We are hoping to buy a 1 bedroom flat in Burslem with a mortgage. We have a Burslem conveyancer, however the lender says she’s not on their "panel". We have to appoint one of the bank panel solicitors or retain our Burslem solicitor and pay for one of their panel lawyers to act for them. We regard this is inequitable; 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 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. Another option that might be available is for your Burslem conveyancing solicitor to apply to be on the conveyancing panel.
In scouring mumsnet.com for a high-quality lawyer in Burslem, many post that I should use a CQS kitemarked solicitor. Can you explain what CQS is?
The Conveyancing Quality Scheme (CQS) provides a kitemark for residential conveyancing practices issued by the Law Society. Membership achievement establishes a level of credibility for member firms with stakeholders (regulators, lenders, insurers and consumers) based upon: * the integrity of the senior responsible officer and other key conveyancing staff * the firm's adherence to good practice management standards * adherence to best practice conveyancing procedures through the scheme protocol It covers many partnerships who execute conveyancing in Burslem.
I happen to be the only recipient of my late mum's estate and I have everything in my name alone, including the house in Burslem. The Burslem property was put into my name in November. I want to move. I understand that there is a Mortgage Lenders six month 'rule', which means that my proprietorship will be treated the same way as if I'd bought the property in November. Will no one buy the property for half a year?
The Council of Mortgage Lenders’ handbook requires solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you may be caught by that. How practical a view banks take of it, depend on the lender as this obligation is primarily there to pick up on subsales or the quick reselling of property.
Are all Burslem Conveyancing Quality Solicitors on the Bank of Ireland conveyancing list of approved practices?
Some major banks and building societies now use CQS as the kick off point for Panel approval such as HSBC and Santander. CQS membership however gives no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitor practices wishing to remain on their approved list of firms.
My fiancee and I are in the process of looking at houses in Burslem and I am now considering a potential offer. Is it advisable to have my conveyancing practitioner on ‘stand by’? I intend to finance via a home loan with Principality.
It would be wise to start 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 pass their details on to the estate agent. Given that you are seeking a mortgage with Principality, make sure you remember to check that your lawyer is on the Principality conveyancing panel.
I have been on the look out for a leasehold apartment up to £305k and found one near me in Burslem I like with amenity areas and station nearby, however it only has 51 years unexpired on the lease. I can't really find anything else in Burslem 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 need a mortgage the shortness of the lease may be problematic. Reduce the offer by the anticipated lease extension will cost if not already taken into account. 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. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should speak to your conveyancing solicitor regarding this matter.
Given that I am about to part with over three hundred thousand on 3 bedroom house in Burslem I would like to talk to a lawyer regarding thetransaction prior to appointing the firm. Can this be arranged?
We could not agree more - it is our preference to talk to you we do not take any clients on without you liaising with the lawyer who will be carrying out your conveyancing in Burslem.There is no ‘factory style conveyancing’ - every client is unique person, not a file number. The practices that we put you in touch with believe that the figure you are provided with for your conveyancing in Burslem should be the amount on the final invoice that you end up paying.
I am attracted to a couple of apartments in Burslem which have approximately 50 years unexpired on the leases. Will this present a problem?
There are no two ways about it. A leasehold apartment in Burslem is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it reduces the value of the premises. For most purchasers and banks, leases with under 75 years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Burslem conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I bought a split level flat in Burslem, conveyancing formalities finalised half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Comparable properties in Burslem with over 90 years remaining are worth £195,000. The ground rent is £45 invoiced every year. The lease finishes on 21st October 2088
You have 63 years left to run the likely cost is going to be between £16,200 and £18,600 as well as legals.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and clearly you want to 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.