My wife and I are purchasing a 1 bedroom apartment in Malvern with a mortgage. We like our Malvern solicitor, however the mortgage company says she’s not on their "panel". It appears that we have no option but to use one of the bank panel firms or continue with our Malvern conveyancer as well as pay for one of their panel firms to represent them. This seems very unfair; can we not require that the lender use our Malvern property lawyer ?
Unfortunately,no. Your mortgage offer 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 Malvern conveyancing solicitor to apply to be on the conveyancing panel.
Can the conveyancing lawyers identified through your search tool carry out auction conveyancing in Malvern?
There are a number of niche practitioners we can connect you with those conducting auction conveyancing. Malvern is just one of our areas of where our lawyers cover.
I'm the single recipient of my late mum's will with all property in now in my sole name, including the house in Malvern. Conveyancing formalities meant that the Land Registry date was in June. I want to move. I do know about the Mortgage Lenders six month 'rule', which means that my proprietorship could be regarded the same way as if I'd bought the property in June. Is the property unsalable for six months?
The CML handbook instructs conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you may be caught by that. How practical a view banks take of it, depend on the lender as this requirement is principally there to pick up on the purchase and immediately sell or the wholesaling and assigning of properties.
Is it the case that all Malvern solicitors on the Nationwide conveyancing panel are governed by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the Nationwide conveyancing panel they would need to be overseen by the SRA. Some banks do list licenced conveyancers on their panel and in such a situation the organisation would be regulated by the CLC.
We were going to get a DIP from Nottingham this week so we can work out what to offer on a property we like as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Nottingham recommend any Malvern solicitors on the Nottingham conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Malvern solicitors independently although you'll need to choose one on the Nottingham conveyancing panel. The solicitor represents both you and Nottingham through the process.
My husband and I are first time buyers - agreed a price, but the property agent has warned us that the seller will only move forward if we instruct the agent's recommended lawyers as they want a ‘quick sale’. We would rather use a high street solicitor used to conveyancing in Malvern
We suspect that the seller is unaware of this ultimatum. If they desire ‘a quick sale', taking such a hostile approach to a genuine buyer is is going to put the whole deal at risk. Bypass the agents and go straight to the owners and make the point that (a)you are genuine buyers (b)you are excited to move forward, with mortgage lined up © you do not need to sell (d) you intend to proceed fast (e)however you will continue to appoint your own,trusted Malvern conveyancing firm - not the ones that will earn their estate agent a commission or hit his conveyancing thresholds set by HQ.
Are there frequently found problems that you witness in leases for Malvern properties?
There is nothing unique about leasehold conveyancing in Malvern. Most leases are drafted differently and drafting errors can result in certain provisions are not included. For example, if your lease is missing any of the following, it could be defective:
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A provision to repair to or maintain elements of the property
A defective lease will likely cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Accord Mortgages Ltd, Chelsea Building Society, and Alliance & Leicester all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the purchaser to withdraw.
I bought a 1 bedroom flat in Malvern, conveyancing formalities finalised half a dozen years ago. How much will my lease extension cost? Equivalent properties in Malvern with over 90 years remaining are worth £201,000. The ground rent is £45 charged once a year. The lease expires on 21st October 2090
You have 65 years remaining on your lease the likely cost is going to range between £13,300 and £15,400 plus costs.
The figure above a general guide to costs for renewing a lease, but we are not able to supply 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 issues 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 based on this information without first seeking the advice of a professional.
We are seeking to buy a repossessed house in Malvern and the bank selling would like to complete within 28 days. Do solicitors meet that timeframe? Am I best advised to instruct a high street Malvern firm or an online company that professes to complete quickly?
Visit your Malvern shopping parade. Go in to two or three solicitor’s offices and ask to see a conveyancing solicitor for an estimate. Explain your needs and seek a commitment on time frames. Appoint the one that appears most genuine. Be sure to use a property lawyer on the panel of lawyers who can act for your mortgage company.