Me and my fiance are buying a 3 bedroom flat in Stone with a mortgage. We like our Stone solicitor, but the mortgage company says she’s not on their "panel". It appears that we have no option but to instruct one of the lender panel firms or retain our Stone solicitor as well as pay for one of their panel firms to represent them. We regard this is unjust; are we not able to demand that the lender use our Stone conveyancer ?
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. A further alternative is for your Stone conveyancing lawyer to apply to be on the conveyancing panel.
My partner and I are refinancing our penthouse in Stone with Kent Reliance. We have a son 18 who lives at home. Our solicitor has asked us to disclose anyone over the age of 17 other than ourselves who lives in the flat. The solicitor has now sent a form for our son to sign, waiving any legal rights in the event that the flat is repossessed. I have a couple of questions (1) Is this document specific to the Kent Reliance conveyancing panel as he never had to sign this form when we purchased 3 years ago (2) In signing this form is our son in any way compromising his right to inherit the property?
First, rest assured that your Kent Reliance conveyancing panel solicitor is doing the right thing as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Kent Reliance. This is solely used to protect Kent Reliance if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave. It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Kent Reliance had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
I've recently found out that there is a flying freehold issue on a property I put an offer in last month in what should have been a straight forward, chain free conveyancing. Stone is the location of the property. Can you shed any light on this issue?
Flying freeholds in Stone are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Stone you must be sure that your lawyer goes through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Stone may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
Am I right to be concerned about brokers that I am dealing with are encouraging me to use a factory type conveyancing firm rather than a High Street Stone conveyancing company?
As is the case with many service providers, often input from family and friends can be worth their weight in gold. But there are lots of parties with a vested interest in a conveyancing transaction; estate agents, financial adviser and mortgage companies might all suggest solicitors to use. Sometimes these conveyancers might be known to one of the organisations as one of the best in their field, but occasionally there behind the scenes commercial relationship behind the endorsement. You are free to choose your preferred conveyancer. However, bear in mind that some lenders specify a panel list of solicitors you have to use for the lender related work in your conveyancing.
What advice can you give us when it comes to choosing a Stone conveyancing firm to carry out our lease extension conveyancing?
When appointing a property lawyer for your lease extension (regardless if they are a Stone conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We suggest that you speak with several firms including non Stone conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. The following questions might be of use:
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If they are not ALEP accredited then why not? Can they put you in touch with clients in Stone who can give a testimonial?
I acquired a studio flat in Stone, conveyancing was carried out half a dozen years ago. Can you work out an approximate cost of a lease extension? Similar properties in Stone with an extended lease are worth £206,000. The ground rent is £45 yearly. The lease ceases on 21st October 2092
With 66 years left to run we estimate the premium for your lease extension to range between £12,400 and £14,200 plus professional fees.
The figure above 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 tribunal or court proceedings. There are no doubt other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first seeking the advice of a professional.
Our lenders have just issued us with a mortgage offer. We instructed a high street conveyancer in Stone yesterday. Today, our mortgage adviser contacted us saying that the bank said that we cannot use our solicitor as they aren't on their 'approved list'. As FTB's, we did not have a clue that the mortgage company had some control over our choice Is this allowed?
You are at liberty to choose any conveyancing solicitor you want to use for your conveyancing in Stone but if your bank aren't happy with them you would have to pay an extra fee so the bank can appoint their own solicitors as well to protect their interest. It may be possible your solicitor may apply to get included on to the bank list of approved firms. Do make the most of web-based search facilities such as lenderpanel.com to find a conveyancing solcitor in Stone on the lender panel. You can go into your local bank branch in Stone. They can recommend conveyancing solicitors in Stone on the panel for your lender.