I am selling my maisonette in Bramford and the EA has just text me to say that the buyers are swapping law firm. I am told that this is due to the fact that the mortgage company will only work with property lawyers on their approved list. Why would a leading mortgage company only engage with certain lawyers rather the firm that they want to choose to handle their conveyancing in Bramford ?
Lenders have always had panels of law firms that can represent them, but in the last few years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for decades.
Lending institutions point to the increase in fraud as the reason for the cull – criteria have been narrowed as a smaller panel is easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is being contacted daily by practices that have been removed from panels. Some are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your buyers are unlikely to have any impact on this.
My fiancee and I are in the process of viewing houses in Bramford and I am about to put in an offer. Is it wise to have my conveyancing practitioner on ‘stand by’? I am planning to take a mortgage with Nottingham.
It would be sensible to instigate your search sooner rather than later. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and forward their details on to the estate agent. Given that you are seeking a mortgage with Nottingham, ask your prospective lawyers if they are on the Nottingham conveyancing panel otherwise they can't do the mortgage legal work.
I currently have a mortgage with Aldermore for my property in Bramford. Conveyancing has been completed a year ago. If I am intending to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Aldermore?
You must advise Aldermore before renting your property as this is likely to be a breach of Aldermore’s mortgage conditions. In many cases banks or building societies will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Aldermore directly. It should not be necessary to do this via a Aldermore conveyancing panel firm.
I recently had an offer agreed on a house in Bramford. My financial adviser pressured me to appoint their solicitor. I paid an upfront payment of £175. Soon after, the property lawyer called me embarrassingly acknowledging that they were not on the RBS conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the RBS panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
A friend recommended that where I am buying in Bramford I should carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
A search of this type is usually quoted for as part of the standard Bramford conveyancing searches. It is a large document of about 40 pages, listing and detailing important information about Bramford around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Bramford Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average Property Price, Crime details, Local Education with plans and statistics, Local Amenities and other useful data concerning Bramford.
Over the last few months I have been searching for a ground for flat up to £235,500 and found one close by in Bramford I like with a park and station in the vicinity, the downside is that it's only got 51 years unexpired on the lease. There is not much else in Bramford in this price bracket, 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 shortness of the lease will be problematic. Reduce the offer by the expected lease extension will cost if not already taken into account. If the current proprietor has owned the property for a minimum of 2 years you can request that they start the process of the extension and then assign it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this.
I need to find a conveyancing solicitor for some conveyancing in Bramford. I've land on a web site which appears to be the ideal solution If there is a chance to get all the legals completed via web that would be ideal. Do I need to be wary? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
Planning to exchange soon on a basement flat in Bramford. Conveyancing solicitors assured me that they report fully tomorrow. What should I be looking out for?
Your report on title for your leasehold conveyancing in Bramford should include some of the following:
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The landlord’s rights to access the flat. You should be made aware that your landlord has rights of access as well as be informed how much notice must be provided. Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice? Setting out your legal entitlements in respect of common areas in the block.E.G., does the lease grant a right of way over an accessway or hallways? Are you allowed to have a pet in the flat? What the implications are if you have contravened the provisions of the lease?
I inherited a ground floor flat in Bramford, conveyancing was carried out 10 years ago. How much will my lease extension cost? Equivalent properties in Bramford with a long lease are worth £185,000. The ground rent is £65 per annum. The lease finishes on 21st October 2086
With 61 years unexpired we estimate the premium for your lease extension to range between £19,000 and £22,000 plus costs.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to provide a more accurate figure in the absence of detailed due diligence. Do not use this information in tribunal or court proceedings. There are no doubt other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not move forward based on this information without first seeking the advice of a professional.