We wanted to use a conveyancing solicitor in Petersfield for our house purchase. Our broker has since notified us that our mortgage lenders The Royal Bank of Scotland won't deal with them. Surely this is unfair competition?
A bank can insist on a panel solicitor act for it. Borrowers are liable to bear the charges for this. Do use our directory service to get a quote from a solicitor to carry conveyancing in Petersfield on the The Royal Bank of Scotland approved list of solicitors.
Is it the case that all Petersfield solicitor firms on the Co-operative conveyancing panel are overseen by the SRA?
As a firm of solicitors, in order to be on the Co-operative approved list of solicitors they would need to be overseen by the SRA. The majority of banks do permit licenced conveyancers on their panel in which case such organisation would be governed by the Council of Licensed Conveyancers.
Planning on purchasing a house in Petersfield. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Bank of Ireland conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Petersfield solicitor is on the Bank of Ireland conveyancing panel.
My sealed bid on a detached house in Petersfield has been agreed to, but there is a chain. The owners have offered on on an apartment, but it’s not yet tied up, and are looking at other properties booked. I have chosen a high street conveyancing solicitor in Petersfield. What do I do now? At what point do I apply for the mortgage with TSB?
It is understandable to have concerns where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is approx £1k, then survey, Petersfield conveyancing search charges, etc). First, you should ensure that your conveyancer is on the TSB conveyancing panel. Concerning the subsequent steps this very much depends on the circumstances of your case, attraction to the property and on the state of the market. During a rising market the majority of buyers will apply for the mortgage with TSB and pay for the valuation and only if it comes back ok would they request their property lawyer to move forward with the conveyancing in Petersfield.
Will our lawyer be raising questions regarding flooding as part of the conveyancing in Petersfield.
Flooding is a growing risk for solicitors carrying out conveyancing in Petersfield. There are those who acquire a property in Petersfield, fully aware that at some time, it may be flooded. However, aside from the physical destruction, where a property is at risk of flooding, it may be difficult to obtain a mortgage, suitable building insurance, or dispose of the property. There are steps that can be taken during the course of a property purchase to forewarn the buyer.
Solicitors are not qualified to impart advice on flood risk, however there are a various searches that may be initiated by the purchaser or by their solicitors which should give them a better understanding of the risks in Petersfield. The standard information sent to a buyer’s conveyancer (where the Conveyancing Protocol is adopted) contains a usual question of the seller to find out whether the premises has suffered from flooding. In the event that the residence has been flooded in past which is not notified by the vendor, then a purchaser may bring a legal claim for losses as a result of such an inaccurate answer. The purchaser’s lawyers may also commission an enviro search. This should reveal whether there is any known flood risk. If so, more detailed investigations will need to be made.
I'm purchasing a new build house in Petersfield with a mortgage from The Royal Bank of Scotland. The developers refused to move on the price so I negotiated £7000 of additionals instead. The property agent suggested that I not disclose to my solicitor about the deal as it may affect my loan with the lender. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer 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.
I decided to have a survey done on a property in Petersfield in advance of appointing solicitors. I have been advised that there is a flying freehold element to the house. The surveyor advised that some mortgage companies will not grant a mortgage on this type of house.
It depends who your proposed lender is. Santander has different instructions for example to Halifax. If you call us we can check with the appropriate bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Petersfield. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Petersfield to see if the conveyancing costs will increase in light of this.
I am looking at a couple of apartments in Petersfield both have in the region of forty five years unexpired on the leases. Should I regard a short lease as a deal breaker?
There are no two ways about it. A leasehold flat in Petersfield is a wasting asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it reduces the value of the property. The majority of purchasers and lenders, leases with less than eighty 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 premises 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 Petersfield 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 purchased a ground floor flat in Petersfield, conveyancing having been completed 8 years ago. Can you work out an approximate cost of a lease extension? Corresponding properties in Petersfield with over 90 years remaining are worth £190,000. The average or mid-range amount of ground rent is £65 levied per year. The lease finishes on 21st October 2087
With only 61 years left to run we estimate the premium for your lease extension to be between £19,000 and £22,000 as well as costs.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before seeking the advice of a professional.