We are buying a 1 bedroom flat in Folkestone with a mortgage. We like our Folkestone conveyancer, however the mortgage company advise he's not on their "panel". We have to appoint one of the bank panel solicitors or keep our Folkestone lawyer and pay for one of their panel firms to act for them. This seems very unfair; can we not insist that the bank use our Folkestone conveyancing practitioner ?
Unfortunately,no. The mortgage offered to you 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 Folkestone conveyancing lawyer to apply to be on the conveyancing panel.
Is it the case that all Folkestone solicitor firms on the Virgin Money conveyancing panel are governed by the SRA?
As solicitors, in order to be on the Virgin Money approved list of solicitors they would need to be regulated by the SRA. The majority of lenders do list licenced conveyancers on their panel and in such a situation the practice would be regulated by the CLC.
We were going to get a DIP from Leeds Building Society this week so we can work out what to offer on a property we like as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Leeds Building Society recommend any Folkestone solicitors on the Leeds Building Society conveyancing panel, or is it better to go independently?
You will need to appoint Folkestone solicitors independently although you'll need to choose one on the Leeds Building Society conveyancing panel. The solicitor represents both you and Leeds Building Society through the process.
Planning on purchasing a flat in Folkestone. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Kent Reliance conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Folkestone property lawyer is on the Kent Reliance conveyancing panel.
What can a local search inform me concerning the property we're purchasing in Folkestone?
Folkestone conveyancing often commences with the submitting local authority searches directly from your local Authority or via a personal search company such as PSG The local search is essential in every Folkestone conveyancing purchase; as long as you wish to avoid any nasty once you have moved into your new home. The search should provide information on, amongst other things, details on planning applications applicable to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 topic headings.
I was pointed in your direction by numerous property agents in Folkestone to choose a property lawyer on your site. Is there a financial advantage for Estate Agents to market your site over and above a competitor’s?
We don’t make any commission for directing people to this site. We found it would be just too difficult a fee as a client could think, ‘Why is the agent getting a kickback? Why am I not getting any benefit too?’ We would prefer to grow our business on genuine recommendations.
I am attracted to a two maisonettes in Folkestone both have approximately 50 years remaining on the lease term. should I be concerned?
There are no two ways about it. A leasehold flat in Folkestone is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it adversely affects the marketability of the premises. For most buyers and banks, leases with less than 75 years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises 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 residence 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 Folkestone conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. 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 purchased a leasehold flat in Folkestone, conveyancing having been completed in 2008. Can you work out an approximate cost of a lease extension? Corresponding flats in Folkestone with a long lease are worth £195,000. The average or mid-range amount of ground rent is £45 yearly. The lease expires on 21st October 2084
You have 63 years left to run we estimate the premium for your lease extension to span between £16,200 and £18,600 plus costs.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure in the absence of comprehensive investigations. 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 want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before seeking the advice of a professional.
I have just started marketing my 2 bed flat in Folkestone.Conveyancing is yet to be initiated but I have just received a half-yearly service charge demand – Do I pay up?
Your conveyancing lawyer is likely to suggest that you should discharge the invoice as normal because all rents and maintenance invoices should be apportionedon completion, so you will be reimbursed by the buyer for the period running from after the completion date to the subsequent invoice date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process