I am in the process of selling my flat in Gowerton and the estate agent has just e-mailed to warn that the buyers are switching law firm. The reason given is that the mortgage company will only deal with solicitors on their approved list. On what basis would a major mortgage company only engage with specific lawyers rather the firm that they want to select to handle their conveyancing in Gowerton ?
Lenders have always had panels of law firms that can represent them, but in recent years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Mortgage companies point to the increase in fraud by way of justification for the pruning – criteria have been stiffened as a smaller panel is easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels. Some are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The buyers are unlikely to have any sway in the decision.
I have 70 years remaining on my lease and need a lease extension for my flat in Gowerton. Conveyancing solicitors on the Platform panel can deal with such extensions correct?
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are getting a mortgage then your lender may insist that the lease be extended before competition. Platform have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 12/4/2024 the requirements read as follows :
I completed on my house on 14 November and the transaction details are still not registered. Any reason for this? My conveyancing solicitor in Gowerton said it will be dealt with in less than a month. Are titles in Gowerton particularly slow to register?
As far as conveyancing in Gowerton registration is no faster or slower than anywhere else in the country. As opposed to being determined by geographic area, timeframes can vary subject to the party submitting the application, whether it is in order and whether the Land registry communicate with any other persons or bodies. As of today roughly three quarters of submission are fully addressed within 12 days but occasionally there can be protracted delays. Registration occurs once the purchaser is living at the premises therefore an expedited registration is not usually primary concern yet if it is urgent that the the registration takes place urgently then you or your solicitor should communicate with the Registry to express the reasoning for the application to be prioritised.
I am purchasing a new build house in Gowerton benefiting from help to buy. The sellers refused to move on the amount so I negotiated 6k of extras instead. The estate agent told me not inform my lawyer about the side-deal as it may adversely affect my loan with the bank. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer 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.
I am 14 days into a leasehold purchase having been referred to solicitors by the high street agent to execute conveyancing in Gowerton. I am not happy. Can you you assist me in finding new solicitors?
A solicitor would need to be really bad to suggest diss instructing them. Has the mortgage been generated? In the event that it has you need to make them aware of the replacement solicitor and ensure the mortgage documents are re-issued. The conveyancer should be on the lenders approved list to avoid added charges and delays. That should be your first question of the new lawyers. Our search tool can help you find a bank approved conveyancer for your home move in Gowerton
What makes a Gowerton lease unmortgageable?
There is nothing unique about leasehold conveyancing in Gowerton. Most leases are unique and drafting errors can result in certain sections are missing. The following missing provisions could result in a defective lease:
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Clauses dealing with recovering service charges for expenditure on the building or common parts.
You will encounter difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Yorkshire Building Society, Barnsley Building Society, and Alliance & Leicester all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, obliging the purchaser to pull out.
I own a garden flat in Gowerton, conveyancing having been completed in 2001. Can you give me give me an indication of the likely cost of a lease extension? Comparable flats in Gowerton with over 90 years remaining are worth £202,000. The average or mid-range amount of ground rent is £60 per annum. The lease comes to an end on 21st October 2081
With only 57 years remaining on your lease we estimate the premium for your lease extension to be between £28,500 and £33,000 plus costs.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to provide a more accurate figure without more detailed investigations. Do not use this information in tribunal or court proceedings. There may be other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not move forward based on this information without first seeking the advice of a professional.