My wife and I are hoping to buy a 1 bedroom apartment in Low Fell with a mortgage. We have a Low Fell conveyancer, but the lender says she’s not on their "panel". It appears that we have little option but to appoint one of the lender panel firms or keep our Low Fell solicitor as well as pay for one of their panel lawyers to act for them. We feel that this is unjust; are we not able to insist that the bank use our Low Fell property lawyer ?
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 lender’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 Low Fell conveyancing solicitor to apply to be on the conveyancing panel.
It is 10 years ago since I bought my property in Low Fell. Conveyancing solicitors have recently been appointed on the sale but I am unable to find the deeds. Is this a major issue?
You need not be too concerned. Firstly there is a chance that the deeds will be with your lender or they could be in the possession of the conveyancers who handled the purchase. Secondly in all probability the property will be recorded at the land registry and you will be able to prove you own the property by your conveyancing lawyers procuring up to date copy of the land registers. Most conveyancing in Low Fell relates to registered property but in the unlikely event that your property is not registered it adds to the complexity but is not insurmountable.
I am considering applying for a Aldermore mortgage for purchase of a new build (under development) in Low Fell with 60% LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Aldermore ?
In theory, you could use a solicitor that is not on the Aldermore conveyancing panel, but Aldermore would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same transaction.
A friend advised me that if I am purchasing in Low Fell I should ask my conveyancer to execute a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
A search of this type is sometimes included in the estimate for your Low Fell conveyancing searches. It is not a small document of about 40 pages, listing and setting out significant information about Low Fell around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Low Fell Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average House Prices, Crime details, Local Education with maps and statistics, Local Amenities and other useful data about Low Fell.
I used Action Conveyancing several years ago for my conveyancing in Low Fell. I now require my papers however the law firm is no longer operating. What do I do?
Do contact the Solicitors Regulatory Authority (SRA) to assist in tracing your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Low Fell of the conveyancing firm of solicitors you previously retained, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
Due to exchange soon on a ground floor flat in Low Fell. Conveyancing solicitors assured me that they report fully tomorrow. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Low Fell should include some of the following:
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The total ownership of the demise. This may be the flat itself but might include a roof area or storage are if appropriate. Rent payments - what is due and when you need to pay, and also know whether this is subject to change The unexpired lease term. You should be advised as what happens when the lease ends, and aware of the importance of the 80 year mark You should receive a copy of the lease Whether your lease provides for a slush fund for major repairs?
I am the registered owner of a split level flat in Low Fell, conveyancing was carried out in 2009. How much will my lease extension cost? Comparable flats in Low Fell with over 90 years remaining are worth £186,000. The average or mid-range amount of ground rent is £55 levied per year. The lease finishes on 21st October 2077
With only 52 years remaining on your lease we estimate the price of your lease extension to be between £29,500 and £34,000 as well as costs.
The figure above 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. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before getting professional advice.