We are purchasing a 1 bedroom apartment in Rumney with a mortgage. We wish to retain our Rumney lawyer, but the bank says he's not on their "panel". It appears that we have no option but to select one of the lender panel solicitors or retain our Rumney conveyancer as well as pay for one of their panel firms to represent them. We regard this is inequitable; are we not able to require that the lender use our Rumney 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. Another option that might be available is for your Rumney conveyancing lawyer to apply to be on the conveyancing panel.
Do the Building Society Association intend to launch a online directory to list firms on the Loughborough BS conveyancing panel for example in Rumney?
Lexsure has not been advised of any intention on the part of the BSA to develop such a search facility.
When it comes to mortgage companies such as Lloyds, do Rumney conveyancing practitioners incur a fee to be on the conveyancing panel?
We are not aware of any bank fees to be on their panel, although some do charge an administration charge to deal with the processing of the conveyancing panel application.
We were going to get a AIP from Yorkshire BS this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Yorkshire BS recommend any Rumney solicitors on the Yorkshire BS conveyancing panel, or is it better to go independently?
You will need to appoint Rumney solicitors independently although you'll need to choose one on the Yorkshire BS conveyancing panel. The solicitor represents both you and Yorkshire BS through the process.
At last I have had an offer on a maisonette in Rumney agreed to, the vendors do however have an associated purchase. The owners have offered on somewhere, however it’s not yet tied up, and have viewings of other apartments in the pipeline. I have instructed a bricks and mortar conveyancing solicitor in Rumney. What should be my next step? When do I get the mortgage application with TSB started?
It is understandable to have apprehensions where there is a chain as you are unlikely to want to be too out of pocket prematurely (mortgage application is approx one thousand pounds, then survey, Rumney conveyancing search fees, etc). First, you should check that your conveyancer is on the TSB conveyancing panel. Regarding the subsequent steps this very much dictated by the specifics of your transaction, attraction to this property and on the state of the market. In a buoyant market some purchasers will apply for the mortgage with TSB and pay for the valuation and only if it was satisfactory would they pay their solicitor to proceed with searches.
I have been on the look out for a flat up to £235,500 and found one round the corner in Rumney I like with open areas and station in the vicinity, the downside is that it only has 51 years unexpired on the lease. I can't really find anything else in Rumney suitable, so just wondered if I would be making a grave error buying a short lease?
If you require a home loan that many years will likely be a potential deal breaker. Discount the price by the anticipated lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for a minimum of twenty four months you could request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor regarding this.
All being well we will complete our sale of a £175,000 garden flat in Rumney in just under a week. The landlords agents has quoted £408 for Certificate of Compliance, building insurance schedule and previous years statements of service charge. Is it legal for a freeholder to charge such fees for a leasehold conveyance in Rumney?
For most leasehold sales in Rumney conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
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Completing conveyancing due diligence enquiries
Where consent is required before sale in Rumney
Supplying insurance information
Deeds of covenant upon sale
Registering of the assignment of the change of lessee after a sale
I inherited a garden flat in Rumney, conveyancing was carried out October 1999. Can you please calculate a probable premium for a statutory lease extension? Similar properties in Rumney with a long lease are worth £260,000. The average or mid-range amount of ground rent is £45 per annum. The lease expires on 21st October 2099
With only 74 years remaining on your lease we estimate the premium for your lease extension to span between £8,600 and £9,800 plus costs.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to supply the actual costs without more detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before getting professional advice.
Is it true that a Rumney conveyancing firm has court proceedings brought against them by a client for failing to conduct comprehensive conveyancing investigations?
Our attention has not be brought to such a Rumney conveyancing claim but it has been reported that, clients purchasing a home in Cumbria successfully sued their lawyer as a consequence of development plans to erect a wind farm failing to be picked up in conveyancing searches.
If you are buying in Rumney It is essential that your conveyancer conduct all Rumney conveyancing searches needed making sure that you have accurate and current information ahead of acquiring a property.