Me and my partner are acquiring a flat in Woodstock. My Solicitor has never been on on the mortgage company solicitor list. Am I still permitted to retain my Woodstock conveyancing solicitor even though they are not on the lender panel?
You will need to have a property lawyer to complete the formalities if you require a mortgage to purchase your property. The lawyer will conduct all the relevant legal checks on the property, make sure that you will be properly registered as the owner and ensure that all the required mortgage paperwork is dealt with. One can select a Woodstock conveyancer of your choosing. However, where the property lawyer selected is not a member of the lender conveyancing panel further costs will be incurred as separate legal representation will be required by them. Lender panel applications can be submitted, so if your conveyancer has not in the past applied for membership they can do so.
Do all mortgage companies provide you with an approved list of Woodstock conveyancing solicitors? How do you know who is on the Lloyds conveyancing panel?
Woodstock conveyancing firms themselves provide us confirmation that they are on the Lloyds conveyancing panel as opposed to being supplied with a list from Lloyds directly.
What is the best way to check that the solicitor conducting my conveyancing in Woodstock is on the bank’sconveyancing panel? I am looking to avoid the situation of having one lawyer for me and one for Godiva Mortgages Ltd thus paying £192.00 in additional conveyancing costs.
Feel free to take advantage of the find a lender approved solicitor tool on this page. Pick the lender and type ‘Woodstock’ or your location and you will see a number of lawyer based in Woodstock or by proximity to you.
My wife and I have organised a further advance on our mortgage from Clydesdale as we want to conduct alterations to our home in Woodstock. Are we obliged to choose a local Woodstock solicitor on the Clydesdale conveyancing panel to deal with the legals?
Clydesdale do not ordinarily require a member of their conveyancing panel to handle the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Clydesdale list.
My wife and I are in the throws of looking at houses in Woodstock and I am now considering a potential offer. Should I already have a conveyancer in place at this point? I intend to finance via a mortgage with Santander.
It would be wise to instigate your search sooner rather than later. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and pass their details on to the estate agent. As you are obtaining a mortgage with Santander, ask your prospective lawyers if they are on the Santander conveyancing panel otherwise they can't do the mortgage legal work.
I currently have a mortgage with Lloyds for my property in Woodstock. Conveyancing has been completed some time ago. Should I wish to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Lloyds?
Your original mortgage agreement with Lloyds will provide that you need their approval before letting out your property as this is likely to be a breach of Lloyds’s mortgage conditions. It may be that Lloyds will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Lloyds directly. It should not be necessary to do this via a Lloyds conveyancing panel lawyer.
I'm buying my first flat in Woodstock with the aid of help to buy. The sellers would not move on the amount so I negotiated 6k of additionals instead. The estate agent suggested that I not to tell my solicitor about this extras as it would adversely affect my mortgage with Coventry Building Society. 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.
Can you provide any advice for leasehold conveyancing in Woodstock from the perspective of expediting the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Woodstock can be reduced where you get in touch lawyers as soon as your agents start advertising the property and request that they start to put together the leasehold documentation which will be required by the purchasers’ lawyers. Some Woodstock leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference should make it clear that the buyer is financially capable of paying the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their lawyers. The majority of freeholders or managing agents in Woodstock charge for supplying management packs for a leasehold premises. You or your lawyers should find out the actual amount of the charges. The management pack sought on or before finding a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most frequent cause of frustration in leasehold conveyancing in Woodstock. In the event that you altered the property did you need the Landlord’s approval? Have you, for example laid down wooden flooring? Most leases in Woodstock state that internal structural alterations or laying down wooden flooring necessitate a licence issued by the Landlord approving such changes. Should you dont have the consents to hand you should not contact the landlord without checking with your solicitor before hand.
I purchased a 2 bed flat in Woodstock, conveyancing was carried out half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Comparable properties in Woodstock with a long lease are worth £165,000. The ground rent is £50 invoiced annually. The lease ends on 21st October 2104
With just 78 years left to run the likely cost is going to be between £7,600 and £8,800 as well as costs.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive investigations. Do not use the figures 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 should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before seeking the advice of a professional.