We are hoping to acquire a 2 bedroom flat in Cheltenham with a mortgage. We like our Cheltenham solicitor, however the lender says he's not on their "panel". We have to appoint one of the mortgage company panel conveyancing practices or continue with our Cheltenham lawyer and pay for one of their panel lawyers to represent them. This feels 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. Another option that might be available is for your Cheltenham conveyancing lawyer to apply to be on the conveyancing panel.
My partner and I are getting closer to an exchange on a property in Cheltenham and my mum and dad have transferred the 10% deposit to my lawyer. I am now informed that as the deposit has not come from me my conveyancer needs to disclose this to my lender. Apparently, in also acting for the mortgage company he must advise them that the balance of the purchase price is not just from me. I advised the bank about my parents' contribution when I applied for the mortgage, so is it really necessary for this now to be an issue?
The property lawyer is duty bound to clarify with lender to make sure that they understand that the balance of the purchase price is not from your own funds. Your solicitor can only report this to your lender if you permit them to, failing which, your lawyer must cease to continue acting.
I am buying a semi-detached house in Cheltenham. Conveyancing solicitors are said to be ‘a necessary evil’ but can I do it myself?
Leaving aside the complexities and merits of DIY conveyancing in Cheltenham you will have to appoint a solicitor on your bank's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Cheltenham.
I'm purchasing my first flat in Cheltenham benefiting from help to buy. The builders would not move on the amount so I negotiated £7000 of fixtures and fittings instead. The house builders rep advised me not inform my solicitor about this side-deal as it could put at risk my loan with National Westminster Bank. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
My company is hoping to lease a unit on the high street. Can you recommend lawyers offering fixed fees for commercial conveyancing in Cheltenham for less than £1,200?
We are happy to recommend firms who have an in-depth of experience of commercial conveyancing in Cheltenham, including the sale and purchase of businesses as well as simply premises. If you are intending to acquire or dispose of a shop, pub, restaurant, office, retail unit or a complete business we will put you in touch with the right solicitor. As for the costs these will vary based on the structure and nuances of the deal. Let us have your contact information or call us so that we may provide you with comprehensive commercial conveyancing quote.
My fiance and I may need to sub-let our Cheltenham 1st floor flat for a while due to taking a sabbatical. We instructed a Cheltenham conveyancing practice in 2004 but they have closed and we did not think at the time get any guidance as to whether the lease prohibits the subletting of the flat. How do we find out?
Even though your last Cheltenham conveyancing solicitor is not around you can review your lease to see if it allows you to sublet the property. The rule is that if the lease is silent, subletting is allowed. Quite often there is a prerequisite that you must obtain permission via your landlord or some other party before subletting. The net result is you not allowed to sublet without prior consent. Such consent should not be unreasonably withheld. If the lease does not allow you to sublet you will need to ask your landlord for their consent.
I am the registered owner of a split level flat in Cheltenham, conveyancing having been completed October 2004. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding properties in Cheltenham with a long lease are worth £216,000. The average or mid-range amount of ground rent is £50 levied per year. The lease ends on 21st October 2090
You have 69 years remaining on your lease we estimate the price of your lease extension to range between £9,500 and £11,000 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure in the absence of detailed investigations. You should not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward based on this information without first seeking the advice of a professional.