My husband and I are only a couple days away from an exchange on a house in Long Ashton and my mum and dad have transferred the ten percent deposit to my lawyer. I am now told that as the deposit has not arrived from me my conveyancing practitioner needs to make a notification to my bank. Apparently, in also acting for the bank he must inform them that the balance of the purchase price is not just from me. I informed the lender concerning my parents' contribution when I applied for the mortgage, so is it really necessary for this now to be an issue?
The solicitor is duty bound to check with mortgage company to make sure that they understand that the balance of the purchase price is not from your own funds. The solicitor can only notify this to your lender if you permit them to, failing which, your lawyer must cease to continue acting.
My fiance and I are purchasing a newly converted apartment in Long Ashton with a homeloan from The Royal Bank of Scotland.We like our Long Ashton conveyancing solicitor but The Royal Bank of Scotland informed us she’s not on their approved list of member firms. We have to appoint a The Royal Bank of Scotland panel solicitor or retain our local solicitor and fork out for a The Royal Bank of Scotland panel lawyer to represent them. This seems very unfair; is there anything we can do?
No, not really. The mortgage issued to you contains terms and conditions, a common one being that solicitors must be on the The Royal Bank of Scotland approved list. Until recently, most mortgage companies 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. Another option that might be available is for your solicitors to apply to be on the conveyancing panel for The Royal Bank of Scotland
I am being told by my lawyer that missing deeds insurance is needed on my purchase. What is the typical level of cover needed for conveyancing in Long Ashton?
The appropriate level of missing deeds indemnity insurance should be dictated by who who your lender is. It would differ for example between Birmingham Midshires and Chelsea Building Society. Conveyancing practitioners as opposed to borrowers take out such insurances.
I have today made my last payment due on my mortgage with RBS. I assume I don't need a Long Ashton property lawyer on the RBS panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your RBS 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 RBS mortgage from the register. RBS, 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 RBS has sent the Land Registry the discharge electronically, and
- RBS has instructed the Land Registry to do so
My sealed bid on a semi in Long Ashton has been accepted, the owners do nevertheless have an associated purchase. The sellers have offered on somewhere, however it’s not yet agreed to, and have viewings of other apartments in the pipeline. I have instructed a nearby conveyancing solicitor in Long Ashton. What do I do now? When do I get the mortgage application with Virgin Money started?
It is normal to have concerns where there is a chain as you are unlikely to want to incur expenses prematurely (home loan application is in the region of one thousand pounds, then survey, Long Ashton conveyancing search fees, etc). First, you must check that your property lawyer is on the Virgin Money conveyancing panel. Regarding the next steps this very much dictated by the circumstances of your case, attraction to the property and on the state of the market. During a hot market many buyers would apply for a home loan with Virgin Money and pay for the valuation and only if it comes back ok would they request their conveyancer to press on with the conveyancing in Long Ashton.
I understand that there are debates on Chancel Insurance on online forums. Do I require chancel insurance when purchasing a residence in Long Ashton? or I am told that there is historic law that could mean that house owners living in a parish church boundary may be liable to contribute towards maintenance to the chancel in proximity to the church. Is this a legitimate concern for conveyancing in Long Ashton?
Unless a previous purchase of the house took place post 12 October 2013 you may take it that lawyers carrying out conveyancing in Long Ashton to continue to advocate a chancel search and or insurance against a claim.
Due to the input of my in-laws I had a survey completed on a property in Long Ashton in advance of retaining solicitors. I have been informed that there is a flying freehold aspect to the house. The surveyor has said that some banks will refuse to issue a loan on a flying freehold house.
It varies from the lender to lender. Santander has different instructions from Birmingham Midshires. Should you wish to call us we can check via the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Long Ashton. Conveyancing may be slightly more expensive based on your lender's requirements.
My partner and I may need to sub-let our Long Ashton basement flat temporarily due to a new job. We instructed a Long Ashton conveyancing practice in 2002 but they have closed and we did not have the foresight to get any advice as to whether the lease prohibits the subletting of the flat. How do we find out?
Some leases for properties in Long Ashton do contain a provision to say that subletting is only allowed with permission. The landlord cannot unreasonably refuse but, in such cases, they would need to see references. Experience dictates that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting permission.
I bought a leasehold flat in Long Ashton, conveyancing having been completed December 1995. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding flats in Long Ashton with an extended lease are worth £180,000. The average or mid-range amount of ground rent is £65 invoiced every year. The lease expires on 21st October 2084
With just 59 years unexpired we estimate the premium for your lease extension to span between £20,900 and £24,200 as well as professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed due diligence. Do not use the figures 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 move forward based on this information without first getting professional advice.