My husband and I are purchasing a 1 bedroom apartment in Waterloo with a mortgage. We like our Waterloo conveyancer, but the bank says she’s not on their "panel". We have to appoint one of the mortgage company panel conveyancing practices or keep our Waterloo conveyancer and pay for one of their panel lawyers to act for them. This seems very unfair; is there anything we can do?
No, not really. Your mortgage offer 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. Another option that might be available is for your Waterloo conveyancing lawyer to apply to be on the conveyancing panel.
I have 7378 less than 75 years left on my lease and need a lease extension for my apartment in Waterloo. Conveyancing solicitors on the Bank of Ireland panel can deal with such extensions correct?
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are securing a mortgage then your lender may insist that the lease be extended before competition. Bank of Ireland have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 15/5/2025 the requirements read as follows :
Are there restrictive covenants that are commonly identified during conveyancing in Waterloo?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Waterloo. 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…’
I'm purchasing a new build house in Waterloo with a mortgage from Lloyds TSB Bank. The sellers would not budge the amount so I negotiated five thousand pounds worth of additionals instead. The property agent suggested that I not to tell my lawyer about this side-deal as it will adversely affect my mortgage with Lloyds TSB Bank. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder 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 on the look out for a ground for flat up to £245,000 and identified one round the corner in Waterloo I like with a park and station nearby, the downside is that it only has 61 years unexpired on the lease. There is not much else in Waterloo in this price bracket, so just wondered if I would be making a grave error acquiring a short lease?
If you need a home loan the shortness of the lease may be problematic. Discount the offer by the expected lease extension will cost if it has not already been discounted. If the current owner has owned the premises for a minimum of twenty four months you may ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this.
Can you offer any advice when it comes to choosing a Waterloo conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a conveyancer for your lease extension (regardless if they are a Waterloo conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of work. We advise that you speak with several firms including non Waterloo conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. The following questions could be helpful:
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If the firm is not ALEP accredited then why not? How many lease extensions has the firm carried out in Waterloo in the last 12 months?
Waterloo Conveyancing for Leasehold Flats - A selection of Questions you should ask before Purchasing
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Best to be warned whether redecorating or some other major work is pending to be shared between the leaseholders and could well materially impact the level of the maintenance charges or require a one time payment. The best form of lease arrangement is a share of the freehold. In this arrangement the tenants benefit from control and notwithstanding that a managing agent is usually retained where it is bigger than a house conversion, the managing agent is directed by the tenants. What is the name of the managing agents?