My husband and I are planning to buy a 1 bedroom flat in Horsford with a mortgage. We have a Horsford solicitor, but the bank advise she’s not on their "panel". It seems we have little option but to appoint one of the lender panel firms or continue with our Horsford solicitor and pay for one of their panel lawyers to represent them. This feels very unfair; is there anything we can do?
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 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. Another option that might be available is for your Horsford conveyancing lawyer to apply to be on the conveyancing panel.
Can conveyancing in Horsford to be completed in 28 days?
In the event that you are under time constraints for your conveyancing it is highly recommended that your conveyancer is familiar with the area as they will benefit local contacts and insight. It is possible that they would have handled otherhouses in the same street. You would be best advised to use a Horsford conveyancing solicitor. Second, ensure that the conveyancing firm is on the on the approved list for your mortgage company. It is believed that 18% of Horsford conveyancing transactions are frustrated or jeopardised after discovering a buyer’s conveyancer was not on their banks list of approved solicitors. This can often result in the buying process being frustrated by an average of three weeks. It is believed that this issue impacts approximately 100,000 home sales every year. Many Horsford conveyancing firms can not represent certain banks so do check as early as possible.
Is it the case that all Horsford CQS (Conveyancing Quality Scheme) solicitors are on the RBS conveyancing panel?
It is true that some lenders now utilise CQS as the starting point for Panel approval such as HSBC and Santander. CQS accreditation however is no guarantee to lender panel acceptance. Nevertheless,the CML have indicated that it is likely to become a pre-requisite for solicitor practices wishing to join their approved list of conveyancing solicitors.
Does a directory service exist listing Principality panel conveyancers in Horsford on the Council of Mortgage Lender’s Website?
Unfortunately not yet. There is no such directory service on the Council of Mortgage Lenders or Building Society Association sites. A small selection of lenders make their panel listings available online. Where you are seeking to appoint a Horsford solicitor on the Principality please use our tool.
I have paid off my mortgage with Aldermore. I assume I don't need a Horsford lawyer on the Aldermore panel to discharge the mortgage at the Land Registry. Am I right?
If you have finished paying off your Aldermore mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Aldermore mortgage from the register. Aldermore, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Aldermore has sent the Land Registry the discharge electronically, and
- Aldermore has instructed the Land Registry to do so
My relative recommended that if I am buying in Horsford I should carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
A search of this type is occasionally quoted for as part of the standard Horsford conveyancing searches. It is not a small report of more than thirty pages, listing and setting out important information about Horsford around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average Property Price, Crime details, Local Education with maps and statistics, Local Amenities and other useful data concerning Horsford.
I am buying my first flat in Horsford benefiting from help to buy. The sellers would not reduce the amount so I negotiated five thousand pounds worth of additionals instead. The sale representative suggested that I not to tell my lawyer about this side-deal as it would put at risk my mortgage with Birmingham Midshires. Do I keep my lawyer in the dark?.
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.
I today plan to offer on a house that appears to be perfect, at a great figure which is making it more attractive. I have since discovered that it's a leasehold rather than freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in Horsford. Conveyancing solicitors have are about to be instructed. Will my lawyers set out the implications of buying a leasehold house in Horsford ?
Most houses in Horsford are freehold and not leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can assist with the conveyancing process. It is clear that you are purchasing in Horsford so you should seriously consider looking for a Horsford conveyancing solicitor and check that they are used to transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a leaseholder you will not be entirely free to do whatever you want to the property. The lease comes with conditions such as requiring the freeholder’sconsent to conduct changes to the property. It may be necessary to pay a contribution towards the maintenance of the estate where the house is part of an estate. Your conveyancer will appraise you on the various issues.
I purchased a leasehold flat in Horsford, conveyancing was carried out 9 years ago. Can you give me give me an indication of the likely cost of a lease extension? Equivalent flats in Horsford with a long lease are worth £265,000. The average or mid-range amount of ground rent is £50 levied per year. The lease runs out on 21st October 2102
With only 76 years remaining on your lease we estimate the premium for your lease extension to range between £8,600 and £9,800 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed investigations. You should not use this information in tribunal or court proceedings. There may be other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first seeking the advice of a professional.