I am nearing exchange of contracts for my maisonette in Haslemere and the estate agent has just called to warn that the buyers are changing their solicitor. The reason given is that the lender will only deal with property lawyers on their approved list. On what basis would a leading mortgage company only engage with certain lawyers rather the firm that they want to appoint to handle their conveyancing in Haslemere ?
UK lenders have always had panels of law firms they are willing to work with, but in recent years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 15 years.
Mortgage companies point to the increase in fraud by way of justification for the cull – criteria have been tightened as a smaller panel is easier to keep an eye on. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels. Plenty of firms are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your buyers are not going to have any sway in the decision.
We are a couple about to sign contracts for a semi detached house in Haslemere. We have hit a snag. The loan offer with Aldermore runs out on 1/9/2025 but the owners are suggesting a completion date of 3/9/2025. Is it possible to prolong the mortgage offer?
The best person to address this issue is your lawyer who is in a position to assess if they should be discussing with the mortgage broker, vendor’s solicitors, property agents or possibly all three based on what has happend in your house move as of today.
I had intended to instruct a conveyancing solicitor in Haslemere for our house purchase. Our financial adviser informed us that our bank Yorkshire Building Society won't deal with them. Surely this is unduly restrictive?
A lender can require an approved solicitor act for it. Borrowers are expected to meet the charges for this. Please make use of our directory service to choose a solicitor to carry conveyancing in Haslemere on the Yorkshire Building Society conveyancing panel.
Over the last few months I have been searching for a ground for flat up to £235,500 and found one near me in Haslemere I like with amenity areas and station nearby, the downside is that it only has 52 years unexpired on the lease. There is not much else in Haslemere for this price, so just wondered if I would be making a mistake acquiring a lease with such few years left?
If you need a home loan the remaining unexpired lease term may be a potential deal breaker. Discount the price by the anticipated lease extension will cost if not already taken into account. If the existing proprietor has owned the property for at least 2 years you can ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should speak to your conveyancing solicitor regarding this.
I am 18 days into a residential purchase having been directed to conveyancers by the estate agent to do our conveyancing in Haslemere. I am am very disappointed with the level of service. Can you help me find new conveyancers?
A lawyer would need to be very bad in order to consider replacing them. Has the loan offer been sent? In the event that it has you need to advise them of the new contact details and ensure the offer are re-sent. The conveyancer needs to be on the banks panel to avoid supplemental expenses and complications. So that should be your first question of the new conveyancers. The search tool should help you find a lender approved lawyer for your conveyancing in Haslemere
What are the frequently found problems that you come across in leases for Haslemere properties?
Leasehold conveyancing in Haslemere is not unique. All leases are unique and drafting errors can sometimes mean that certain sections are not included. The following missing provisions could result in a defective lease:
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A duty to insure the building
A defective lease will likely cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Lloyds TSB Bank, Leeds Building Society, and Alliance & Leicester all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, obliging the purchaser to pull out.
I bought a leasehold flat in Haslemere, conveyancing having been completed 9 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? Similar properties in Haslemere with a long lease are worth £185,000. The ground rent is £65 yearly. The lease ceases on 21st October 2085
You have 60 years left to run the likely cost is going to range between £20,000 and £23,000 as well as 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 are not able to supply the actual costs in the absence of detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not move forward based on this information before getting professional advice.