We wish to acquire a purpose built apartment in Botley with a loan from Godiva Mortgages Ltd.We have a Botley conveyancing lawyer but Godiva Mortgages Ltd informed us she’s not listed on their "panel". It seems we have no choice but to instruct a Godiva Mortgages Ltd panel solicitor or retain our local solicitor and pay for one of their panel ones to act for them. We feel as though this is unjust; is there anything we can do?
Unfortunately,no. The loan issued to you contains various provisions, a common one being that conveyancers needs to be on the Godiva Mortgages Ltd approved list. in the past, most banks 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 solicitors to apply to be on the conveyancing panel for Godiva Mortgages Ltd
My wife and I purchased a semi-detached Edwardian house in Botley. Conveyancing solicitor represented me and Bank of Ireland. I did a free Land Registry search last week and there are a couple of entries: the first freehold, another for leasehold under the matching property. Is it worth asking Bank of Ireland to clarify?
You should assess the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Botley and other areas of the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with lenders. You can also enquire as to the situation with the conveyancing solicitor who conducted the work.
How does conveyancing in Botley differ for new build properties?
Most buyers of new build premises in Botley approach us having been asked by the developer to sign contracts and commit to the purchase even before the premises is completed. This is because builders in Botley typically buy the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Botley or who has acted in the same development.
I have been on the look out for a flat up to £245,000 and found one near me in Botley I like with a park and transport links in the vicinity, the downside is that it only has 51 remaining years left on the lease. There is not much else in Botley for this price, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you require a home loan the remaining unexpired lease term will be an issue. Discount the price by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the property for at least twenty four months you could request that they commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this.
Is it possible to swap firm as I need to choose one who is on the Platform Home Loans Ltd conveyancing list. I instructed a local conveyancing solicitor in Botley five minutes from me but the firm is not approved by Platform Home Loans Ltd
We will our best to assist in finding you a conveyancing solicitor in Botley on the Platform Home Loans Ltd panel. Please note that the solicitors that we work with do not pay us fee if you instruct them and are regulated by the Solicitors Regulation Authority who regulate all conveyancing solicitors in Botley. In making use of search facility on this website, you can scrutinise costs for conveyancing solicitors in Botley and beyond.
Is there a reason that Botley conveyancing fees are more expensive for leasehold and freehold properties?
Leasehold conveyancing in Botley will often involve additional work for instance fully examining the lease, corresponding with the freeholder, obtaining up to date rent receipts, landlord’s consents, management company’s accounts amongst other tasks.