I am obtaining a mortgage with Lloyds. My intention is to employ the services of a Licensed Conveyancer in Snodland. Does the Lloyds Solicitor panel allow for Licensed Conveyancers?
The Lloyds approved solicitor list is, like many other lenders, associated to the CML or BSA, open to Licensed Conveyancers regulated by the CLC.
Our solicitor has discovered a a problem with the lease for the property we are purchasing in Snodland. The other side have put forward title insurance as a solution. We are content with insurance and will cover the costs. Our conveyancer says that he must be satisfied that the bank is happy with this solution. Are we the client or is the lender?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the mortgage company are the client. Your solicitor must comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the bank can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your conveyancer will have no choice but to discontinue acting for you.
Over the last few months I have been searching for a flat up to £305k and found one near me in Snodland I like with open areas and station nearby, however it's only got 49 remaining years left on the lease. There is not much else in Snodland suitable, so just wondered if I would be making a mistake purchasing a short lease?
If you need a home loan the remaining unexpired lease term will likely be an issue. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the property for at least twenty four months you could ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this matter.
We're first time buyers - agreed a price, yet the selling agent advised that the vendor will only go ahead if we appoint their preferred lawyers as they want an ‘expedited deal’. My instinct tells me that we should use a high street conveyancer who is familiar with conveyancing in Snodland
It is highly unlikely the sellers are behind this. If they want ‘a quick sale', turning down a genuine buyer is likely to cause more damage than good. Contact the vendors directly and make the point that (a)you are motivated purchasers (b)you are excited to move forward, with mortgage lined up © you are chain free (d) you wish to move quickly (e)but you intend to appoint your own,trusted Snodland conveyancing lawyers - as opposed tothe ones that will earn the estate agent a introducer fee or hit his conveyancing figures pre-set by corporate headquarters.
I am hoping to put an offer on a small detached house that appears to be perfect, at a reasonable price which is making it all the more appealing. I have subsequently discovered that the title is leasehold as opposed to freehold. I am assuming that there are particular concerns buying a house with a leasehold title in Snodland. Conveyancing advisers have are about to be instructed. Will my lawyers set out the risks of buying a leasehold house in Snodland ?
The majority of houses in Snodland are freehold rather than leasehold. This is one of the situations where having a local solicitor who is familiar with the area who can assist with the conveyancing process. We note that you are buying in Snodland so you should seriously consider looking for a Snodland conveyancing solicitor and be sure that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a leaseholder you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example requiring the landlord’sconsent to carry out changes to the property. You may also be required to pay a contribution towards the maintenance of the estate where the property is located on an estate. Your conveyancer will report to you on the legal implications.
I bought a garden flat in Snodland, conveyancing was carried out in 2012. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding flats in Snodland with an extended lease are worth £201,000. The ground rent is £45 invoiced every year. The lease runs out on 21st October 2091
With only 65 years remaining on your lease we estimate the premium for your lease extension to range between £13,300 and £15,400 as well as professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure in the absence of detailed due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt other issues 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 getting professional advice.
I have recently had an offer accepted on an apartment in Snodland and the estate agent that we are using recommended his solicitor. He quoted a thousand pounds plus VAT and 3rd party costs. Does this sound steep?
You should not rely on a single quote. You should obtain like-for-like quotes for your conveyancing in Snodland. Then select one that you are comfortable with and just as important, is on the approved list of the lender that you are sourcing your mortgage from.