Is the fact that my solicitor in Fallowfield is not listed on my mortgage company's conveyancing panel that there is a problem with the standard of the firm’s work?
That would more than likely be a wrong assumption to make. There are plenty of plausible explanations. A recent report by the solicitors regulator indicated that over three quarters of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) lack of transactions (2) the solicitor is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. If you are concerned you should simply call the Fallowfield conveyancing firm and enquire why they are no longer on the approved list for your lender.
My god-son is about to exchange on a house that has just been built in Fallowfield with a mortgage from Coventry BS. His lawyer has advised him of a delay in completing the ‘Disclosure of Incentive Form’. What is this document - I have never come across this before?
The form is intended to provide information to the main parties involved in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the Coventry BS conveyancing panel as a standard part of the process, and to the surveyor when requested. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Coventry BS conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Why is leasehold purchase conveyancing in Fallowfield is more expensive?
Fallowfield leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving appropriate notices on the Landlord or managing agent, obtaining up-to-date service charge and management information, obtaining Landlord’s consents and reviewing management accounts and formation documents.
We had instructed conveyancing lawyers located in Fallowfield on the RBS solicitor approved list. They have just invoiced me a further charge for the legal aspects of the RBS mortgage. Is this an additional conveyancing fee set by RBS?
Provided it is contained in their Terms of Engagement or estimate then yes your solicitor can charge a fee for this. The fee is not set by RBS but by your Fallowfield lawyer. Some firms on the RBS panel will charge an ‘acting for lender’ fee but plenty of firms include it on their overall fee.
I can not work out if my mortgage offer requires a lease extension. I have called into my local Fallowfield bank branch on numerous occasions and was told they are content with the situation and they would lend. My Fallowfield conveyancing solicitor - who is on the lender conveyancing panel- telephoned to say that they will not lend based on their published requirements. Who do I believe?
The conveyancing practitioner must follow the Council of Mortgage Lenders’ Handbook section two conditions for your lender. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years remaining.
I recently had an offer accepted on a house in Fallowfield. My mortgage broker pressured me to appoint their property lawyer. I paid an on account payment of £175. Not long after, the solicitor contacted me to say that they were not on the Barclays 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 Barclays 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.
I have been advised by numerous property agents in Fallowfield to locate a conveyancer on your site. Is there a financial incentive for Estate Agents to market your site over another?
We refuse to make any financial incentive for pointing buyers and sellers in our direction. We found it would be just too difficult a fee as members of the public would think, ‘How come the agent getting a kickback? Why am I not receiving any benefit too?’ So we decided to step away from that.
I am attracted to a two apartments in Fallowfield both have approximately 50 years left on the leases. Do I need to be concerned?
A lease is a legal document that entitles you to use the premises for a prescribed time frame. As a lease shortens the value of the lease deteriorates and it becomes more expensive to acquire a lease extension. This is why it is generally wise to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease because mortgage lenders may be unwilling to lend money on such properties. Lease extension can be a protracted process. We recommend you get professional help from a solicitor and surveyor with experience in this field.
I own a split level flat in Fallowfield, conveyancing formalities finalised half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Equivalent properties in Fallowfield with a long lease are worth £190,000. The average or mid-range amount of ground rent is £65 invoiced annually. The lease comes to an end on 21st October 2081
With 61 years left to run we estimate the premium for your lease extension to span between £18,100 and £20,800 as well as professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs without more comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not take any other action based on this information before getting professional advice.