My wife and I are intending to purchase a 2 bedroom flat in Borth with a mortgage. We have a Borth solicitor, however the mortgage company advise he's not on their "panel". It appears that we have no choice but to appoint one of the mortgage company panel solicitors or continue with our Borth solicitor as well as pay for one of their panel ones to represent 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. A further alternative is for your Borth conveyancing solicitor to apply to be on the conveyancing panel.
I had intended to instruct a property lawyer in Borth for our home move. Our financial adviser informed us that our mortgage lenders National Westminster Bank won't deal with them. Surely this is unduly restrictive?
Before the recession most mortgage companies had a different appetite for risk. Almost all Borth conveyancing firms would have been on most mortgage company panels. The Financial Services Authority in 2010 carried out a thematic review into mortgage fraud which concluded: know the conveyancing solicitors dealt with. Consequently, mortgage companies are increasingly seeing more information from law firms about their operations and the individuals who work for them as well as set certain criteria such a completing on a minimum amount of conveyancing. Many Borth conveyancing firms that have been excluded from lender panels have a 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Borth is amongst the numerous areas where the solicitors we list are are authorised to act for National Westminster Bank.
Over the last few months I have been searching for a flat up to £245,000 and found one close by in Borth I like with a park and station in the vicinity, the downside is that it only has 61 years on the lease. I can't really find anything else in Borth suitable, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you need a mortgage the shortness of the lease will likely be problematic. Reduce the price by the expected lease extension will cost if not already taken into account. If the existing owner has owned the premises for a minimum of twenty four months you may request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should speak to your conveyancing lawyer regarding this.
Hoping to buy a property located in Borth and I am already nervous. I couldn't find anything specific about Borth. Conveyancing will be needed in due course but do you know about the Borth area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Borth. In the meantime here are some basic statistics that we found
We are a couple of weeks into a freehold purchase having been referred to solicitors by the estate agent to carry out the conveyancing in Borth. We are not happy. Could you help me find new conveyancers?
They would have to be really poor in order to consider diss instructing them. Has your mortgage been sent? If so you must make them aware of the replacement conveyancer and get the offer are re-issued. Your solicitor ideally should be on the mortgage company panel to avoid escalating costs and delays. That should be your starting point. The find a solicitor tool can assist you in finding a lender approved lawyer for your conveyancing in Borth
Can you offer any advice when it comes to appointing a Borth conveyancing practice to deal with our lease extension?
If you are instructing a conveyancer for your lease extension (regardless if they are a Borth conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We suggest that you talk with several firms including non Borth conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. The following questions might be of use:
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How experienced is the practice with lease extension legislation?
Borth Leasehold Conveyancing - Examples of Queries Prior to Purchasing
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What is the length of the lease? The prefered form of lease structure is where the freehold reversion is owned by the leaseholders. In this situation the leaseholders have control and notwithstanding that a managing agent is usually retained if it is larger than a house conversion, the managing agent acts for the leaseholders themselves. Are any of leasehold owners in dispute over their service charge payments?