My fiance and I are hoping to buy a flat in Stapleton and have appointed a Stapleton conveyancing firm. Within the last couple of days our lawyer has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Virgin Money have this afternoon contacted us to advise us that they have now hit a problem as our Stapleton conveyancer is not on their conveyancing panel. What do we do from here?
If you are buying a property needing a mortgage it is standard for the purchasers' lawyers to also represent the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your property lawyer should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You don't have to instruct a firm on the lender’s conveyancing panel as you are at liberty to use your preferred Stapleton lawyers, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.
Do I need to take out insurance to address the risk of chancel repairs when buying a residence in Stapleton?
Unless a prior acquisition of the property completed after 12 October 2013 you can expect conveyancing practitioners delivering conveyancing in Stapleton to remain encouraging a chancel search and or insurance against a claim.
I am purchasing a new build house in Stapleton with the aid of help to buy. The developers would not move on the price so I negotiated five thousand pounds worth of extras instead. The sale representative suggested that I not to tell my solicitor about the side-deal as it may affect my mortgage with Nationwide Building Society. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I have been pointed in your direction by numerous selling agents in Stapleton to find a solicitor on your site. What’s the financial upside for Estate Agents to market your services over another?
We refuse to make any commission for pointing buyers and sellers in our direction. We thought it would be too underhand to pay a commission as home movers will think, ‘How come the agent getting a kickback? Why aren’t I receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.
What are the common defects that you come across in leases for Stapleton properties?
There is nothing unique about leasehold conveyancing in Stapleton. All leases are individual and drafting errors can result in certain sections are missing. For example, if your lease is missing any of the following, it could be defective:
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Service charge per centages that don't add up correctly leaving a shortfall Insurance obligations
You may have a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. HSBC Bank, Virgin Money, and TSB all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, obliging the buyer to withdraw.
I inherited a 1 bedroom flat in Stapleton, conveyancing was carried out half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Equivalent properties in Stapleton with a long lease are worth £202,000. The ground rent is £60 per annum. The lease ends on 21st October 2082
You have 57 years remaining on your lease we estimate the premium for your lease extension to be between £28,500 and £33,000 plus professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure without more comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt 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 getting professional advice.
I need to find a mortgage company panel solicitor in Stapleton. Could you help me?
Unfortunately it’s not apparent why you need a Stapleton panel solicitor but in any event, if you can not find one on our search tool you will need to speak directly to the bank to find out which solicitors in Stapleton are on their panel . If you do find such a firm in Stapleton not listed please direct them to our site to list. After all the cost is only one £1 a month