My wife and I are looking to purchase a property in Laindon and have instructed a Laindon conveyancing firm. Within the last couple of days our property lawyer has sent a preliminary report and documents to look through with a view to exchanging next week. Barclays have this afternoon contacted us to inform me that there is now an issue as our Laindon lawyer is not on their approved list of lawyers. Please explain?
When purchasing a property with the benefit of a mortgage it is normal for the purchasers' solicitors to also act for the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your solicitor should contact your mortgage company and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You don't have to instruct a firm on the bank's conveyancing panel and you may continue to use your own Laindon solicitors, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.
I am getting closer to an exchange on a property in Laindon and my mum and dad have sent the exchange deposit to my solicitor. I am now advised that as the deposit has not come from me my conveyancer needs to disclose this to my mortgage company. Apparently, in also acting for the mortgage company he must advise them that the balance of the purchase price is not just from me. I informed the mortgage company concerning my parents' contribution when I applied for the home loan, so is it really necessary for this now to hold matters up?
Your property lawyer is duty bound to clarify with lender to ensure that they know that the balance of the purchase price is not from your own funds. The solicitor can only reveal this to your lender if you agree, failing which, your lawyer must cease to continue acting.
I am purchasing a terraced house in Laindon. Can I do my own conveyancing?
Leaving aside the complexities and merits of DIY conveyancing in Laindon you will have to appoint a solicitor on your mortgage company's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Laindon.
Two weeks ago we had a mortgage agreed in principle with Skipton. Laindon conveyancing solicitors have been instructed. How long does it take for Skipton to forward the offer to the lawyer?
Some lenders take longer than others. Have Skipton completed the valuation? Have you advised Skipton as to your lawyers' details and checked that your lawyers are on the Skipton conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
I currently have a mortgage with Yorkshire BS for my property in Laindon. Conveyancing was finalised some time 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 Yorkshire BS?
You must advise Yorkshire BS prior to letting out your property as this is likely to be a breach of Yorkshire BS’s mortgage conditions. It may be that Yorkshire BS 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 Yorkshire BS directly. You need not do this via a Yorkshire BS conveyancing panel solicitor.
Nationwide have agreed my mortgage in principle, my offer on a property in Laindon has been agreed to, what are the next steps?
Your estate agent will need to know who your solicitors are (make sure the conveyancing practitioners are on the lender’s approved list). Telephone Nationwide or the financial adviser and complete any outstanding forms. Nationwide will appoint a valuer who will get in contact with the estate agent or seller to arrange a slot for the valuation to occur. Once conducted (assuming no problems) it takes about a fortnight for the mortgage offer to be issued. Nationwide will send the offer to you and your property lawyers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Laindon.
I need to find a conveyancing solicitor for freehold conveyancing in Laindon. I've discover a web site which looks to be the ideal answer If it is possible to get all this stuff done via phone that would be ideal. Should I be wary? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
What are your top tips when it comes to appointing a Laindon conveyancing practice to deal with our lease extension?
If you are instructing a solicitor for your lease extension (regardless if they are a Laindon conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggest that you make enquires with several firms including non Laindon conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. The following questions could be of use:
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If the firm is not ALEP accredited then what is the reason? How familiar is the practice with lease extension legislation?
I bought a garden flat in Laindon, conveyancing was carried out 5 years ago. Can you give me give me an indication of the likely cost of a lease extension? Comparable flats in Laindon with over 90 years remaining are worth £201,000. The average or mid-range amount of ground rent is £45 per annum. The lease ends on 21st October 2089
With 64 years left to run we estimate the price of your lease extension to be between £14,300 and £16,400 as well as plus your own and the landlord's "reasonable" professional fees.
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 comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before seeking the advice of a professional.