We wanted to use a property lawyer in Ossett for our house purchase. Our broker has since advised us that our bank Santander won't deal with them. Surely this is unfair competition?
Banks tend to imposes restrictions either the category or the number of conveyancing firms on their member panel. Typical examples of such criteria being that a firm must not be a sole practitioner. In addition to restricting the profile of firm, some have reduced the amount of firms they use to represent them. Be aware that Santander have no responsibility for the quality of advice provided by any member of Santander Conveyancer Panel. Mortgage fraud was a primary driver in the rationalisation of solicitor panels since 2008 even though there remains mixed views about the level of solicitor involvement in some of that fraud. Data from the Land Registry indicate that hundreds of law firms, including some in or near Ossett only execute very few conveyances per annum.
We previously instructed conveyancing lawyers with offices in Ossett on the Barclays solicitor approved list. They have just invoiced me a further fee for the legal aspects of the Barclays mortgage. Is this an additional conveyancing fee set by Barclays?
Provided it is contained in their Terms of Engagement or Quote then yes your solicitor may charge a fee for this. The charge is not dictated by Barclays but by your Ossett conveyancing practitioner. Numerous firms on the Barclays panel will quote ’dealing with mortgage’ fee but many firms include it on their overall fee.
I had a mortgage agreed in principle with Skipton. Ossett conveyancing solicitors have been chosen. How long does it take for Skipton to send the offer to the conveyancing practitioner?
Some lenders take longer than others. Have Skipton completed the survey? Have you advised Skipton as to your lawyers' details and checked that your lawyers are on the Skipton conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
The mortgage over my property is with Leeds Building Society for my property in Ossett. Conveyancing was finalised a year ago. Should I wish to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Leeds Building Society?
You must advise Leeds Building Society in advance of renting your property as this is likely to be a breach of Leeds Building Society’s mortgage conditions. It may be that Leeds Building Society 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 Leeds Building Society directly. You need not do this via a Leeds Building Society conveyancing panel solicitor.
I'm buying my first flat in Ossett benefiting from help to buy. The sellers refused to reduce the price so I negotiated 6k of extras instead. The sale representative told me not disclose to my lawyer about this deal as it will affect my loan with the bank. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Over the last few months I have been searching for a leasehold apartment up to £305k and found one close by in Ossett I like with amenity areas and station nearby, the downside is that it's only got 49 years unexpired on the lease. I can't really find anything else in Ossett in this price bracket, so just wondered if I would be making a mistake buying a lease with such few years left?
If you need a mortgage the shortness of the lease may be a potential deal breaker. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for at least twenty four months you can ask them to start the process of the extension and pass it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor about this matter.
We're novice buyers - agreed a price, yet the property agent advised that the seller will only move forward if we use their chosen solicitors as they are insisting on an ‘expedited deal’. We would rather use a high street conveyancer accustomed to conveyancing in Ossett
We suspect that the owner is unaware of this demand. If they desire ‘a quick sale', turning down a motivated purchaser is likely to cause more damage than good. Contact the sellers directly and explain that (a)you are keen to buy (b)you are ready to go, with finances in place © you have nothing to sell (d) you wish to move quickly (e)however you will continue to instruct your preferred Ossett conveyancing solicitors - rather thanthe ones that will provide their estate agent a kickback or hit his conveyancing targets demanded by head office.
There are only Sixty One years unexpired on my lease in Ossett. I am keen to extend my lease but my landlord is missing. What should I do?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be granted an extra 90 years by the Court. You will be obliged to demonstrate that you have made all reasonable attempts to track down the lessor. For most situations a specialist should be useful to carry out a search and prepare a report to be accepted by the court as proof that the freeholder is indeed missing. It is advisable to get professional help from a property lawyer both on investigating the landlord’s disappearance and the application to the County Court covering Ossett.
I acquired a split level flat in Ossett, conveyancing formalities finalised 3 years ago. Can you work out an approximate cost of a lease extension? Comparable flats in Ossett with a long lease are worth £185,000. The ground rent is £65 levied per year. The lease terminates on 21st October 2087
You have 61 years remaining on your lease we estimate the price of your lease extension to range between £19,000 and £22,000 as well as legals.
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 without more detailed investigations. You should not use this information in tribunal or court proceedings. There may be other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first getting professional advice.