My wife and I are purchasing a 1 bedroom apartment in Syston with a mortgage. We like our Syston lawyer, but the bank advise he's not on their "panel". It appears that we have little choice but to appoint one of the mortgage company panel conveyancing practices or keep our Syston property lawyer and pay for one of their panel firms to represent them. This feels very unfair; is there anything we can do?
No, not really. The mortgage offered to you 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 Syston conveyancing solicitor to apply to be on the conveyancing panel.
My conveyancer has uncovered a a problem with the lease for the flat we are buying in Syston. The other side have suggested title insurance as a solution. We are happy with insurance and will pay for it. Our property lawyer has advised that he must check that the bank is willing to move forward with this solution. Who is the client here, us or the bank?
Notwithstanding that you have a mortgage offer from the bank does not mean to say that the property will meet their provisions for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook specifications. You and the lender are the client. These conveyancing instructions must be adhered to.
We wanted to use a property lawyer in Syston for our home move. Our broker has since notified us that our mortgage lenders Platform Home Loans Ltd won't deal with them. Surely this is unfair competition?
Pre- 2008 most mortgage companies had an appetite for risk which was higher than today. Almost all Syston conveyancing firms would have been on most bank panels. The financial services regulator in 2010 carried out a thematic review into mortgage fraud which come to the conclusion: mortgage lenders should know the conveyancing solicitors dealt with. Consequently, mortgage companies are increasingly seeing more information from law firms about their operations and their employees as well as establishing certain criteria such a completing on a minimum amount of conveyancing. Many Syston conveyancing firms that have been excluded from lender panels have a 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Syston is amongst the hundreds of locations where the conveyancers we recommend are members of the panel for Platform Home Loans Ltd.
Various internet forums that I have frequented warn that are a common reason for delay in Syston conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) released findings of a review by MoveWithUs that conveyancing searches do not figure amongst the common causes of hindrances during the legal transfer of property. Searches are unlikely to be the root cause of delay in conveyancing in Syston.
How does conveyancing in Syston differ for new build properties?
Most buyers of new build premises in Syston approach us having been asked by the seller to exchange contracts and commit to the purchase even before the property is finished. This is because house builders in Syston typically buy the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Syston or who has acted in the same development.
Back In 2006, I bought a leasehold flat in Syston. Conveyancing and Leeds Building Society mortgage organised. I have received a letter from someone claiming to own the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1993. The conveyancing practitioner in Syston who previously acted has long since retired. What should I do?
The first thing you should do is make enquiries of the Land Registry to make sure that the individual claiming to own the freehold is indeed the new freeholder. It is not necessary to instruct a Syston conveyancing practitioner to do this as it can be done on-line for less than a fiver. You should note that in any event, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I purchased a garden flat in Syston, conveyancing was carried out 10 years ago. How much will my lease extension cost? Similar flats in Syston with an extended lease are worth £186,000. The ground rent is £55 per annum. The lease ceases on 21st October 2078
With just 53 years remaining on your lease we estimate the price of your lease extension to span between £27,600 and £31,800 as well as professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure in the absence of comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There may be 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 before getting professional advice.