My fiance and I are acquiring a leasehold flat in Pembroke. My lawyer has never been on on the mortgage company solicitor panel. Is it possible for me to appoint my Pembroke conveyancing solicitor notwithstanding that they are not on the mortgage company panel?
You will need to appoint a property lawyer to complete the legal work required when you need a mortgage to purchase your property. They will carry out all the necessary due diligence on the property, ensuring that you’re properly registered as the owner and ensure that all the necessary mortgage paperwork is dealt with. You may select a Pembroke lawyer of your choosing. However, where the solicitor appointed is not a member of the mortgage company approved list additional costs will arise as separate legal representation will be need by the mortgage company. Bank panel applications can be submitted, so if your lawyer has not previously sought membership they should take the opportunity to apply.
Some advice if I may. My Pembroke solicitor is assuring me that she is duty bound toconduct Pembroke conveyancing searches asthe firm are on the Virgin Moneyconveyancing panel. Is this really necessary?
Unfortunately both you and your lawyer have little choice here. Given that you are taking out a loan with a lender your conveyancer 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 lender’s conveyancing panel appointment which obliges them to comply with the Council of Mortgage Lenders’ Handbook specifications . Even if you were a cash buyer you would be ill advised not to carry out Pembroke conveyancing searches.
I am purchasing a house and require a conveyancing solicitor in Pembroke who is on the Nationwide Building Society approved. Can you recommend a local solicitor?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for Nationwide Building Society in certain locations such as Pembroke. We dont recommend any particular firm.
Do I need to take out insurance to cover chancel repairs when purchasing a residence in Pembroke?
Unless a prior purchase of the property completed after 12 October 2013 you may assume that solicitors handling conveyancing in Pembroke to remain recommending a chancel search and or chancel repair liability policy.
I am looking at a two maisonettes in Pembroke which have approximately fifty years left on the leases. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold apartment in Pembroke is a wasting asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it adversely affects the marketability of the premises. For most purchasers and lenders, leases with under 75 years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Pembroke conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I bought a 1st floor flat in Pembroke, conveyancing having been completed half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Equivalent flats in Pembroke with an extended lease are worth £180,000. The average or mid-range amount of ground rent is £65 per annum. The lease terminates on 21st October 2083
With just 58 years remaining on your lease the likely cost is going to be between £22,800 and £26,400 plus legals.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to supply a more accurate figure in the absence of detailed due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There may be other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not move forward based on this information without first seeking the advice of a professional.
I have noted on a number of online forums that before choosing a conveyancing solicitors they need approved by your mortgage company. I am a FTB but I have an AIP via Birmingham Midhshires and I already have a high street conveyancing lawyer in Pembroke lined up. Does Virgin Money need an approved lawyer to be used? If so, where do I find that list for my conveyancing in Pembroke?
You should choose a solicitor that is on the Virgin Money panel. Simply call your chosen Pembroke conveyancing solicitor to check if they are on the Virgin Money panel. If they are not approved you have numerous alternatives available to you here:
- Complete the purchase with your chosen Pembroke conveyancer but Virgin Money will undoubtedly appoint a conveyancing practitioner from their approved list. The net result is additional fees and probable frustration.
- Choose a fresh conveyancer to act in the purchase, making sure they are on the Virgin Money conveyancing panel.
- Appeal to your lawyer to attempt to join the lender panel.