My wife and I have just acquired a property in Milnrow. We have noticed several issues with the house which we believe were missed in the conveyancing searches. What action can we take? Can you clarify the type of searches that needed to have been conducted for conveyancing in Milnrow?
It is not clear from the question as to the nature of the problems and if they are unique to conveyancing in Milnrow. Conveyancing searches and investigations initiated as part of the legal transfer of property are designed to help avoid problems. As part of the process, a property owner answers a document referred to as a Seller’s Property Information Form. If the information provided is incorrect, then you may have a claim against the owner for any losses that you have suffered. The survey should have identified any problems with the structure of the property. Assuming a detailed survey was carried out and the issues were not identified, you may have a claim against the surveyor. However, if you did not have a full survey, you may be responsible for fixing any defects that have now been noted. We would always encourage buyers to take every possible step to ensure they are completely aware of the condition of a property before purchase regardless of whether they are buying in Milnrow.
At what point can the exchange of contracts happen for purchase conveyancing in Milnrow and do I need to be at the solicitors office?
Where you are near to our conveyancing solicitors in Milnrow you are welcome to come in to sign documents. However, the firms we recommend supply countrywide coverage for conveyancing and give as equally comprehensive and professional a job for you when dealing with you electronically. The signing of the contract is not when everything is set in stone. A signed contract is necessary for the conveyancer to address the formalities when the time is right, which is ordinarily shortly after signing. The exchange process is nowadays normally dealt with by telephone and can be very rapid, although where a lengthy "chain" is in the mix, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Milnrow)to be in the office available at the end of the phone to exchange contracts.
I have a decision in principle. The lender mentioned the mortgage came with free conveyancing. Is the implication that I have to use their panel conveyancer as I would prefer to appoint a Milnrow based conveyancing firm?
You should check but the the likelihood is that allocate you one of their panel conveyancers where you accept the "fee-free" deal. Speak to the lender to see if they offer you a cash alternative. It is not unheard for a lender to give a £250 cashback as a further option in which case that money can go towards the cost for your conveyancing solicitor near Milnrow.
We previously appointed conveyancing lawyers locally in Milnrow on the TSB solicitor approved list. They are now charging me an additional charge for dealing with the TSB mortgage. Is this a supplemental conveyancing fee specified by TSB?
As unfair as it may seem, as long as it’s in their Terms of Engagement or Quote then yes your solicitor can levy a fee for this. The fee is not set by TSB but by your Milnrow property lawyer. Numerous firms on the TSB panel will levy an ‘acting for lender’ fee but some firms include it on their overall fee.
We expect to receive a AIP from UBS 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 UBS recommend any Milnrow solicitors on the UBS conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Milnrow solicitors independently although you'll need to choose one on the UBS conveyancing panel. The solicitor represents both you and UBS through the process.
Completion of my purchase has taken place for my property in Milnrow. Conveyancing was a necessary evil but I feel I should register my dissatisfaction about the lender. Who do I contact should I wish to lodge a complaint?
All lenders have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Care Team at head office. Ordinarily complaints to a lender are resolved effectively and efficiently. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service who will take matters further.
I am looking at a couple of apartments in Milnrow which have approximately fifty years left on the leases. Should I regard a short lease as a deal breaker?
A lease is a right to use the premises for a prescribed time frame. As the lease gets shorter the value of the lease deteriorates and it becomes more costly to acquire a lease extension. This is why it is advisable to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease as mortgage companies may be reluctant to lend money on properties of this type. Lease extension can be a protracted process. We advise that you seek professional help from a solicitor and surveyor with experience in this area.
I purchased a 1 bedroom flat in Milnrow, conveyancing was carried out 9 years ago. How much will my lease extension cost? Similar properties in Milnrow with an extended lease are worth £265,000. The average or mid-range amount of ground rent is £50 invoiced annually. The lease expires on 21st October 2101
With only 76 years unexpired we estimate the premium for your lease extension to be between £8,600 and £9,800 plus plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to supply the actual costs in the absence of detailed due diligence. You should not use this information in tribunal or court proceedings. There may be additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first getting professional advice.
Myself and my wife have recently had an offer accepted on a apartment and had an appointment on Wednesday with Leeds Building Society for the mortgage. They warned us that when it comes to appointing a property lawyer that if they are not on their approved panel of conveyancers then we will be subject to an a further fee of about two hundred pounds. This is because they will then have to appoint a conveyancer to act for them in addition to the one we appoint on our behalf and we will be on the hook for their invoice. I have requested Leeds Building Society to supply me with a list so I can seek estimates only from their approved lawyers but was told that I need to check with each individual lawyer to see if they are on the panel. Is there a list online?
You should ask Leeds Building Society what their panel criteria is for a solicitor.Then ask the solicitor of your choice whether they meet the criteria and have they acted on mortgages for Leeds Building Society previously. If the answer to those is yes, then just double check with Leeds Building Society. Alternatively please utilise our search facility and we may be able to locate a solicitor in Milnrow on the panel for Leeds Building Society.