My wife and I are intending to acquire a 1 bedroom apartment in Otley with a mortgage. We wish to retain our Otley lawyer, but the mortgage company advise she’s not on their "panel". We have to appoint one of the mortgage company panel conveyancing practices or keep our Otley lawyer and pay for one of their panel lawyers to act for them. This seems very unfair; is there anything we can do?
No, not really. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the bank’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 Otley conveyancing solicitor to apply to be on the conveyancing panel.
Please help. My Otley lawyer is advising me that he is legally obliged toconduct Otley conveyancing searches becausethe firm are on the Nat Westconveyancing panel. Do I not have any options here?
Unfortunately both you and your lawyer have little choice here. Given that you are taking out a loan with a mortgage company your conveyancing practitioner has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your conveyancer would have previously signed the Terms and Conditions of your bank’s conveyancing panel appointment which obliges them to comply with the Council of Mortgage Lenders’ Handbook provisions . Even if you were a cash buyer you would be ill advised not to carry out Otley conveyancing searches.
When it comes to lenders such as Principality, do Otley lawyers face a fee to be on the conveyancing panel?
We are unaware of any bank fees to register on their list of approved firms, although some do levy an administration fee to deal with the processing of the conveyancing panel submission.
We have agreed to purchase a house in Otley. An unusual aspect is that the roof has a solar panel. Nottingham have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
Given that your lender is Nottingham your lawyer must comply with the formal requirements outlined in Part 2 of UK Finance Lenders’ Handbook for Nottingham. The Council of Mortgage Lenders’ Handbook stipulates minimum specifications for solar panel roof-space leases, and property lawyers are required to report to Nottingham where a lease fails to satisfy these conditions. The provisions relate to the installation of panels on properties in England and Wales and is not restricted to Otley.
I am due to exchange contracts on my apartment. I had a double glazing fitted in November 2007, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s mortgage company, Skipton are being difficult. The Otley solicitor who is on the Skipton conveyancing panel is recommending indemnity insurance as a solution but Skipton are requiring a building regulation certificate. Why do Skipton have a conveyancing panel if they don't accept advice from them?
It is probably the case that Skipton have referred the matter to their valuer. The reason why Skipton may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
A colleague recommended that where I am buying in Otley I should carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is sometimes included in the estimate for your Otley conveyancing searches. It is not a small report of more than thirty pages, listing and setting out significant information about Otley around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Otley Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average House Prices, Crime details, Otley Education with plans and statistics, Local Amenities and other useful data about Otley.
How does the Landlord & Tenant Act 1954 impact my commercial offices in Otley and how can your lawyers assist?
The particular law that you refer to affords protection to commercial lessees, giving them the legal entitlement to apply to court for a renewal lease and remain in occupation at the end of an expired lease. There are limited grounds that a landlord can refuse a lease renewal and the rules are complicated. Fees are different for commercial conveyancing. Otley is one of the numerous locations in which our lawyers are based
Our conveyancer has advised that he intends to complete and exchange simultaneously on the sale of our £425,000 maisonette in Otley in just under a week. The freeholder has quoted £396 for Certificate of Compliance, building insurance schedule and previous years service charge statements. Is it legal for a freeholder to charge such fees for a leasehold conveyance in Otley?
For the majority of leasehold sales in Otley conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
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Addressing pre-contract questions
Where consent is required before sale in Otley
Copies of the building insurance and schedule
Deeds of covenant upon sale
Registering of the assignment of the change of lessee after a sale
I invested in buying a ground floor flat in Otley, conveyancing was carried out in 1995. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent properties in Otley with a long lease are worth £255,000. The average or mid-range amount of ground rent is £45 charged once a year. The lease ends on 21st October 2100
With only 74 years remaining on your lease the likely cost is going to span between £8,600 and £9,800 as well as legals.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not take any other action based on this information without first getting professional advice.