Unfortunately I am unable to travel far from Whiteley. Is there a reason why all Whiteley solicitors are not on all mortgage company panels?
Lenders ordinarily restrict either the type or the number of conveyancing solicitors on their panel. Typical examples of such criteria being that a organisation needs to have at least two partners. In addition to restricting the type of firm, some building societies made a decision to limit the size of their panel they allow to act for them. It is worth noting that banks have no liability for the accuracy of service provided by any Whiteley property lawyer on their panel. Property fraud was a key driver in the rationalisation of solicitor panels a few years ago even though there are opposing assessments about the extent of solicitor involvement in some of that fraud. Statistics via HM Land Registry reveal that thousands of conveyancing organisations only transact less than three conveyances a year. Those supporting conveyancing panel culls question why conveyancing firms should have the right to remain on a bank panel when clearly property law is not their primary expertise?
Do the conveyancing lawyers that you recommend perform right to buy conveyancing in Whiteley?
We have identified numerous conveyancing specialists who can service right to buy transactions Do get in touch with us with a view to obtain a costs calculation.
I just acquired a property at auction in Whiteley. Conveyancing is necessary. What happens now?
Having exchanged you must find a conveyancing solicitor quickly as you are facing a tight a fixed date to complete the conveyancing. All auction property should have a corresponding legal set of papers. This will include evidence of title and search results. In the case of leasehold premises the conveyancing pack may include a copy of the lease, management information and a sellers leasehold information form and other conveyancing documentation relating to leasehold premises. You need to hand this to the solicitor instructed by you ASAP. Do make sure that that you have the requisite funding organised to complete on the date specified in the contract.
When it comes to lenders such as Nationwide, do Whiteley conveyancing practitioners face an annual charge to be on the list of approved solicitors?
We are not aware of any mortgage company 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 Whiteley bank branch on various occasions and was informed it wasn't an issue and they would lend. My Whiteley conveyancing solicitor - who is on the bank conveyancing panel- called and was told they would not lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. I simply don't know who is right.
The conveyancing practitioner has to follow the CML Handbook Part 2 provisions for your lender. Unless your lawyer obtains specific confirmation in writing that the mortgage company 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 lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
Over the last few months I have been searching for a ground for flat up to £245,000 and identified one near me in Whiteley I like with open areas and station nearby, however it only has 52 remaining years left on the lease. I can't really find anything else in Whiteley suitable, so just wondered if I would be making a mistake purchasing a short lease?
Should you need a mortgage the remaining unexpired lease term may be problematic. Discount the price by the anticipated lease extension will cost if not already taken into account. If the current owner has owned the premises for a minimum of 2 years you could ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should speak to your conveyancing solicitor about this.
My husband and I are a fortnight into a freehold purchase having been recommend to solicitors by the estate agent to execute conveyancing in Whiteley. I am am starting to be disappointed with the quality of service. Could you help me find new solicitors?
They would need to be very bad in order to consider replacing them. Has the mortgage offer been generated? In the event that it has you must make them aware of the new contact details and ensure the loan are re-issued. Your new solicitor ideally needs to be on the banks approved list to avoid added fees and frustration. That should be your first question of the new solicitors. The find a solicitor tool should assist you in finding a lender approved solicitor for your home move in Whiteley
I've found a house that seems to tick a lot of boxes, at a reasonable price which is making it more attractive. I have just been informed that it's a leasehold rather than freehold. I would have thought that there are issues purchasing a leasehold house in Whiteley. Conveyancing solicitors have are soon to be instructed. Will they explain the issues?
The majority of houses in Whiteley are freehold rather than leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area who can assist with the conveyancing process. It is clear that you are purchasing in Whiteley so you should seriously consider looking for a Whiteley conveyancing practitioner and check that they are used to transacting on leasehold houses. First you will need to check the unexpired lease term. As a tenant you will not be entirely free to do whatever you want with the house. The lease will likely included provisions such as requiring the freeholder’spermission to conduct alterations. It may be necessary to pay a maintenance charge towards the maintenance of the estate where the house is part of an estate. Your solicitor will report to you on the legal implications.
I inherited a ground floor flat in Whiteley, conveyancing having been completed in 2002. Can you let me have an estimated range of the fair premium for a lease extension? Comparable properties in Whiteley with a long lease are worth £180,000. The average or mid-range amount of ground rent is £65 invoiced annually. The lease expires on 21st October 2084
With 59 years unexpired we estimate the premium for your lease extension to be between £20,900 and £24,200 as well as legals.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not take any other action based on this information before getting professional advice.