I am nearing exchange of contracts for my ground floor flat in Lyddington and the estate agent has just e-mailed to warn that the purchasers are switching law firm. The excuse is that the lender will only engage with property lawyers on their approved list. Why would a leading mortgage company only deal with specific lawyers rather the firm that they want to appoint for their conveyancing in Lyddington ?
Mortgage companies have always had panels of law firms that can act for them, but in recent years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for many years.
Mortgage companies point to the increase in fraud as the reason for the reduction – criteria have been tightened as a smaller panel is easier to oversee. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is being contacted daily by practices that have been removed from panels. Plenty of firms are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your purchasers are not going to have any sway in the decision.
My Lyddington lawyer has uncovered a difference when comparing the information in the valuation report and what is revealed within the conveyancing documents. My solicitor informs me that he is duty bound to check that the lender is OK with this discrepancy and is still content to lend. Is my conveyancer’s approach correct?
Your conveyancing practitioner must comply with the UK Finance Lenders’ Handbook specifications which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
I require quick conveyancing in Lyddington as I am faced with an ultimatum to exchange contracts within one month. Fortunately I do not require a mortgage. Is it possible to escape the need for conveyancing searches to save money and time?
As you are not taking a home loan you have the choice not to do searches although no lawyer would advise that you don't. With plenty of history conveyancing in Lyddington the following are instances of issues that can show up and therefore affect market value: Refused Planning Applications, Outstanding Fees, Overdue Grants, Road Schemes,...
I am looking for a flat up to £235,500 and identified one round the corner in Lyddington I like with open areas and transport links in the vicinity, however it only has 51 years on the lease. There is not much else in Lyddington for this price, so just wondered if I would be making a grave error buying a short lease?
If you require a mortgage that many years will be an issue. Reduce the offer by the anticipated lease extension will cost if not already taken into account. If the existing proprietor has owned the property for a minimum of 2 years you can request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should speak to your conveyancing lawyer about this.
When it comes to leasehold conveyancing in Lyddington what are the most common lease problems?
There is nothing unique about leasehold conveyancing in Lyddington. All leases are unique and legal mistakes in the legal wording can sometimes mean that certain provisions are missing. The following missing provisions could result in a defective lease:
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A duty to insure the building
A defective lease can cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Nationwide Building Society, The Mortgage Works, and TSB all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, obliging the purchaser to pull out.
I inherited a ground floor flat in Lyddington, conveyancing formalities finalised 5 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? Equivalent properties in Lyddington with over 90 years remaining are worth £227,000. The ground rent is £50 charged once a year. The lease ends on 21st October 2097
With 72 years remaining on your lease we estimate the premium for your lease extension to range between £9,500 and £11,000 plus costs.
The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before getting professional advice.
I have been recommended a conveyancing solicitor in Lyddington. I need to find out if they are on the bank's approved list of lawyers. Could you or the lender confirm if they are on the panel?
You should call the solicitor and ask them if they are on the bank's panel. Alternatively please get in touch with us and we can make some checks for you. Should the firm not be on the lender panel we can certainly arrange a specialist conveyancing solicitor in Lyddington on the approved list for your mortgage company.