It has come to my attention via my mortgage broker that my Niton lawyer is not on the bank Solicitor panel. How can I check?
You need to call your Niton conveyancer. It is reasonable to expect your lawyer to inform you what has happened. If they are not on the panel they may recommend you to a Niton conveyancing practice that is on the approved list of lawyers for your bank.
We are purchasing a newly converted flat in Niton with a residential mortgage from Alliance & Leicester .We have a Niton conveyancing lawyer but Alliance & Leicester advised that he's not listed on their "panel". we are left little option but to use a Alliance & Leicester panel solicitor or keep our preferred solicitor and fork out for one of their panel ones to act for them. This seems very unfair; is there anything we can do?
No, not really. The home loan issued to you contains various provisions, a common one being that conveyancers must be on the Alliance & Leicester approved list. Until recently, most banks had large numbers of law firms on their panels: a borrower could find 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. A further alternative is for your solicitors to apply to be on the conveyancing panel for Alliance & Leicester
My wife and I buying a detached bungalow in Niton. Our aim is to carry out a loft conversion at the house.Will legal work on the property involve investigations to ascertain if these works are permitted?
Your property lawyer should review the deeds as conveyancing in Niton can occasionally identify restrictions in the title deeds which restrict certain changes or require the consent of a 3rd party. Some extensions call for local authority planning permissions and approval in accordance building regulations. Many locations are designated conservation areas and special planning restrictions apply which frequently prevent or affect extensions. You should check these issues with a surveyor before you commit yourself to a purchase.
When it comes to mortgage companies such as Nottingham, do Niton conveyancing practitioners face an annual charge to be on the list of approved solicitors?
We are unaware of any bank fees to be on their list of approved firms, although some do levy an administration fee to deal with the processing of the conveyancing panel submission.
The mortgage over my property is with Skipton for my property in Niton. Conveyancing was finalised 12 months ago. In the event that I decide to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Skipton?
Your original mortgage agreement with Skipton will provide that you need their approval prior to letting out your property as this is likely to be a breach of Skipton’s mortgage conditions. It may be that Skipton will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Skipton directly. It should not be necessary to do this via a Skipton conveyancing panel firm.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Niton?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Niton. 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 do I use the search app to find a conveyancing practitioner in Niton on the approved list for my lender?
1st pick a lender such as Santander, Barnsley Building Society or Alliance & Leicester then type in your location e.g. Niton. Conveyancing organisations in Niton and nationally will then be shown.
I am tempted by the attractive purchase price for a two maisonettes in Niton both have in the region of forty five years remaining on the lease term. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Niton. The lease is a legal document that entitles you to use the property for a period of time. As a lease shortens the value of the lease reduces and results in it becoming more costly to acquire a lease extension. For this reason it is advisable to extend the lease term. Sometimes it is difficult to sell a property with a short lease as mortgage lenders may be unwilling to lend money on such properties. Lease enfranchisement can be a protracted process. We advise that you seek professional help from a conveyancer and surveyor with experience in this field.
I bought a leasehold flat in Niton, conveyancing was carried out 3 years ago. Can you work out an approximate cost of a lease extension? Corresponding properties in Niton with over 90 years remaining are worth £260,000. The average or mid-range amount of ground rent is £45 levied per year. The lease finishes on 21st October 2100
With just 74 years unexpired the likely cost is going to span between £8,600 and £9,800 as well as professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure 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 taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first seeking the advice of a professional.