We are intending to buy a 2 bedroom apartment in Pelsall with a mortgage. We wish to retain our Pelsall lawyer, but the lender says he's not on their "panel". It seems we have no choice but to instruct one of the mortgage company panel conveyancing practices or keep our Pelsall property lawyer as well as pay for one of their panel firms to represent them. This seems very unfair; is there anything we can do?
No, not really. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the lender’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. A further alternative is for your Pelsall conveyancing solicitor to apply to be on the conveyancing panel.
I am only a couple days away from an exchange on a flat in Pelsall and my mum and dad have sent the ten percent deposit to my solicitor. I am now advised that as the deposit has been sent from someone other than me my lawyer needs to disclose this to my bank. Apparently, in also acting for the mortgage company he must advise them that the balance of the purchase price is not just from me. I disclosed to the lender concerning my parents' contribution when I applied for the mortgage, so is it really appropriate for this now to delay the deal?
The solicitor is duty bound to check with mortgage company to make sure that they know that the balance of the purchase price is not from your own funds. The solicitor can only report this to your lender if you agree, failing which, your lawyer must cease to continue acting.
We are getting a further advance on our home loan from Coventry BS as we intend to conduct renovations to our home in Pelsall. Do we need to choose a bricks and mortar Pelsall solicitor on the Coventry BS conveyancing panel to handle the paperwork?
Coventry BS do not ordinarily require a member of their approved list of lawyers to handle such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Coventry BS panel.
The formalities of my remortgage has taken place for my property in Pelsall. Conveyancing was satisfactory but I feel I should register my dissatisfaction about the lender. How does one go about formally complaining?
Most banks and building societies have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Services Team at head office. In most cases complaints to a lender are resolved effectively and efficiently. If you feel the matter is not resolved you can write to Financial Ombudsman Service with full details of your complaint.
It is not clear whether my lender requires a lease extension. I have called into my local Pelsall bank branch on numerous occasions and was told it wasn't a problem and they will lend. My Pelsall conveyancing solicitor - who is on the lender conveyancing panel- telephoned to say that they refuse to lend in accordance with their published requirements. Who do I believe?
Provided that the property lawyer is on the mortgage company panel, they must comply with the CML Handbook specifications for the lender. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
How does conveyancing in Pelsall differ for new build properties?
Most buyers of new build or newly converted property in Pelsall come to us having been asked by the seller to sign contracts and commit to the purchase even before the residence is ready to move into. This is because builders in Pelsall usually purchase the real estate, 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 conveyancing solicitors 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 accustomed to new build conveyancing in Pelsall or who has acted in the same development.
I've recently found out that there is a flying freehold issue on a property I have offered on two weeks back in what should have been a straight forward, no chain conveyancing. Pelsall is the location of the property. Can you shed any light on this issue?
Flying freeholds in Pelsall are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Pelsall you would need to get your solicitor to go through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Pelsall may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
Can you provide any top tips for leasehold conveyancing in Pelsall with the aim of expediting the sale process?
- Much of the frustration in leasehold conveyancing in Pelsall can be avoided if you instruct lawyers as soon as your agents start advertising the property and request that they start to put together the leasehold information which will be required by the buyers’ conveyancers. Many landlords or Management Companies in Pelsall levy fees for providing management packs for a leasehold premises. You or your lawyers should discover the actual amount of the charges. The management information can be applied for on or before finding a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most usual reason for frustration in leasehold conveyancing in Pelsall. In the event that you altered the property did you need the Landlord’s approval? Have you, for example laid down wooden flooring? Most leases in Pelsall state that internal structural changes or addition of wooden flooring require a licence issued by the Landlord approving such works. Where you dont have the paperwork to hand you should not contact the landlord without checking with your conveyancer in the first instance. Some Pelsall leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. The bank reference should make it clear that the buyer is financially capable of paying the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their lawyers. If you are supposed to have a share in the Management Company, you should make sure that you have the original share certificate. Organising a re-issued share certificate is often a time consuming formality and delays many a Pelsall home move. Where a new share certificate is required, you should approach the company officers or managing agents (where relevant) for this at the earliest opportunity.
I bought a basement flat in Pelsall, conveyancing having been completed half a dozen years ago. Can you work out an approximate cost of a lease extension? Equivalent flats in Pelsall with an extended lease are worth £176,000. The average or mid-range amount of ground rent is £50 invoiced annually. The lease expires on 21st October 2075
With just 50 years unexpired the likely cost is going to range between £31,400 and £36,200 plus costs.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed due diligence. Do not use this information in tribunal or court proceedings. There may be other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first seeking the advice of a professional.