Me and my partner are acquiring a leasehold flat in Mancot. My Solicitor is not listed on the bank conveyancing panel. Can I still appoint my Mancot conveyancing solicitor notwithstanding that they are excluded from the mortgage company list of approved lawyers?
Various options include
- Proceed with your existing Mancot solicitor but your bank will undoubtedly use a conveyancing practitioner from their conveyancing panel. The net result is additional fees together with probable frustration.
- Appoint a fresh conveyancer to act in the purchase, making sure they are on the mortgage company conveyancing panel.
- Convince your solicitor to seek to join the mortgage company panel
Our Mancot lawyer has identified an inconsistency between the surveyor’s assumptions in the home valuation report and what is revealed within the legal papers for the property. My lawyer says that he needs to ensure that the bank is OK with this discrepancy and is still content to lend. Is my solicitor’s stance correct?
Your solicitor must comply with the UK Finance Lenders’ Handbook provisions 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.
is it true that all Mancot solicitor practices on the Clydesdale conveyancing panel are governed by the SRA?
As a firm of solicitors, in order to be on the Clydesdale approved list of solicitors they would need to be governed by the Solicitors Regulatory Authority. The majority of banks do allow licenced conveyancers on their panel in which case such practice would be overseen by the Council of Licensed Conveyancers.
We have agreed to purchase a house in Mancot. An unusual aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Barclays be concerned?
As your lender is Barclays your lawyer must follow the formal requirements outlined in Section 2 of UK Finance Lenders’ Handbook for Barclays. The CML Handbook sets out minimum provisions for solar panel roof-space leases, and conveyancers are required to report to Barclays where a lease fails to meet these provisions. The provisions relate to the installation of panels on properties countrywide and is not limited to Mancot.
I have paid off my mortgage with Yorkshire BS. I assume I don't need a Mancot property lawyer on the Yorkshire BS panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your Yorkshire BS 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 Yorkshire BS mortgage from the register. Yorkshire BS, 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 Yorkshire BS has sent the Land Registry the discharge electronically, and
- Yorkshire BS has instructed the Land Registry to do so
How does conveyancing in Mancot differ for newly converted properties?
Most buyers of new build premises in Mancot come to us having been asked by the seller to exchange contracts and commit to the purchase even before the residence is built. This is because developers in Mancot typically acquire the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Mancot or who has acted in the same development.
I am attracted to a couple of flats in Mancot which have about 50 years remaining on the lease term. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold flat in Mancot is a deteriorating asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it reduces the marketability of the premises. The majority of buyers and lenders, leases with under eighty years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Mancot conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I inherited a split level flat in Mancot, conveyancing was carried out 8 years ago. Can you please calculate a probable premium for a statutory lease extension? Equivalent properties in Mancot with an extended lease are worth £265,000. The average or mid-range amount of ground rent is £50 levied per year. The lease ends on 21st October 2101
With just 76 years left to run we estimate the price of your lease extension to span between £8,600 and £9,800 plus costs.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first getting professional advice.
My financial adviser has suggested using their conveyancer for our conveyancing in Mancot - Is it not simpler better to just instruct them?
You need to establish if the selling agent is recommending a property lawyer or introducing to a property lawyer. There are plenty of Mancot estate agents who recommend two or three Mancot conveyancing firms purely based on those lawyers offering a great service.