We are hoping to acquire a 1 bedroom flat in Mapperley with a mortgage. We would like to retain our Mapperley conveyancer, however the mortgage company advise he's not on their "panel". It appears that we have little choice but to use one of the bank panel firms or continue with our Mapperley conveyancer as well as pay for one of their panel ones to act for them. This seems very unfair; is there anything we can do?
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 Mapperley conveyancing solicitor to apply to be on the conveyancing panel.
My solicitor has uncovered a a legal deficiency with the lease for the apartment we are buying in Mapperley. The other side have offered title insurance as a workaround. We are happy with insurance and will pay for it. Our conveyancing practitioner says that he must check that the mortgage company is happy with this solution. Who is the client here, us or the bank?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the bank are the client. Your lawyer must comply with the UK Finance Lenders’ Handbook conditions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the bank can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your property lawyer will have no choice but to discontinue acting for you.
Are there restrictive covenants that are commonly picked up during conveyancing in Mapperley?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Mapperley. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
How does conveyancing in Mapperley differ for newly converted properties?
Most buyers of new build property in Mapperley come to us having been asked by the seller to sign contracts and commit to the purchase even before the residence is built. This is because builders in Mapperley tend to purchase the land, 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 Mapperley or who has acted in the same development.
Is it simple use your search app to get a fee calculation from a conveyancing lawyer in Mapperley on the panel for my mortgage?
First choose a mortgage company such as National Westminster Bank, Chelsea Building Society or TSB then type in your preferred area for instance Mapperley. Conveyancing firms in Mapperley and across England and Wales will then be shown.
Can you offer any advice when it comes to choosing a Mapperley conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a conveyancer for lease extension works (regardless if they are a Mapperley conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of work. We recommend that you speak with two or three firms including non Mapperley conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. The following questions could be useful:
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If they are not ALEP accredited then why not? How many lease extensions have they conducted in Mapperley in the last 12 months?
I own a 2 bed flat in Mapperley, conveyancing was carried out 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? Corresponding flats in Mapperley with a long lease are worth £179,000. The average or mid-range amount of ground rent is £65 yearly. The lease comes to an end on 21st October 2081
With only 57 years unexpired we estimate the price of your lease extension to span between £26,600 and £30,800 plus costs.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed due diligence. Do not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not move forward based on this information before getting professional advice.