair for which the property may be obligated to contribute to as it falls into the area of such a church. She has suggested insurance. Is this strictly necessary for conveyancing in Haydock
Unless a prior purchase of the premises took place after 12 October 2013 you may expect solicitors carrying out conveyancing in Haydock to remain encouraging a chancel search and or insurance against a claim.
Despite weeks of looking the Title Certificate and documents to our home can not be found. The lawyers who did the conveyancing in Haydock 5 years ago have long since closed. What do I do?
As long as you have a registered title the details of your ownership will be retained by HMLR with a Title Number. It is easy to perform a search at the Land Registry, locate your house and order up to date copies of the Registered Entries for less than a fiver. Where the title is Leasehold then the Land Registry will also normally retain a certified duplicate of the Registered Lease and again, a copy can be obtained for £20 inclusive of VAT.
I am attracted to a couple of maisonettes in Haydock which have in the region of forty five years left on the leases. Do I need to be concerned?
There are no two ways about it. A leasehold flat in Haydock is a wasting asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it adversely affects the salability of the premises. For most buyers and lenders, leases with less than 75 years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Haydock conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I inherited a 2 bed flat in Haydock, conveyancing formalities finalised half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding flats in Haydock with an extended lease are worth £190,000. The average or mid-range amount of ground rent is £45 levied per year. The lease expires on 21st October 2087
With 62 years unexpired we estimate the price of your lease extension to be between £17,100 and £19,800 as well as legals.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first seeking the advice of a professional.