Me and my fiance are purchasing a 1 bedroom flat in Woodbridge with a mortgage. We like our Woodbridge conveyancer, however the bank says she’s not on their "panel". It appears that we have little choice but to use one of the mortgage company panel solicitors or retain our Woodbridge solicitor as well as pay for one of their panel ones to act for 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 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. A further alternative is for your Woodbridge conveyancing lawyer to apply to be on the conveyancing panel.
My wife and I are purchasing a newly constructed apartment in Woodbridge and my lawyer is advising me that she has to the lender to disclose incentives from the seller. I am under pressure to exchange contracts and I have no desire to prolong matters. Is my lawyer right?
You should not exchange unless you have been advised to do so by your solicitor. A precondition to being on a mortgage company panel is to comply with the UK Finance Lenders’ Handbook conditions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Can I use your services to find a Conveyancing solicitor in Woodbridge even if I’m not buying or selling a house, for instance where I intend to acquire an office in Woodbridge with a mortgage from Aldermore?
Our search tool is primarily used to find residential conveyancing solicitors in Woodbridge but we have listed at the bottom of this page some Woodbridge commercial conveyancing firms. You should speak with the solicitors directly to check if they can also act for Aldermore
Over the last few months I have been searching for a ground for flat up to £235,500 and found one round the corner in Woodbridge I like with open areas and station in the vicinity, the downside is that it's only got 61 remaining years left on the lease. There is not much else in Woodbridge suitable, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you need a home loan the shortness of the lease will be problematic. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for a minimum of 2 years you can ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should consult your conveyancing solicitor concerning this.
I've found a house that appears to be perfect, at a great figure which is making it all the more appealing. I have subsequently found out that it's a leasehold rather than freehold. I am assuming that there are particular concerns purchasing a leasehold house in Woodbridge. Conveyancing advisers have are about to be appointed. Will my lawyers set out the implications of buying a leasehold house in Woodbridge ?
Most houses in Woodbridge are freehold rather than leasehold. This is one of the situations where having a local solicitor who is familiar with the area who can help the conveyancing process. We note that you are buying in Woodbridge in which case you should be looking for a Woodbridge conveyancing practitioner and check that they have experience in advising on leasehold houses. First you will need to check the number of years remaining. As a leaseholder you will not be entirely free to do whatever you want with the house. The lease comes with conditions for example requiring the freeholder’spermission to conduct alterations. You may also be required to pay a maintenance charge towards the upkeep of the estate where the house is located on an estate. Your conveyancer should advise you fully on all the issues.
I am the registered owner of a basement flat in Woodbridge, conveyancing formalities finalised 3 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar flats in Woodbridge with a long lease are worth £190,000. The ground rent is £45 yearly. The lease ceases on 21st October 2087
With only 62 years unexpired the likely cost is going to range between £17,100 and £19,800 as well as costs.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure in the absence of comprehensive investigations. You should not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward based on this information without first seeking the advice of a professional.
Are there any apps to help find a Woodbridge conveyancing solicitor on the bank conveyancing panel? I have a car and am prepared to travel up to 25miles to attend the solicitor.
You can use the find a conveyancing panel tool on this page. Please choose the lender and your location, in this case Woodbridge and you will see a number of lawyer located nearest Woodbridge. Alternatively you can type in the name of your proposed law firm and see if they are listed as being on the lender solicitor panel.