My husband and I are buying a 3 bedroom flat in Montgomery with a mortgage. We have a Montgomery conveyancer, but the lender says she’s not on their "panel". It seems we have no option but to instruct one of the mortgage company panel conveyancing practices or continue with our Montgomery solicitor as well as pay for one of their panel firms to act for them. We consider that this is unjust; can we not demand that the bank use our Montgomery conveyancing practitioner ?
Unfortunately,no. 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 Montgomery conveyancing lawyer to apply to be on the conveyancing panel.
I am about to put a bid on a leasehold flat in Montgomery. The selling agents assure me that it is the norm for flats in Montgomery to have less than 75 years unexpired on the lease. I am taking out a mortgage with Bank of Ireland. Is this going to be acceptable if the lease has 69 years remaining.
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are obtaining a mortgage then your lender may insist that the lease be extended before competition. Bank of Ireland have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 15/1/2025 the requirements read as follows :
I am buying a new build flat in Montgomery. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Here are examples of a few leasehold new build questions that you may expect your new-build leasehold conveyancing in Montgomery
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Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease.
Due to the guidance of my in-laws I had a survey completed on a house in Montgomery before instructing conveyancers. I have been told that there is a flying freehold element to the property. My surveyor has said that some lenders tend not issue a mortgage on this type of home.
It varies from the lender to lender. Lloyds has different instructions from Nationwide. Should you wish to telephone us we can check via the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Montgomery. Conveyancing will be smoother if you use a solicitor in Montgomery especially if they are accustomed to such properties in Montgomery.
What are the frequently found problems that you come across in leases for Montgomery properties?
There is nothing unique about leasehold conveyancing in Montgomery. Most leases are unique and drafting errors can result in certain provisions are erroneous. For example, if your lease is missing any of the following, it could be defective:
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A provision for the recovery of money spent for the benefit of another party. Insurance obligations
A defective lease will likely cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Accord Mortgages Ltd, The Royal Bank of Scotland, and Clydesdale all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, obliging the purchaser to withdraw.
Montgomery Conveyancing for Leasehold Flats - Sample of Queries Prior to Purchasing
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You should want to discover as much as you can regarding the managing agents as they can either make your living at the property much easier or problematic. Being a leasehold owner you are often in the clutches of the managing agents both financially and when it comes to every day issues such as the cleanliness of the communal areas. Don't be afraid to ask prospective neighbours what they think of their management. In conclusion, investigate as to the dates that the maintenance charges are due to the managing agents and specifically how they are spending the funds. It is important to be aware if fixing the lift or some other major work is anticipated to be shared by the leasehold owners and will dramatically increase the the maintenance costs or require a one time payment. How much is the ground rent and service charge?
I have miscalculated my finances and am a few thousand pounds short a 10% deposit on my house purchase in Montgomery , but I am keen go ahead. What can I do?
One option is to try and agree a lower deposit. Many sellers will accept a lower deposit or even no deposit for a first time buyer or 100% mortgage. Be aware though that if you fail to complete you will still need to hand over a minimum of 10% of the purchase price regardless of how much deposit was agreed.
You can also agree a simultaneous exchange and completion as no deposit is required for this however neither party will be tied in until completion actually takes place and it can be risky if sellers change their mind at the last moment