I am nearing exchange of contracts for my home in Romsey and the estate agent has just text me to say that the buyers are changing their property lawyer. The excuse is that the mortgage company will only work with property lawyers on their conveyancing panel. On what basis would a major lender only work with specific law firms rather the firm that they want to select for their conveyancing in Romsey ?
Mortgage companies have always had an approved set of law firms that can act for them, but in recent years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for decades.
Mortgage companies blame a rise in fraud as the reason for the pruning – criteria have been tightened as a smaller panel is easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels. Plenty of firms are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your purchasers are not going to have any sway in the decision.
I am purchasing a flat and require a conveyancing solicitor in Romsey who is on the Halifax approved. Could you point me in the right direction as regards a firm?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for Halifax in certain locations such as Romsey. We dont recommend any particular firm.
How can we know in advance if a Romsey conveyancing solicitor on the UBS panel is any good?
When it comes to conveyancing in Romsey obtaining recommendations is a sensible starting point. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one which is cheap as chips. We would always advocate that you speak with the lawyer carrying out your conveyancing.
I recently had an offer accepted on an apartment in Romsey. My mortgage broker pressured me to appoint their conveyancer. I paid an upfront payment of £175. A few days later, the conveyancer contacted me sheepishly admitting that they were not on the Co-operative conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Co-operative panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
I am selling my flat. I had a double glazing fitted in June 2007, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s lender, Nottingham are being problematic. The Romsey solicitor who is on the Nottingham conveyancing panel is saying indemnity insurance will be fine but Nottingham are insisting on a building regulation certificate. Why do Nottingham have a conveyancing panel if they don't accept advice from them?
It is probably the case that Nottingham have referred the matter to their valuer. The reason why Nottingham may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
What does a local search tell me regarding the property I am purchasing in Romsey?
Romsey conveyancing often starts with the applying for local authority searches directly from your local Authority or via a personal search organisations for example PSG The local search plays an important part in many a Romsey conveyancing purchase; as long as you don’t want any unpleasant surprises after you move into your new home. The search will reveal data on, amongst other things, details on planning applications applicable to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen subject headings.
Over the last few months I have been searching for a leasehold apartment up to £195,000 and found one near me in Romsey I like with amenity areas and station nearby, the downside is that it only has 51 years unexpired on the lease. I can't really find anything else in Romsey in this price bracket, so just wondered if I would be making a grave error buying a short lease?
Should you require a home loan the shortness of the lease may be an issue. Discount the price by the amount the lease extension will cost if not already taken into account. If the current proprietor has owned the premises for at least 2 years you may ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should speak to your conveyancing solicitor regarding this matter.
I am tempted by the attractive purchase price for a two apartments in Romsey which have approximately fifty years left on the leases. Should I regard a short lease as a deal breaker?
There are no two ways about it. A leasehold flat in Romsey is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it reduces the marketability of the premises. For most purchasers and lenders, leases with under eighty years become less and less attractive. 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 property 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 property 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 Romsey conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending 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 own a split level flat in Romsey, conveyancing having been completed January 1997. Can you let me have an estimated range of the fair premium for a lease extension? Similar properties in Romsey with an extended lease are worth £206,000. The average or mid-range amount of ground rent is £45 yearly. The lease terminates on 21st October 2092
With just 66 years unexpired the likely cost is going to span between £12,400 and £14,200 plus costs.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to supply a more accurate figure without more detailed due diligence. Do not use this information in tribunal or court proceedings. There may be other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not take any other action based on this information before seeking the advice of a professional.