Much to our surprise we have been advised by our estate agent that my Norwood Green property lawyer is not on the bank Solicitor panel. How can I be sure whether this is correct?
The first thing you need to do is to call your Norwood Green conveyancer. It is reasonable to expect your lawyer to inform you of the situation. Where they are not on the panel they may be able to suggest a Norwood Green conveyancing firm that is on the conveyancing panel for your mortgage company.
We are planning to acquire a flat and need a conveyancing solicitor in Norwood Green who is on the Lloyds solicitor panel. Could you point me in the right direction as regards a conveyancing firm?
Our service is limited to being a directory service for firms who wish to be listed as being on the approved conveyancing panel for Lloyds . We don't recommend any particular firms conducting conveyancing in Norwood Green.
we are a couple who intend to purchase a 2 bedroom apartment in Norwood Green with a residential mortgage from Aldermore.We have a Norwood Green conveyancing solicitor but Aldermore informed us his firm is not listed on their approved list of firms. We have to appoint a Aldermore panel lawyer or keep our local solicitor and pay for a Aldermore panel lawyer to act for them. We feel as though this is unjust; Can we not simply insist that Aldermore use our lawyer?
Unfortunately,no. The mortgage offered to you is subject to its various provisions, one of which will be that conveyancers must be on the Aldermore approved list. Until recently, most banks had large numbers of solicitors 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. Another option that might be available is for your lawyer to apply to be on the conveyancing panel for Aldermore
Does a directory service exist listing Kent Reliance panel conveyancers in Norwood Green on the Council of Mortgage Lender’s Website?
No. There is no such tool on the Council of Mortgage Lenders or Building Society Association websites. A small selection of lending institutions make their panel listings open the public online. Where you are in need of a Norwood Green conveyancer on the Kent Reliance please make the most of our tool.
I have decided to exercise my right to buy my property in Norwood Green off the council. I have a mortgage agreed with Nationwide. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Nationwide, you will need to appoint a solicitor on the Nationwide conveyancing panel.
After months of negotiation I have agreed a price on a house in Norwood Green. My mortgage broker suggested a conveyancer. I paid an on account payment of £175. Not long after, the solicitor called me sheepishly admitting that they were not on the Aldermore conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Aldermore panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
I have been on the look out for a flat up to £235,500 and found one close by in Norwood Green I like with open areas and station nearby, however it's only got 52 remaining years left on the lease. There is not much else in Norwood Green for this price, so just wondered if I would be making a grave error acquiring a short lease?
If you need a mortgage that many years will be a potential deal breaker. Discount the offer by the amount the lease extension will cost if not already taken into account. If the current owner has owned the property for a minimum of twenty four months you could request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should speak to your conveyancing lawyer regarding this.
We own a leasehold flat in Norwood Green. Conveyancing was finished in 2011. I have read on various consumer forums that I should not allow the lease length get too low. Why is that a problem?
Norwood Green leasehold properties are for a set term - often ninety nine years when they started. However a significant appartments in Norwood Green were constructed or converted 20 or more years ago and so such leases now have less than 80 years unexpired. That may sound like a long time however Banks, Building Societies and other mortgage lenders generally need leases to have a minimum of seventy five years unexpired to adequate security. Accordingly when you come to sell the property you will need to extend the term of your lease if you are approaching eighty years. To maximise the saleability of your property you should be thinking about whether or not to extend your lease well in advance of selling the property. You should note that there are significant benefits to doing so before the lease hits eighty years as when the lease is less than 80 years the amount you have to pay to extend starts to escalate.