My husband and I decided to purchase a purpose built flat in Greystones with a mortgage from Virgin Money.We have a Greystones conveyancing solicitor but Virgin Money advised that he's not on their "panel". We have to appoint a Virgin Money panel lawyer or keep our preferred solicitor and pay for a Virgin Money panel lawyer to represent them. We feel as though this is unjust; is there anything we can do?
Unfortunately,no. The home loan issued to you contains terms and conditions, one of which will be that lawyers needs to be on the Virgin Money approved list. Until recently, most lenders had large numbers of solicitors on their panels: a borrower could find 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 solicitors to apply to be on the conveyancing panel for Virgin Money
My husband and I have arranged a further advance on our home loan from Aldermore as we want to carry out a loft conversion to our home in Greystones. Are we obliged to choose a local Greystones solicitor on the Aldermore conveyancing panel to handle the paperwork?
Aldermore would not normally instruct firms on their conveyancing panel to handle such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Aldermore list.
Last month we had a mortgage agreed in principle with Principality. Greystones conveyancing solicitors have been appointed. What is the average time that one could expect to receive a mortgage offer from Principality?
There is no definitive answer here. Have Principality conducted the valuation? Have you advised Principality as to your lawyers' details and checked that your lawyers are on the Principality conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
I have instructed a Greystones lawyer having checked that they are on the Virgin Money conveyancing panel. Does my lawyer arrange the survey of the property?
Virgin Money will need an independent valuation of the property. Your lawyer will not arrange this. Usually Virgin Money will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Greystones surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
What will a local search reveal regarding the house I am buying in Greystones?
Greystones conveyancing often commences with the applying for local authority searches directly from your local Authority or through a personal search company for instance PSG The local search is essential in every Greystones conveyancing purchase; as long as you don’t want any nasty once you have moved into your new home. The search should supply information on, amongst other things, details on planning applications applicable to the property (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 thirteen subject sections.
I've recently found out that there is a flying freehold element on a house I put an offer in two weeks back in what was supposed to be a quick, no chain conveyancing. Greystones is the location of the property. What do you suggest?
Flying freeholds in Greystones are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Greystones you must be sure that your lawyer goes through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Greystones may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
My husband and I are first time buyers - had an offer accepted, yet the estate agent advised that the vendor will only go ahead if we appoint the agent's preferred solicitors as they want an ‘expedited deal’. My instinct tells me that we should use a local conveyancer accustomed to conveyancing in Greystones
It is unlikely the owners are behind this. Should the vendor desire ‘a quick sale', turning down a motivated purchaser is not the way to achieve this. Avoid the agents and go straight to the owners and explain that (a)you are keen to buy (b)you are excited to move forward, with mortgage lined up © you are unencumbered (d) you wish to move quickly (e)however you will continue to use your own,trusted Greystones conveyancing solicitors - rather thanthose that will give their negotiator at the agency a commission or meet his conveyancing figures demanded by corporate headquarters.
I have just appointed agents to market my basement flat in Greystones. Conveyancing is yet to be initiated, however I have recently had a half-yearly maintenance charge demand – what should I do?
Your conveyancing lawyer is likely to suggest that you should pay the invoice as you normally would as all ground rent and service invoices should be apportioned as part of the financial calculations for completion monies, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer unless 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.
I bought a 1st floor flat in Greystones, conveyancing having been completed September 2007. Can you please calculate a probable premium for a statutory lease extension? Similar flats in Greystones with a long lease are worth £186,000. The ground rent is £55 per annum. The lease ceases on 21st October 2078
With 53 years remaining on your lease the likely cost is going to range between £27,600 and £31,800 plus legals.
The figure above a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure in the absence of comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There may be other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action based on this information before getting professional advice.