Am I correct in assuming that the fact that my solicitor in Kempshott is not identified on my bank's solicitor panel that there is a problem with the standard of his conveyancing?
That would more than likely be an incorrect assumption to make. There are plenty of plausible explanations. A recent report by the solicitors regulator revealed 76% of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) lack of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Should you be concerned you should contact the Kempshott conveyancing firm and enquire why they are no longer on the approved list for your mortgage company.
My lawyer has discovered a a problem with the lease for the flat we are purchasing in Kempshott. The seller’s lawyers have put forward defective title insurance as a solution. We are happy with insurance and will pay for it. Our solicitor has advised that he must be satisfied that the bank is happy with this solution. Are we the client or is the mortgage company ?
Regardless of the fact that you have a mortgage offer from the bank does not mean to say that the property will meet their provisions for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook provisions. You and the mortgage company are the client. These conveyancing instructions must be adhered to.
we are a couple who wish to acquire a 3 bedroom flat in Kempshott with a homeloan from Godiva Mortgages Ltd.We like our Kempshott conveyancing lawyer but Godiva Mortgages Ltd says he's not on their approved list of member firms. We have to appoint a Godiva Mortgages Ltd panel solicitor or retain our high street solicitor and fork out for a Godiva Mortgages Ltd panel lawyer to act for them. This seems very unfair; is there anything we can do?
No, not really. The home loan issued to you contains various provisions, a common one being that lawyers must be on the Godiva Mortgages Ltd approved list. Until recently, most mortgage companies 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 lawyer to apply to be on the conveyancing panel for Godiva Mortgages Ltd
Are all Kempshott Conveyancing Quality Solicitors on the Leeds Building Society conveyancing panel?
It is true that some lenders now use CQS as the starting point for Panel approval such as HSBC and Santander. The Law Society’s CQS accreditation however is no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for solicitor practices wishing to remain on their approved list of conveyancing solicitors.
We have a mortgage agreed in principle with Barclays. Kempshott conveyancing solicitors were appointed. How long does it take for Barclays to send the offer to the solicitor?
Some lenders take longer than others. Have Barclays done the survey? Have you advised Barclays as to your lawyers' details and checked that your lawyers are on the Barclays conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
We have agreed to purchase a house in Kempshott. A rare aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender HSBC be concerned?
Given that your lender is HSBC your lawyer must check the formal instructions set out in Part two of UK Finance Lenders’ Handbook for HSBC. The CML Handbook includes minimum conditions for solar panel roof-space leases, and solicitors are required to report to HSBC where a lease does not meet these conditions. The specifications relate to the installation of panels on properties nationwide and is not isolated to Kempshott.
I opted to have a survey completed on a house in Kempshott in advance of retaining conveyancers. I have been told that there is a flying freehold aspect to the property. Our surveyor has said that some banks may refuse to issue a loan on a flying freehold house.
It varies from the lender to lender. Bank of Scotland has different instructions for example to Halifax. Should you wish to call us we can check via the relevant bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Kempshott. Conveyancing may be slightly more expensive based on your lender's requirements.
What are the common defects that you see in leases for Kempshott properties?
There is nothing unique about leasehold conveyancing in Kempshott. All leases are individual and legal mistakes in the legal wording can sometimes mean that certain sections are erroneous. The following missing provisions could result in a defective lease:
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Service charge per centages that don't add up correctly leaving a shortfall A duty to insure the building
A defective lease will likely cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Nationwide Building Society, Chelsea Building Society, and Barclays Direct all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to provide security, obliging the buyer to withdraw.
I inherited a basement flat in Kempshott, conveyancing formalities finalised half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Comparable flats in Kempshott with a long lease are worth £190,000. The ground rent is £45 yearly. The lease ceases on 21st October 2087
With 62 years unexpired we estimate the price of your lease extension to span between £17,100 and £19,800 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure 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 you obviously want to be as accurate as possible in your negotiations. You should not move forward based on this information without first seeking the advice of a professional.