Unfortunately I am unable to travel far from Leagrave and Chalton. What is the rationale as to why all Leagrave and Chalton conveyancing practitioners are not on all bank panels?
Pre- 2008 most lenders had an attitude to risk which is different than today. The FSA in 2010 conducted a thematic review into property fraud which concluded: know the property lawyers on your panel. Consequently, banks have since looked to extract more data from law firms about their processes and the individuals who work for them and set certain criteria such as completing a minimum amount of transactions. Thousands of firms have found themselves removed from lender panels even though they had an exemplary track record, no complaints and zero claims and didn't just 'dabble' in conveyancing. Such firms were never going to satisfy the criteria of volume of transactions the mortgage companies required.
My husband and I are nearing an exchange on a flat in Leagrave and Chalton and my mum and dad have transferred the 10% deposit to my solicitor. I am now told that as the deposit has been sent from someone other than me my lawyer needs to make a notification to my mortgage company. I am advised that, in also acting for the mortgage company he must advise them that the balance of the purchase price is coming from anyone other than me. I disclosed to the lender about my parents' contribution when I applied for the home loan, so is it really appropriate for him to raise this?
Your lawyer is duty bound to clarify with mortgage company to ensure that they know that the balance of the purchase price is not from your own resources. The solicitor can only reveal this to your bank if you permit them to, failing which, your lawyer must cease to continue acting.
Please help - my lawyer says that lack of planning permission insurance is required on my purchase. What is the typical level of cover needed for conveyancing in Leagrave and Chalton?
The appropriate level of lack of planning permission indemnity insurance should be dictated by who who your lender is. It would differ for example between Santander and Skipton Building Society. Conveyancing practitioners as opposed to members of the public take out such insurances.
I recently had an offer agreed on a house in Leagrave and Chalton. My financial adviser suggested a conveyancing practitioner. I paid an on account payment of £200. A couple of days later, the conveyancer called me embarrassingly acknowledging that they were not on the Santander conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Santander panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
Planning on purchasing a flat in Leagrave and Chalton. 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 Principality 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 Leagrave and Chalton lawyer is on the Principality conveyancing panel.
I am looking into buying my first house which is in Leagrave and Chalton and I am already nervous. I couldn't find anything specific about Leagrave and Chalton. Conveyancing will be needed in due course but do you know about the Leagrave and Chalton area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Leagrave and Chalton. In the meantime here are some basic statistics that we found
My brother has suggested that I appoint his lawyers for conveyancing in Leagrave and Chalton. Do I take his advice?
There are no two ways about it the ideal way to select a conveyancing solicitor is to get guidance from friends or relatives who have actually used the solicitor you're considering.
I've recently bought a leasehold property in Leagrave and Chalton. Am I liable to pay service charges for periods before completion of my purchase?
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. It is an essential part of leasehold conveyancing for your conveyancer to ensure 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 acquired a leasehold flat in Leagrave and Chalton, conveyancing was carried out 5 years ago. Can you give me give me an indication of the likely cost of a lease extension? Comparable flats in Leagrave and Chalton with an extended lease are worth £186,000. The ground rent is £55 levied per year. The lease expires on 21st October 2077
With only 52 years left to run we estimate the premium for your lease extension to range between £29,500 and £34,000 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 are not able to provide a more accurate figure in the absence of detailed due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and you obviously 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.