My husband and I are planning to buy a 3 bedroom flat in Redhill with a mortgage. We have a Redhill conveyancer, however the bank says he's not on their "panel". It seems we have little option but to instruct one of the bank panel conveyancing practices or keep our Redhill conveyancing practitioner as well as pay for one of their panel ones to represent them. This feels very unfair; are we not able to require that the lender use our Redhill lawyer ?
Unfortunately,no. 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 Redhill conveyancing solicitor to apply to be on the conveyancing panel.
I am acquiring a property without a mortgage in Redhill. I have been living for the previous 20 years in Redhill. Conveyancing searches are exorbitant. As I know the road and vicinity intimately must I have all the conveyancing searches?
If you not getting a mortgage, then almost all of the Redhill conveyancing searches are optional. Your conveyancer will ’encourage you, no-doubt strongly, that you should have searches completed, but he is duty bound to take that path of encouragement . One thing to bear in mind; if you are likely to dispose of the house in the future, it may be of relevance to your prospective purchaser what the searches determine. On occasion premises with functional issues can still throw up unpredicted search results. A good conveyancing solicitor in Redhill should provide you some helpful advice in this regard.
Can you clarify what the consequences are if my lawyer’s firm is expelled from the Principality Solicitor panel ahead of completing my conveyancing in Redhill?
First, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
My conveyancer has informed me that breach of easement insurance is necessary on my purchase. What is the typical level of cover needed for conveyancing in Redhill?
The right level of breach of easement indemnity insurance should be dictated by who your lender. It would differ for example between Barclays and Norwich and Peterborough Building Society. Conveyancing lawyers as opposed to borrowers take out such insurances.
I have today made my last payment due on my mortgage with Leeds Building Society. I assume I don't need a Redhill conveyancer on the Leeds Building Society panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your Leeds Building Society mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Leeds Building Society mortgage from the register. Leeds Building Society, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Leeds Building Society has sent the Land Registry the discharge electronically, and
- Leeds Building Society has instructed the Land Registry to do so
My offer on a detached house in Redhill has been accepted, the vendors do however have a connected purchase. The vendors have offered on on an apartment, but it’s not yet tied up, and have viewings of other properties in the pipeline. I have instructed a high street conveyancing solicitor in Redhill. What should be my next step? At what point do I apply for the mortgage with TSB?
It is understandable to have apprehensions where there is a chain as you are unlikely to want to incur costs too early (home loan application is approx £1k, then survey, Redhill conveyancing search fees, etc). The first course of action is to check that your conveyancer is on the TSB conveyancing panel. Regarding the next phase this very much depends on the uniqueness of your case, desire for the property and on the state of the market. During a hot market some buyers would apply for the mortgage with TSB and arrange for the valuation and only if it comes back ok would they pay their lawyer to move forward with searches.
I am buying a new build flat in Redhill. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Set out below are examples of a few leasehold new build questions that you can expect your new-build leasehold conveyancing in Redhill
-
Please confirm the Lease plans are surveyor prepared. Please supply a car parking plan. The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents.
I've found a house that seems to meet my requirements, at a great figure which is making it more attractive. I have just discovered that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns buying a leasehold house in Redhill. Conveyancing solicitors have are about to be appointed. Will they explain the issues?
The majority of houses in Redhill are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can help the conveyancing process. We note that you are purchasing in Redhill so you should seriously consider looking for a Redhill conveyancing solicitor and be sure that they have experience in dealing with leasehold houses. First you will need to check the number of years remaining. As a tenant you will not be entirely free to do whatever you want to the property. The lease comes with conditions for example obtaining the landlord’spermission to conduct changes to the property. You may also be required to pay a service charge towards the maintenance of the estate where the property is part of an estate. Your solicitor should advise you fully on all the issues.
I invested in buying a 2 bed flat in Redhill, conveyancing was carried out July 1996. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding properties in Redhill with a long lease are worth £201,000. The average or mid-range amount of ground rent is £45 invoiced annually. The lease runs out on 21st October 2090
With just 65 years left to run we estimate the premium for your lease extension to range between £13,300 and £15,400 as well as professional fees.
The figure above a general guide to costs for renewing a lease, but we are not able to supply the actual costs in the absence of detailed investigations. You should not use the figures in tribunal or court proceedings. There may be additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you move forward based on this information without first seeking the advice of a professional.