In the event thatI was to buy a simple residential propertyin Midsomer Norton for cash and dispense with a survey and no local authority searches how much could I expect to have to pay for conveyancing in Midsomer Norton?
The only reduction in fees you would achieve is the costs for searches. Your lawyer is obliged to do the vast majority of work - money laundering, correspond with your vendors lawyer, SDLT return, register the title etc. You might save a bit for them not needing to register a mortgage but it will not be significant.
I had intended to instruct a property lawyer in Midsomer Norton for our home move. Our financial adviser has since advised us that our mortgage lenders Accord Mortgages Ltd won't deal with them. Surely this is unfair competition?
Pre- 2008 most banks had a different appetite for risk. Almost all Midsomer Norton conveyancing firms would have been on most mortgage company panels. The Financial Services Authority in 2010 carried out a thematic review into mortgage fraud which concluded: mortgage lenders should know the conveyancing solicitors dealt with. Consequently, lenders have regularly sought more data from law firms concerning their operations and the individuals who work for them as well as set certain criteria such a completing on a minimum amount of conveyancing. Many Midsomer Norton conveyancing firms that have been excluded from lender panels have Unblemished track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Midsomer Norton is one of the hundreds of areas where the solicitors we list are on the panel for Accord Mortgages Ltd.
We had instructed conveyancers with offices in Midsomer Norton on the UBS solicitor approved list. They are now charging me a separate fee for handling the UBS mortgage. Is this an additional conveyancing fee specified by UBS?
Unfortunately, so long as it is in their Terms of Engagement or Quote then yes your property lawyer can levy a fee for this. This charge is not set by UBS but by your Midsomer Norton conveyancer. Plenty of firms on the UBS panel will charge an ‘acting for lender’ fee and others do not.
The formalities of my purchase has taken place for my property in Midsomer Norton. Conveyancing was satisfactory but I would like to complain about the lender. Who do I contact should I wish to lodge a complaint?
Almost all banks and building societies have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Care Department at head office. In most cases complaints to a lender are resolved very quickly. If you feel the matter is not resolved you can write to Financial Ombudsman Service with full details of your complaint.
It is unclear whether my bank obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my Midsomer Norton building society branch on a couple of occasions and was told it does not impact the mortgage offer and they would lend. My Midsomer Norton conveyancing solicitor - who is on the bank conveyancing panel- called to say that they refuse to lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. Who do I believe?
The conveyancing practitioner has to follow the Council of Mortgage Lenders’ Handbook Part 2 provisions for your lender. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years remaining.
Are there restrictive covenants that are commonly picked up during conveyancing in Midsomer Norton?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Midsomer Norton. 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 Midsomer Norton differ for new build properties?
Most buyers of new build or newly converted property in Midsomer Norton come to us having been asked by the developer to sign contracts and commit to the purchase even before the premises is built. This is because builders in Midsomer Norton typically acquire the real estate, 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 conveyancing solicitors 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 Midsomer Norton or who has acted in the same development.
I am looking for a leasehold apartment up to £305k and identified one near me in Midsomer Norton I like with amenity areas and transport links in the vicinity, however it's only got 52 years on the lease. There is not much else in Midsomer Norton in this price bracket, so just wondered if I would be making a mistake buying a lease with such few years left?
If you need a mortgage the remaining unexpired lease term will likely be a potential deal breaker. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for a minimum of 2 years you could ask them to start the process of the extension and pass it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should consult your conveyancing lawyer concerning this matter.