My husband and I are buying a 2 bedroom apartment in Highworth with a mortgage. We wish to retain our Highworth conveyancer, but the lender says he's not on their "panel". We have to appoint one of the bank panel firms or retain our Highworth lawyer and pay for one of their panel lawyers to act for them. This seems very unfair; are we not able to insist that the bank use our Highworth conveyancer ?
Unfortunately,no. 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. Another option that might be available is for your Highworth conveyancing solicitor to apply to be on the conveyancing panel.
I had a mortgage agreed in principle with Virgin Money. Highworth conveyancing practitioners have been instructed. How long does it take for Virgin Money to issue the offer to the property lawyer?
There is no definitive answer here. Have Virgin Money conducted the valuation? Have you advised Virgin Money as to your lawyers' details and checked that your lawyers are on the Virgin Money conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
It is unclear whether my bank obliges me to make sure the lease term for the flat is extended prior to the completion date. I have telephoned my Highworth building society branch on various occasions and was told it does not affect the mortgage offer and they would lend. My Highworth conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned to say that they would not lend in accordance with their published requirements. Who do I believe?
The conveyancer has to comply with the Council of Mortgage Lenders’ Handbook section two specifications for your lender. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years remaining.
Intending to buy a apartment in Highworth. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the RBS conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Highworth conveyancer is on the RBS conveyancing panel.
Over the last few months I have been searching for a ground for flat up to £245,000 and identified one round the corner in Highworth I like with open areas and station in the vicinity, the downside is that it's only got 49 years unexpired on the lease. I can't really find anything else in Highworth suitable, so just wondered if I would be making a grave error purchasing a short lease?
If you require a home loan that many years will likely be an issue. Discount the price by the amount the lease extension will cost if it has not already been discounted. If the existing owner has owned the property for a minimum of twenty four months you could request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should consult your conveyancing lawyer concerning this.
What tools are available to locate a Highworth solicitor on the The Royal Bank of Scotland conveyancing panel? I have wheels and am happy to travel upto 10kilometers to meet the lawyer.
You can use the facility on this page. Please choose the bank and your location and you will see a number of Highworth conveyancing lawyers based on proximity. We have detailed some Highworth conveyancing firms at the bottom of this page and you can ring them to verify if they are on the The Royal Bank of Scotland approved list
I am tempted by the attractive purchase price for a two apartments in Highworth both have in the region of 50 years left on the leases. should I be concerned?
There are plenty of short leases in Highworth. The lease is a legal document that entitles you to use the property for a prescribed time frame. As a lease shortens the value of the lease deteriorates and it becomes more expensive to acquire a lease extension. This is why it is often a good idea to extend the lease term. More often than not it is difficult to sell a property with a short lease as mortgage lenders may be unwilling to lend money on such properties. Lease enfranchisement can be a difficult process. We recommend you seek professional help from a solicitor and surveyor with experience in this area.
I purchased a leasehold flat in Highworth, conveyancing formalities finalised half a dozen years ago. Can you work out an approximate cost of a lease extension? Comparable properties in Highworth with a long lease are worth £206,000. The average or mid-range amount of ground rent is £45 charged once a year. The lease finishes on 21st October 2091
With only 66 years left to run we estimate the premium for your lease extension to be between £12,400 and £14,200 as well as professional fees.
The figure above a general guide to costs for renewing a lease, but we are not able to advice on the actual costs without more comprehensive investigations. You should not use this information in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before getting professional advice.
A couple of months ago I was advised by my bank that their panel conveyancers operate no completion no fee basis for conveyancing in Highworth. I had a purchase abort and now the conveyancers want search fees! They are stating that the fees are independent!
Highworth conveyancing search fees are separate expenses not legal costs as these are paid to independent parties.