We are hoping to purchase a 2 bedroom flat in Nether Stowey with a mortgage. We have a Nether Stowey conveyancer, but the bank advise she’s not on their "panel". We have to appoint one of the mortgage company panel conveyancing practices or retain our Nether Stowey solicitor and pay for one of their panel firms to act for them. We regard this is unjust; is there anything we can do?
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 Nether Stowey conveyancing solicitor to apply to be on the conveyancing panel.
My Conveyancer in Nether Stowey is not listed on the Coventry Building Society Solicitor Panel. Can I still use my family solicitor notwithstanding that they are excluded from the Coventry Building Society panel?
Your options are as follows:
- Complete the purchase with your existing Nether Stowey lawyers but Coventry Building Society will need to use a lawyer on their panel. This will inevitably rack up the total legal fees as well as cause frustration.
- Get a new lawyer to act in the purchase, not forgetting to check they are on the Coventry Building Society panel
How does conveyancing in Nether Stowey differ for new build properties?
Most buyers of new build premises in Nether Stowey approach us having been asked by the builder to sign contracts and commit to the purchase even before the premises is ready to move into. This is because builders in Nether Stowey tend to purchase 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 Nether Stowey or who has acted in the same development.
I have been on the look out for a flat up to £305k and identified one round the corner in Nether Stowey I like with open areas and railway links nearby, however it's only got 52 years on the lease. I can't really find anything else in Nether Stowey suitable, so just wondered if I would be making a grave error purchasing a lease with such few years left?
If you require a mortgage that many years may be an issue. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the current proprietor has owned the premises for a minimum of twenty four months you could request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor regarding this.
I have recently realised that I have Sixty One years remaining on my flat in Nether Stowey. I need to get lease extension but my landlord is can not be found. What options are available to me?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be extended by the Court. However, you will be required to demonstrate that you have used your best endeavours to track down the landlord. For most situations an enquiry agent should be useful to try and locate and to produce an expert document which can be used as proof that the freeholder can not be located. It is advisable to get professional help from a property lawyer in relation to proving the landlord’s absence and the vesting order request to the County Court overseeing Nether Stowey.
I bought a garden flat in Nether Stowey, conveyancing formalities finalised February 1998. Can you work out an approximate cost of a lease extension? Similar flats in Nether Stowey with an extended lease are worth £202,000. The ground rent is £55 invoiced annually. The lease ends on 21st October 2081
With only 56 years remaining on your lease the likely cost is going to be between £29,500 and £34,000 plus legals.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure without more comprehensive investigations. You should not use the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not move forward based on this information before getting professional advice.
I would be grateful if you would clarify what my options are if my Nether Stowey conveyancing searches shows negative results?
On the whole, the majority of issues arising from Nether Stowey conveyancing search responses can be dealt with prior to completion or indemnity insurance may be put in place. You should remember that even though you may be buying the property and may be willing to accept the search results, your mortgage lender may not, and when all said and done the decision rests with them.