Me and my partner are purchasing a flat in Kirkby Lonsdale. My property lawyer is not on the bank conveyancing list. Am I still permitted to retain my Kirkby Lonsdale conveyancing solicitor notwithstanding that they are excluded from the mortgage company approved list?
You have a number of options available to you here
- Proceed with your chosen Kirkby Lonsdale conveyancer but your mortgage company will undoubtedly instruct a property lawyer from their conveyancing panel. This will result in additional charges and probable delay.
- Appoint a new solicitor to conduct the conveyancing, ensuring that they are on the lender conveyancing panel.
- Convince your conveyancing practitioner to apply to join the lender panel
We are a couple about to exchange contracts for a property in Kirkby Lonsdale. We encountered a stumbling block. Our mortgage offer with Nationwide Building Society runs out on 20/9/2021 but the owners are putting forward a completion date of 22/9/2021. Can one extend the mortgage expiry date?
The best person to deal with your concern is your lawyer who is in a position to calculate if he or she is should be discussing with the mortgage broker, vendor’s lawyers, selling agents or indeed all parties based on the history of your house move to date.
I had intended to instruct a property lawyer in Kirkby Lonsdale for our house purchase. Our financial adviser informed us that our mortgage company Accord Mortgages Ltd won't deal with them. Why is this not regarded as unduly restrictive?
Lenders in the main restrict either the category or the number of conveyancing firms on their approved list of lawyers. Typical examples of such restriction(s) being that a law practice must have two or more partners. As well as restricting the profile of firm, some have reduced the number of solicitor practices they use to represent them. Be aware that Accord Mortgages Ltd have no responsibility for the quality of advice provided by any member of Accord Mortgages Ltd Conveyancer Panel. Mortgage fraud was a key driver in the reduction of solicitor panels a few years ago even though there are differing opinions regarding the level of solicitor involvement in some of that fraud. Figures from the Land Registry reveal that thousands of law firms, including some in or near Kirkby Lonsdale only carry out very few conveyances a year.
Can I be sure that the Kirkby Lonsdale conveyancing solicitor on the Lloyds panel is any good?
When it comes to conveyancing in Kirkby Lonsdale seeking recommendations is a good starting point. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one which is cheap as chips. We would always advise that you speak with the lawyer handling your transaction.
It is unclear whether my mortgage offer requires a lease extension. I have called my Kirkby Lonsdale building society branch on a couple of occasions and was reassured it wasn't a problem and they would lend. My Kirkby Lonsdale conveyancing solicitor - who is on the bank conveyancing panel- called to say that they would not lend based on their published requirements. Who do I believe?
Your solicitor has to follow the CML Handbook Part 2 specifications for your bank. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I was told four weeks ago that my mortgage has been agreed to by Principality. Is it usual for Principality to only issue the offer once my solicitor in Kirkby Lonsdale is approved on their conveyancing panel? Principality have asked my solicitor to see a copy of their PI Insurance.
A lender would not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Principality to deal with your lawyer's application to be on the Principality conveyancing panel. There's no guarantee that your solicitor will be accepted.
I am looking for a leasehold apartment up to £305k and identified one close by in Kirkby Lonsdale I like with open areas and railway links nearby, the downside is that it's only got 52 remaining years left on the lease. There is not much else in Kirkby Lonsdale in this price bracket, so just wondered if I would be making a grave error purchasing a short lease?
Should you need a mortgage that many years may be problematic. Discount the price by the anticipated lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for a minimum of 2 years you may ask them to start the process of the extension and then assign it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should consult your conveyancing solicitor regarding this.
My wife and I purchased a leasehold flat in Kirkby Lonsdale. Conveyancing and Nottingham Building Society mortgage organised. A letter has just been received from someone claiming to own the freehold. Attached was a ground rent demand for rent dating back to 1991. The conveyancing solicitor in Kirkby Lonsdale who acted for me is not around. Do I pay?
First make enquiries of HMLR to be sure that this person is in fact the new freeholder. You do not need to instruct a Kirkby Lonsdale conveyancing solicitor to do this as it can be done on-line for a few pound. Rest assured that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I inherited a split level flat in Kirkby Lonsdale, conveyancing was carried out in 1996. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent properties in Kirkby Lonsdale with an extended lease are worth £185,000. The ground rent is £65 levied per year. The lease finishes on 21st October 2080
With just 59 years unexpired we estimate the price of your lease extension to span between £20,900 and £24,200 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to advice on the actual costs without more detailed investigations. You should not use this information in tribunal or court proceedings. There may be additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you move forward based on this information before getting professional advice.