We are intending to purchase a 2 bedroom flat in Frampton on Severn with a mortgage. We have a Frampton on Severn solicitor, however the mortgage company says she’s not on their "panel". It appears that we have no choice but to instruct one of the lender panel solicitors or retain our Frampton on Severn property lawyer as well as pay for one of their panel ones to act for them. We consider that this is unjust; 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. A further alternative is for your Frampton on Severn conveyancing solicitor to apply to be on the conveyancing panel.
Do I need to have a meeting at the offices of the solicitor to sign the legal charge? If so, I will appoint a lawyer who conducts conveyancing in Frampton on Severn so that I can pop in to their offices if required.
Whereas this was necessary 15 years ago, almost all lenders no longer oblige their conveyancing panel solicitor to witness the borrowers signature. It will still be necessary for you to supply ID documents and there are still manifest benefits to using a locally based solicitor, in your case a conveyancing solicitor in Frampton on Severn.
Despite weeks of looking the Title Certificate and documents to my house can not be found. The solicitors who did the conveyancing in Frampton on Severn 4 years ago no longer exist. What are my options?
You no longer need to hold title official documentation to evidence that you own the land or premises, as the Land Registry have everything they need in a digital format.
I opted to have a survey completed on a house in Frampton on Severn prior to appointing solicitors. I have been told that there is a flying freehold aspect to the property. Our surveyor advised that some mortgage companies tend refuse to give a loan on a flying freehold property.
It varies from the lender to lender. Lloyds has different requirements for example to Nationwide. If you e-mail us we can check with the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Frampton on Severn. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Frampton on Severn to see if the conveyancing costs will increase in light of this.
Last May I purchased a leasehold house in Frampton on Severn. Do I have any liability for service charges relating to a period prior to completion of my purchase?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I acquired a 2 bed flat in Frampton on Severn, conveyancing formalities finalised 3 years ago. Can you please calculate a probable premium for a statutory lease extension? Similar properties in Frampton on Severn with over 90 years remaining are worth £191,000. The ground rent is £55 charged once a year. The lease comes to an end on 21st October 2079
With 54 years left to run we estimate the premium for your lease extension to span between £31,400 and £36,200 as well as legals.
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 detailed due diligence. Do not use this information in tribunal or court proceedings. There are no doubt other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first getting professional advice.
What are the distinct benefits to choosing a high street conveyancing practitioner in Frampton on Severn
Home movers in Frampton on Severn prefer a nearby high street conveyancing practitioner so that they can attend the firm’s offices if they have concerns, and to sign mortgage deeds without using the post.
We would suggest that there exists a distinct advantage in using a lawyer nearby to a premises you are purchasing, due to the knowledge of the area and possible local concerns - yet this is debatable. Most conveyancers are now online and could be almost anywhere.