Unfortunately I am unable to travel far from Bampton. I would like to know the understand why all Bampton solicitors aren't automatically on all mortgage company panels?
As unjust as it may seem for banks to limit who can act for them, from the public’s or conveyancer’s standpoint, the other side of the coin is that banks are becoming ever more anxious and feel it necessary to shield themselves from illegal activities. As a consequence of this concern lenders have restricted their panel of approved conveyancing lawyers to a manageable size.
I am buying a property for cash in Bampton. I have lived for the last dozen years in Bampton. Conveyancing searches are a lot of money. As I know the road and vicinity very well should I not bother getting the solicitor to do all the conveyancing searches?
Provided that you do not need a mortgage, then the vast majority of the Bampton conveyancing searches are non-obligatory. Your lawyer will 'advise', no-doubt strongly, that you should have searches completed, but she has a professional duty to do this. One thing to bear in mind; if you are likely to dispose of the house one day, it will likely be be of interest to your future buyer what the searches reveal. Sometimes houses with apparent issues can still reveal detrimental search results. A good conveyancing solicitor in Bampton will be able to give you some practical advice here.
Can I be sure that the Bampton conveyancing solicitor on the RBS panel is any good?
When it comes to conveyancing in Bampton seeking recommendations is a good start. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one which is cheap as chips. We would always recommend that you speak with the solicitor conducting your conveyancing.
I have today made my last payment due on my mortgage with RBS. I assume I don't need a Bampton property lawyer on the RBS panel to discharge the mortgage at the Land Registry. Please confirm.
If you have finished paying off your RBS mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the RBS mortgage from the register. RBS, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where RBS has sent the Land Registry the discharge electronically, and
- RBS has instructed the Land Registry to do so
It is not clear whether my lender requires a lease extension. I have called my Bampton bank branch on a couple of occasions and was told it wasn't an issue and they would lend. My Bampton conveyancing solicitor - who is on the lender conveyancing panel- telephoned and was told they would not lend in accordance with their specific requirements. Who do I believe?
Provided that the conveyancing practitioner is on the lender approved list, they must adhere to the Council of Mortgage Lenders’ Handbook requirements for the lender. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years remaining.
I am looking for a flat up to £245,000 and found one round the corner in Bampton I like with amenity areas and station in the vicinity, however it only has 52 years on the lease. I can't really find anything else in Bampton in this price bracket, so just wondered if I would be making a mistake buying a short lease?
If you need a home loan the shortness of the lease will likely be problematic. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the current owner has owned the premises for at least 2 years you may request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should speak to your conveyancing solicitor about this matter.
Am I right to be suspicious about third parties that I am dealing with are recommending an internet conveyancing firm rather than a local Bampton conveyancing firm?
As with many service providers, often referrals from connections can be very helpful. But there are many parties with a vested interest in a conveyancing matter; estate agents, financial adviser and lenders may suggest lawyers to use. On occasion these conveyancers might be known to one of the organisations as being good in their field, but sometimes there behind the scenes commercial relationship behind the recommendation. You are at liberty to select your preferred conveyancer. However, bear in mind that some mortgage providers specify a panel list of lawyers you are obliged to use for the mortgage aspect of your home move.
What makes a Bampton lease problematic?
Leasehold conveyancing in Bampton is not unique. All leases are drafted differently and drafting errors can sometimes mean that certain sections are wrong. For example, if your lease is missing any of the following, it could be defective:
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Maintenance charge proportions which don’t add up to the correct percentage A duty to insure the building
You may encounter difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Lloyds TSB Bank, The Mortgage Works, and Bank of Ireland all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, obliging the buyer to withdraw.
I purchased a split level flat in Bampton, conveyancing having been completed in 2010. Can you please calculate a probable premium for a statutory lease extension? Comparable flats in Bampton with over 90 years remaining are worth £222,000. The ground rent is £50 yearly. The lease runs out on 21st October 2095
You have 70 years left to run we estimate the price of your lease extension to be between £9,500 and £11,000 as well as legals.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to provide the actual costs without more comprehensive investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not take any other action based on this information without first seeking the advice of a professional.