Unfortunately I am unable to travel far from Virginia Water. Can you please explain the reason why all Virginia Water solicitors aren't included on all mortgage company panels?
Pre- 2008 most lenders exhibited an approach to risk which differs from the current day. The FSA in 2010 conducted a thematic review into mortgage fraud which in summary warned lenders: know the conveyancers on your panel. Accordingly, mortgage companies have subsequently looked to extract more data from law firms concerning their operations and the staff who work for them and set certain criteria such as completing a minimum number of transactions. Hundreds of firms have found themselves removed from lender panels even though they had an exemplary track record, no complaints and zero claims and didn't just 'dabble' in conveyancing. Many firms found it impossible satisfy the minimum amount of transactions the lenders required.
My husband and I are nearing an exchange on a property in Virginia Water and my parents have transferred the 10% deposit to my property lawyer. I am now advised that as the deposit has not arrived from me my lawyer needs to make a notification to my bank. I am advised that, in also acting for the lender he must advise them that the balance of the purchase price is not just from me. I advised the mortgage company concerning my parents' contribution when I applied for the mortgage, so is it really necessary for this now to hold matters up?
Your conveyancing practitioner is obliged to clarify with the bank to ensure that they understand that the balance of the purchase price is not from your own resources. Your solicitor can only notify this to your mortgage company if you permit them to, failing which, your lawyer must cease to continue acting.
When it comes to mortgage companies such as TSB, do Virginia Water conveyancing practitioners face a yearly amount to be on the list of approved solicitors?
We are not aware of any bank fees to be on their panel, although some do charge an administration charge to deal with the processing of the conveyancing panel submission.
I can not work out if my mortgage offer requires a lease extension. I have called into my local Virginia Water bank branch on various occasions and was told they are content with the situation and they will lend. My Virginia Water conveyancing solicitor - who is on the mortgage company conveyancing panel- called to say that they will not lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. Who do I believe?
The conveyancer must follow the CML Handbook Part 2 provisions for your lender. 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 remaining.
Santander have agreed my mortgage in principle, my bid on a property in Virginia Water has been accepted, what happens next?
Your estate agent will need to be advised as to your conveyancing practitioner's details (ensure that the conveyancers are on the lender’s panel). Contact Santander or your financial adviser and complete any appropriate documentation. Santander will appoint a valuer who will get in touch with the selling agent or seller to schedule a slot for the valuation to take place. Once conducted (assuming no problems) it takes on average a fortnight for the mortgage offer to be issued. Santander will issue the offer to you and your property lawyers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Virginia Water.
The deeds to our house can not be found. The lawyers who dealt with the conveyancing in Virginia Water 4 years ago no longer exist. Will I be able to sell the house?
These day there are copies made of almost everything, and your lawyer should be aware precisely where to locate all the suitable paperwork so you may buy or dispose of your property without a hitch. Where duplicates are not available, your solicitor can arrange cover in the form of insurance or indemnities against possible claims on your premises.
I am a fortnight into a residential purchase having been referred to conveyancers by the local agent to do our conveyancing in Virginia Water. We are not happy. Could you help me find new solicitors?
They would have to be really poor to suggest changing them. Has the loan offer been issued? In the event that it has you will need to inform them of the new contact details and have the offer are issued to the new lawyers. Your new solicitor ideally needs to be on the lenders panel to avoid escalating charges and complications. So that should be your starting point. The search tool should help you find a bank approved lawyer for your home move in Virginia Water
Estate agents have just been given the go-ahead to market my ground floor apartment in Virginia Water. Conveyancing solicitors are to be appointed soon, however I have recently had a yearly maintenance charge invoice – Do I pay up?
Your conveyancing lawyer is likely to suggest that you should pay the service charge as usual given that all ground rent and maintenance payments should be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the subsequent invoice date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
I invested in buying a 1 bedroom flat in Virginia Water, conveyancing having been completed 4 years ago. Can you give me give me an indication of the likely cost of a lease extension? Corresponding flats in Virginia Water with a long lease are worth £190,000. The ground rent is £65 levied per year. The lease finishes on 21st October 2086
With only 61 years remaining on your lease the likely cost is going to be between £19,000 and £22,000 plus plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first getting professional advice.