Me and my partner are purchasing a 1 bedroom flat in Tunstall with a mortgage. We have a Tunstall solicitor, however the lender advise she’s not on their "panel". It seems we have no option but to appoint one of the mortgage company panel conveyancing practices or keep our Tunstall lawyer and pay for one of their panel ones 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 bank’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 Tunstall conveyancing lawyer to apply to be on the conveyancing panel.
Please help. My Tunstall lawyer is informing me me that he is legally obliged toapply for Tunstall conveyancing searches due to the fact thatthe firm are on the Lloydssolicitor panel. These Tunstall checks cost a lot of money can this be avoided?
You have limited options available to you. As you are obtaining a home loan with a mortgage company your conveyancer has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your property lawyer would have previously signed the Terms and Conditions of your lender’s conveyancing panel appointment which obliges them to follow the Council of Mortgage Lenders’ Handbook conditions . Even if you were a cash buyer you would be ill advised not to carry out Tunstall conveyancing searches.
Do banks and building societies provide you with an approved list of Tunstall conveyancing solicitors? How do you know who is on the Principality conveyancing panel?
Tunstall conveyancing firms themselves provide us confirmation that they are on the Principality conveyancing panel as opposed to being supplied with a list from Principality directly.
My uncle passed away six months ago and as sole heir and executor I was left the property in Tunstall. The house had a relatively small loan left on it of around £4500. I want to have the title changed into my name whilst I re-mortgage to Santander, pay off the mortgage. Is this allowed?
If you plan to refinance then Santander will require that you use a conveyancer on the Santander conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Santander conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Santander mortgage is registered as a charge at the Land Registry.
Is it necessary to pay for insurance to protect me from financial exposure to chancel repairs when acquiring a residence in Tunstall?
Unless a previous acquisition of the house completed after 12 October 2013 you can take it that solicitors delivering conveyancing in Tunstall to remain recommending a chancel search and or insurance against a claim.
Can you provide any advice for leasehold conveyancing in Tunstall from the perspective of saving time on the sale process?
- A significant proportion of the delay in leasehold conveyancing in Tunstall can be avoided if you get in touch lawyers the minute you market your property and ask them to collate the leasehold documentation needed by the purchasers’ solicitors. If you have carried out any alterations to the residence would they have required Landlord’s consent? Have you, for example laid down wooden flooring? Tunstall leases often stipulate that internal structural changes or addition of wooden flooring require a licence from the Landlord acquiescing to such changes. Where you dont have the consents in place you should not contact the landlord without contacting your solicitor first. If there is a history of conflict with your landlord or managing agents it is essential that these are resolved prior to the flat being put on the market. The buyers and their solicitors will be warry about purchasing a flat where a dispute is unsettled. You will have to accept that you will have to discharge any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the purchasers, but it is clearly preferable to present the dispute as historic as opposed to unresolved. Many landlords or managing agents in Tunstall levy fees for supplying management packs for a leasehold home. You or your lawyers should enquire as to the actual amount of the charges. The management information sought on or before finding a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most common reason for frustration in leasehold conveyancing in Tunstall.
I am the registered owner of a ground floor flat in Tunstall, conveyancing having been completed 10 years ago. Can you give me give me an indication of the likely cost of a lease extension? Equivalent flats in Tunstall with an extended lease are worth £260,000. The ground rent is £45 levied per year. The lease ceases on 21st October 2099
You have 74 years unexpired we estimate the price of your lease extension to span between £8,600 and £9,800 as well as costs.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to provide the actual costs in the absence of detailed due diligence. Do not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not move forward based on this information before getting professional advice.