My husband and I are buying a 3 bedroom apartment in Silverdale with a mortgage. We like our Silverdale conveyancer, however the mortgage company advise he's not on their "panel". We have to appoint one of the mortgage company panel solicitors or keep our Silverdale solicitor and pay for one of their panel firms to act for them. This feels very unfair; are we not able to demand that the bank use our Silverdale solicitor ?
Unfortunately,no. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the bank’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 Silverdale conveyancing lawyer to apply to be on the conveyancing panel.
When reading moneysavingexpert.com for a cheap lawyer in Silverdale, many post that I should use a CQS kitemarked lawyer. What is CQS?
Silverdale Conveyancing Quality Scheme solicitors have achieved accreditation by the law Society CQS was brought about to promote high standards in the in the legal transfer of properties. CQS helps consumers to identify solicitor firms that provide a quality residential conveyancing. Silverdale is one of the many areas in England and Wales in which accredited firms have a presence. The scheme requires law firms to undergo a strict assessment, compulsory training, self-certification, random audits and yearly assessments in order to maintain CQS status. It is available to solicitors and not licensed conveyancers and has the support of the Association of British Insurers.
We are getting the release of further monies on our mortgage from TSB as we want to conduct alterations to our home in Silverdale. Are we obliged to choose a bricks and mortar Silverdale solicitor on the TSB conveyancing panel to deal with the paperwork?
TSB do not ordinarily appoint firms on their conveyancing panel to handle such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the TSB list.
The mortgage over my property is with UBS for my property in Silverdale. Conveyancing has been completed 12 months ago. If I am intending to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform UBS?
UBS must be informed of your intention before renting your property as this is likely to be a breach of UBS’s mortgage conditions. It may be that UBS will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact UBS directly. You need not do this via a UBS conveyancing panel firm.
I am selling my flat. I had a double glazing fitted in February 2007, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's mortgage company, Leeds Building Society are being a right pain. The Silverdale solicitor who is on the Leeds Building Society conveyancing panel is saying indemnity insurance will be fine but Leeds Building Society are requiring a building regulation certificate. Why do Leeds Building Society have a conveyancing panel if they don't accept advice from them?
It is probably the case that Leeds Building Society have referred the matter to their valuer. The reason why Leeds Building Society 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.
I opted to have a survey carried out on a house in Silverdale before retaining conveyancers. I have been told that there is a flying freehold aspect to the property. My surveyor advised that some lenders tend not grant a mortgage on such a property.
It depends who your proposed lender is. Santander has different requirements from Nationwide. If you e-mail us we can look into this further with the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Silverdale. Conveyancing will be smoother if you use a solicitor in Silverdale especially if they are accustomed to such properties in Silverdale.
My husband and I are a fortnight into a residential purchase having been recommend to conveyancers by the high street agent to do our conveyancing in Silverdale. I am am starting to be dissatisfied with the level of service. Could you you assist me in finding new solicitors?
They would need to be really bad to suggest changing them. Has the loan offer been issued? In the event that it has you must advise them of the new solicitor and ensure the loan are re-issued. The solicitor ideally needs to be on the lenders panel to avoid added expenses and complications. That should be your first question of the new lawyers. The search tool should assist you in finding a bank approved lawyer for your conveyancing in Silverdale
Can you provide any top tips for leasehold conveyancing in Silverdale from the perspective of expediting the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Silverdale can be reduced where you get in touch lawyers as soon as you market your property and request that they start to put together the leasehold information which will be required by the buyers’ solicitors. If you have the benefit of shareholding in the freehold, you should ensure that you have the original share document. Arranging a new share certificate is often a lengthy process and delays many a Silverdale conveyancing deal. Where a new share is necessary, you should approach the company director and secretary or managing agents (if applicable) for this at the earliest opportunity. In the event that you altered the property did you need the Landlord’s approval? Have you, for example laid down wooden flooring? Most leases in Silverdale state that internal structural changes or addition of wooden flooring calls for a licence from the Landlord consenting to such alterations. If you dont have the consents in place you should not contact the landlord without contacting your solicitor first. If you have had conflict with your freeholder or managing agents it is very important that these are settled before the property is put on the market. The purchasers and their solicitors will be nervous about purchasing a property where a dispute is ongoing. You will have to accept that you will have to discharge any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the buyers, but it is clearly preferable to present the dispute as historic rather than unsettled. Many landlords or Management Companies in Silverdale levy fees for supplying management packs for a leasehold premises. You or your lawyers should discover the fee that they propose to charge. The management information can be applied for as soon as you have a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most frequent cause of delay in leasehold conveyancing in Silverdale.
I invested in buying a basement flat in Silverdale, conveyancing formalities finalised half a dozen years ago. Can you work out an approximate cost of a lease extension? Corresponding flats in Silverdale with an extended lease are worth £180,000. The average or mid-range amount of ground rent is £65 yearly. The lease expires on 21st October 2084
With just 59 years unexpired we estimate the premium for your lease extension to range between £20,900 and £24,200 as well as costs.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to supply the actual costs without more comprehensive investigations. You should not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first seeking the advice of a professional.