My wife and I are purchasing a 3 bedroom apartment in Yatton with a mortgage. We would like to retain our Yatton lawyer, however the mortgage company says she’s not on their "panel". We have to appoint one of the mortgage company panel conveyancing practices or continue with our Yatton property lawyer and pay for one of their panel firms to represent them. This feels very unfair; is there anything we can do?
Unfortunately,no. Your mortgage offer 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 Yatton conveyancing lawyer to apply to be on the conveyancing panel.
I am the registered owner of a freehold house in Yatton but still pay rent, why is this and what is this?
It’s unusual for properties in Yatton and has limited impact for conveyancing in Yatton but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back many centuries, but the Rent Charge Act 1977 barred the establishment of fresh rentcharges post 1977.
Old rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 is to be dispensed with completely.
Will my conveyancing lawyers need to check that the building insurance when buying a house in Yatton. My lender is Chelsea Building Society
Chelsea Building Society have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 17/5/2024, the requirements read as follows :
We previously chose solicitors based in Yatton on the Principality solicitor approved list. They have just billed me a supplemental sum for dealing with the Principality mortgage. Is this a supplemental conveyancing fee set by Principality?
As unfair as it may seem, as long as it’s in their Terms of Engagement or estimate then yes your conveyancing practitioner is entitled to charge a fee for this. The fee is not dictated by Principality but by your Yatton solicitor. Plenty of firms on the Principality panel will levy ’dealing with mortgage’ fee but many firms incorporate it on their overall fee.
I am currently in the process of buying my council flat in Yatton. I have a mortgage agreed with Barclays. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Barclays, you will need to appoint a solicitor on the Barclays conveyancing panel.
Yorkshire BS have agreed my mortgage in principle, my offer on a property in Yatton has been agreed to, what happens next?
Your property agent will need to know who your solicitors are (ensure that the lawyers are on the bank’s panel). Telephone Yorkshire BS or your broker and finalise any appropriate forms. Yorkshire BS will appoint a valuer who will get in contact with the estate agent or vendor to book an appointment. Once carried out (assuming no problems) it takes approximately a fortnight to receive the mortgage offer. Yorkshire BS will send the offer to you and your lawyers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Yatton.
I have been on the look out for a flat up to £305k and found one close by in Yatton I like with open areas and transport links nearby, however it's only got 61 years unexpired on the lease. I can't really find anything else in Yatton for this price, so just wondered if I would be making a mistake purchasing a short lease?
Should you require a home loan that many years may be an issue. Discount the price by the anticipated lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for at least 2 years you can request that they start the process of the extension and pass it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should speak to your conveyancing lawyer about this.
How can the Landlord & Tenant Act 1954 affect my business premises in Yatton and how can you help?
The 1954 Act affords a safeguard to commercial leaseholders, giving them the a statutory right to make a request to court for a renewal tenancy and remain in occupation when the lease reaches an end. There are limited grounds where a landlord can refuse a lease renewal and the rules are complicated. Fees are different for commercial conveyancing. Yatton is one of our numerous areas of the UK in which our lawyers are based