Unfortunately I am unable to travel far from Paddock Wood. What is the rationale as to why all Paddock Wood solicitors aren't included on all lender panels?
Lenders ordinarily restrict either the nature or volume of conveyancing firms on their approved list of lawyers. A common example of such restriction(s) being that the firm is required to have two or more partners. As well as restricting the nature of firm, some banks made a decision to reduce the size of their panel they permit to represent them. It is worth noting that banks have no liability for the standard of advice supplied by any Paddock Wood conveyancing practitioner on their approved list. Mortgage fraud was the key driver in the rationalisation of conveyancing panels in the last decade notwithstanding that there are opposing thoughts concerning the extent of solicitor involvement in some of that fraud. Statistics published by the Land Registry reveal that thousands of law practices only transact a couple of conveyances a year. Those advocating conveyancing panel consolidation question why law firms should have claim to be listed on a conveyancing panel when clearly conveyancing is not their primary expertise?
We are only a couple days away from an exchange on a flat in Paddock Wood and my parents have transferred the 10% deposit to my solicitor. I am now advised that as the deposit has been received from someone other than me my property lawyer needs to disclose this to my mortgage company. I am advised that, in also acting for the mortgage company he must advise them that the balance of the purchase price is not just from me. I informed the lender concerning my parents' contribution when I applied for the home loan, so is it really necessary for him to raise this?
Your conveyancer is obliged to check with lender to make sure that they understand that the balance of the purchase price is not from your own funds. The solicitor can only disclose this to your mortgage company if you permit them to, failing which, your lawyer must cease to continue acting.
This question may be naive but I am wet behind the ears as FTB of a two bedroom flat in Paddock Wood. Do I pick up the keys to the premises on the completion date from my lawyer? If this is the case, I will use a High Street conveyancing solicitor in Paddock Wood?
There is no need to visit the lawyers office on the day of completion. Your solicitors will arrange to send the purchase money to the vendor’s solicitors, and shortly after the monies have arrived, you will be called to pick up the keys from the selling Agents and start moving into the property. Usually this happens early afternoon.
Is it correct that all Paddock Wood CQS (Conveyancing Quality Scheme) solicitors are on the Barclays conveyancing list of approved practices?
Some major lenders now use the accreditation scheme as the starting point for Panel membership such as HSBC and Santander. CQS accreditation however is no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitor practices wishing to remain on their panels.
We have agreed to purchase a house in Paddock Wood. One unusual aspect is that the roof has a solar panel. Nationwide 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 Nationwide your lawyer must comply with the formal requirements contained in Part 2 of UK Finance Lenders’ Handbook for Nationwide. The CML Handbook stipulates minimum conditions for solar panel roof-space leases, and lawyers are required to report to Nationwide where a lease fails to comply with these requirements. The requirements relate to the installation of panels on properties nationwide and is not isolated to Paddock Wood.
How does conveyancing in Paddock Wood differ for new build properties?
Most buyers of new build premises in Paddock Wood come to us having been asked by the builder to sign contracts and commit to the purchase even before the premises is built. This is because house builders in Paddock Wood usually purchase the site, 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 conveyancers 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 used to new build conveyancing in Paddock Wood or who has acted in the same development.
Over the last few months I have been searching for a leasehold apartment up to £245,000 and identified one near me in Paddock Wood I like with amenity areas and transport links nearby, however it only has 49 remaining years left on the lease. There is not much else in Paddock Wood in this price bracket, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you require a home loan the remaining unexpired lease term may be an issue. Discount the offer by the anticipated lease extension will cost if not already taken into account. 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 then assign it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should speak to your conveyancing solicitor about this.
I am tempted by the attractive purchase price for a couple of flats in Paddock Wood both have approximately 50 years remaining on the lease term. should I be concerned?
A lease is a right to use the premises for a prescribed time frame. As the lease shortens the value of the lease reduces and results in it becoming more expensive to acquire a lease extension. For this reason it is generally wise to extend the lease term. More often than not it is difficulties arise selling premises with a short lease because mortgage companies may be reluctant to lend money on such properties. Lease enfranchisement can be a difficult process. We recommend you get professional help from a conveyancer and surveyor with experience in this arena.
I bought a 1st floor flat in Paddock Wood, conveyancing was carried out June 2007. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding properties in Paddock Wood with an extended lease are worth £185,000. The ground rent is £65 invoiced annually. The lease runs out on 21st October 2086
You have 60 years remaining on your lease we estimate the price of your lease extension to range between £20,000 and £23,000 plus plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to advice on the actual costs without more detailed due diligence. You should not use this information in tribunal or court proceedings. There are no doubt other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first getting professional advice.