Me and my fiance are purchasing residence in Machen. My property lawyer is not on the bank conveyancing list. Can I still retain my Machen conveyancing solicitor even though they are not on the lender approved list?
One will need to appoint a conveyancer to complete the formalities if you require a loan to purchase your home. They will conduct all the appropriate legal checks on the property, ensuring that you will be registered as proprietor and ensure that all the required mortgage paperwork is in place. You could select a Machen conveyancer of your choosing. However, if the property lawyer selected is not a member of the lender solicitor panel supplemental costs will arise as separate legal representation will be need by the mortgage company. Conveyancing panel applications may be submitted, so if your lawyer has not in the past applied for membership they can do so.
My husband and I are buying a new build apartment in Machen and my solicitor is telling me that she has to the lender to disclose incentives from the developer. I am under pressure to exchange contracts and I have no desire to delay deal. Is my lawyer right?
You should not exchange unless you have been advised to do so by your conveyancing practitioner. A precondition to being on a lender panel is to comply with the UK Finance Lenders’ Handbook conditions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
I am considering applying for a RBS mortgage for purchase of a newly converted (under development) in Machen with 70% loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for RBS ?
In theory, you could use a solicitor that is not on the RBS conveyancing panel, but RBS 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.
I have been recommended by a number of property agents in Machen to select a conveyancer using your seach tool. Is there a financial inducement for Estate Agents to offer your services ahead of alternative conveyancing organisations?
We don’t make any commission for pointing buyers and sellers in our direction. We thought it would be too underhand a fee because home movers will think, ‘Why is the agent getting a kickback? Why aren’t I getting any benefit too?’ So we decided to step away from that.
I need to retain a conveyancing solicitor for sale conveyancing in Machen. I happened to land on a site which looks to be the ideal offering If it is possible to get all the legals done via email that would be ideal. Do I need to be wary? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
What advice can you give us when it comes to choosing a Machen conveyancing practice to deal with our lease extension?
If you are instructing a solicitor for lease extension works (regardless if they are a Machen conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We suggest that you make enquires with several firms including non Machen conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. The following questions could be of use:
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What are the charges for lease extension work?
I invested in buying a ground floor flat in Machen, conveyancing formalities finalised half a dozen years ago. How much will my lease extension cost? Corresponding flats in Machen with over 90 years remaining are worth £255,000. The average or mid-range amount of ground rent is £45 charged once a year. The lease runs out on 21st October 2097
You have 73 years unexpired the likely cost is going to span between £8,600 and £9,800 as well as legals.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. 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 want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before getting professional advice.