Me and my fiance are buying a 3 bedroom apartment in Forest Row with a mortgage. We like our Forest Row solicitor, however the mortgage company advise he's not on their "panel". It appears that we have no choice but to select one of the bank panel solicitors or retain our Forest Row conveyancing practitioner and pay for one of their panel lawyers to represent them. We consider that this is unjust; 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 Forest Row conveyancing solicitor to apply to be on the conveyancing panel.
Would the conveyancing lawyers that you recommend conduct right to buy conveyancing in Forest Row?
We work with a number of conveyancing lawyers who can service right to buy conveyancing Please contact the lawyers listed with a view to obtain a costs calculation.
My fiancee and I are in the throws of viewing flats in Forest Row and I am now considering a potential offer. Should I already have a solicitor in place at this point? I am planning to take a mortgage with Skipton.
You should start requesting conveyancing quotes from solicitors ASAP. 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 EA. As you are obtaining a mortgage with Skipton, make sure you remember to check that your lawyer is on the Skipton conveyancing panel.
I have a mortgage with RBS for my property in Forest Row. Conveyancing has been completed 12 months ago. Should I wish to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform RBS?
RBS must be informed of your intention prior to letting out your property as this is likely to be a breach of RBS’s mortgage conditions. It may be that RBS 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 RBS directly. It should not be necessary to do this via a RBS conveyancing panel firm.
At last I have had an offer on an apartment in Forest Row agreed to, the owners do however have a dependent purchase. The owners have put an offer on somewhere, but it’s not yet agreed to, and have viewings of other apartments booked. I have chosen a bricks and mortar conveyancing solicitor in Forest Row. What should be my next step? At what point should I apply for the mortgage with Virgin Money?
It is understandable to have concerns where there is a chain as you are unlikely to want to be too out of pocket prematurely (home loan application is approx £1k, then valuation, Forest Row conveyancing search charges, etc). The first thing to do is ensure that your conveyancer is on the Virgin Money approved list. Concerning the subsequent stages this very much dictated by the circumstances of your transaction, attraction to the property and on the state of the market. During a rising market some home buyers will apply for the mortgage with Virgin Money and arrange for the valuation and only if it comes back ok would they request their property lawyer to press on with searches.
I have been told that property searches are a common cause of obstruction in Forest Row house deals. Is that correct?
The Council of Property Search Organisations (CoPSO) has noted the findings of a review by MoveWithUs that conveyancing searches do not figure amongst the most frequent causes of delays in the conveyancing process. Searches are not likely to be the root cause of delay in conveyancing in Forest Row.
I'm remortgaging my primary house to a buy to let mortgage with Yorkshire Building Society and intend to use the remaining equity as a down payment on a second property. The area we are interested in is Forest Row. Will your conveyancers be able to act for the two banks and tie in the two deals?
Do use our comparison tool on this site to check that the solicitors are on the appropriate lender panels. Assuming that they are your lawyer should be able to tie up the two transactions but you should have a chat with you conveyancer and specify your desired outcome and requirements.
I am hoping to put an offer on a small detached house that seems to meet my requirements, at a reasonable price which is making it more attractive. I have since been informed that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a leasehold house in Forest Row. Conveyancing lawyers have are about to be appointed. Will they explain the issues?
Most houses in Forest Row are freehold and not leasehold. This is one of the situations where having a local conveyancer who is familiar with the area who can help the conveyancing process. We note that you are purchasing in Forest Row in which case you should be looking for a Forest Row conveyancing solicitor and be sure that they are used to transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a tenant you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as requiring the landlord’spermission to conduct changes to the property. You may also be required to pay a contribution towards the maintenance of the communal areas where the property is part of an estate. Your lawyer should report to you on the legal implications.
I acquired a 2 bed flat in Forest Row, conveyancing having been completed half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Similar flats in Forest Row with over 90 years remaining are worth £265,000. The average or mid-range amount of ground rent is £50 yearly. The lease ends on 21st October 2098
You have 75 years left to run the likely cost is going to be between £8,600 and £9,800 plus legals.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed investigations. You should 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 clearly you want to be as accurate as possible in your negotiations. Please do not move forward based on this information before seeking the advice of a professional.