My fiance and I wish to acquire a 2 bedroom apartment in Thatcham with a homeloan from Barclays .We would like to retain our Thatcham conveyancing lawyer but Barclays informed us he's not listed on their approved list of firms. we are left little option but to use a Barclays panel solicitor or keep our local solicitor and pay for a Barclays panel lawyer to represent them. We feel as though this is unjust; is there anything we can do?
No, not really. The loan offered to you is subject to its terms and conditions, one of which will be that conveyancers needs to be on the Barclays approved list. Until recently, most banks had large numbers of law firms on their panels: a borrower could find 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 lawyer to apply to be on the conveyancing panel for Barclays
Are all Thatcham Conveyancing Quality Solicitors on the Virgin Money conveyancing list of approved firms?
A selection of lenders now use the accreditation scheme as the starting point for Panel membership such as HSBC and Santander. The Law Society’s CQS accreditation however gives no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for solicitors wishing to join their panels.
When it comes to lenders such as Coventry BS, do Thatcham conveyancers have to pay a yearly amount to be on the conveyancing panel?
We are unaware of any mortgage company fees to be on their list of approved firms, although some do charge an administration fee to deal with the processing of the conveyancing panel application.
It is unclear whether my bank requires a lease extension. I have called my Thatcham building society branch on numerous occasions and was reassured it wasn't a problem and they would lend. My Thatcham conveyancing solicitor - who is on the bank conveyancing panel- called and was told they would not lend in accordance with their specific requirements. Who do I believe?
The lawyer has to follow the CML Handbook Part 2 provisions for your bank. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Thatcham?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Thatcham. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
Over the last few months I have been searching for a ground for flat up to £305k and identified one near me in Thatcham I like with a park and station nearby, the downside is that it only has 61 years unexpired on the lease. I can't really find anything else in Thatcham for this price, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you need a home loan the shortness of the lease will likely be an issue. Reduce the offer by the amount the lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for at least 2 years you can ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease with a zero ground rent applied. You should speak to your conveyancing solicitor concerning this.
I'm remortgaging my primary house to a BTL loan with Barclays Direct and intend to use the remaining equity as a deposit on another house. The location we are talking about is Thatcham. Will your solicitors be able to act for both sets of mortgage companies and link together the conveyances?
Make use of our comparison tool on this page to be sure that the conveyancers are on the appropriate lender panels. On the basis that they are the lawyer should be able to tie up the two transactions but you should talk with you lawyer and make clear your expectations and needs.
I am looking at a couple of maisonettes in Thatcham both have approximately 50 years unexpired on the lease term. Will this present a problem?
There is no doubt about it. A leasehold flat in Thatcham is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it reduces the marketability of the premises. The majority of purchasers and banks, leases with less than eighty years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Thatcham conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Leasehold Conveyancing in Thatcham - Sample of Questions you should ask before buying
-
How much is the ground rent and service charge? It is important to be aware if a new roof is being put on or some other significant cost is anticipated that will be shared by the tenants and will dramatically impact the level of the service costs or result in a one time invoice. What restrictions are contained in the Thatcham Lease?