I can't travel far from Johnstown. What is the rationale as to why all Johnstown property lawyers are not on all mortgage company panels?
Banks highlight the fact that solicitor-led fraud is thought to be responsible for millions of pounds of fraud annually.The removal of law firms from lender panels started with the rise in mortgage fraud, which prompted a thematic review by the FSA in 2011. Its outcome included recommendations for lending institutions to review their conveyancing panels, which triggered a major policy change in the sector. It resulted in mortgage companies purging less reputable firms from their books of approved solicitors .
We note that you have a post code search directory listing law firms on the Co-operative conveyancing panel. Do firms pay you a referral fee if I appoint them for our conveyancing in Johnstown?
We are a listing service only for law firms wishing to communicate if they are on the Co-operative conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Johnstown.
We are buying a newbuild apartment in Johnstown with a homeloan from Platform Home Loans Ltd.We have a Johnstown conveyancing solicitor but Platform Home Loans Ltd informed us his firm is not listed on their approved list of member firms. we are left little option but to use a Platform Home Loans Ltd panel lawyer or keep our preferred solicitor and pay for one of their panel ones to act for them. We feel as though this is unjust; Can we not simply insist that Platform Home Loans Ltd use our lawyer?
Unfortunately,no. The mortgage issued to you is subject to its various provisions, a common one being that lawyers must be on the Platform Home Loans Ltd approved list. in the past, most lenders had large numbers of solicitors 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 lawyer to apply to be on the conveyancing panel for Platform Home Loans Ltd
The deeds to my property are lost. The lawyers who handled the conveyancing in Johnstown 4 years ago are no longer around. What do I do?
You no longer need to hold title original deeds to evidence that you own the land or premises, as the Land Registry hold details of all registered land or property electronically.
I'm purchasing my first flat in Johnstown with a loan from Norwich and Peterborough Building Society. The sellers would not move on the price so I negotiated 6k of additionals instead. The house builders rep suggested that I not disclose to my solicitor about this side-deal as it would put at risk my mortgage with the bank. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder 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.
Last June I purchased a leasehold house in Johnstown. Do I have any liability for service charges relating to a period prior to my ownership?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I invested in buying a split level flat in Johnstown, conveyancing was carried out 10 years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Comparable properties in Johnstown with an extended lease are worth £265,000. The average or mid-range amount of ground rent is £50 invoiced annually. The lease expires on 21st October 2100
With just 75 years unexpired we estimate the premium for your lease extension to range between £8,600 and £9,800 plus costs.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to supply the actual costs in the absence of detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first seeking the advice of a professional.