Me and my fiance are buying a 1 bedroom flat in Lancaster with a mortgage. We like our Lancaster lawyer, however the lender advise he's not on their "panel". It appears that we have little option but to select one of the lender panel firms or retain our Lancaster solicitor as well as pay for one of their panel firms to represent them. We consider that this is inequitable; is there anything we can do?
Unfortunately,no. The mortgage offered to you 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. Another option that might be available is for your Lancaster conveyancing lawyer to apply to be on the conveyancing panel.
Are the BSA planning on creating a search tool with a view to to identify solicitors on the Loughborough BS conveyancing panel for example in Lancaster?
We have not been informed any plans on the part of the BSA to develop such a tool.
3 months have elapsed since my purchase conveyancing in Lancaster completed. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
How does conveyancing in Lancaster differ for newly converted properties?
Most buyers of new build premises in Lancaster contact us having been asked by the developer to exchange contracts and commit to the purchase even before the house is finished. This is because house builders in Lancaster tend to purchase the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Lancaster or who has acted in the same development.
Taking into account that I will soon spend 450k on a two bedroom apartment in Lancaster I would like to have a conversation with the solicitor regarding thehome move before instructing the firm. Is this something that you can arrange?
Absolutely - it is our preference to talk to you we do not take any clients on without you first talking to the conveyancer who will be carrying out your property ownership legalities in Lancaster.There is no ‘factory style conveyancing’ - every client is unique individual, not a case reference. The law firms that we put you in touch with believe that the figure you are calculated and presented to you for residential conveyancing in Lancaster should be the figure that you end up paying.
I own a leasehold flat in Lancaster. Conveyancing was finalised in 2009. I have read on various consumer forums that I mustn’t allow the lease length get too short. What is the reasoning?
Lancaster residential long term leases are for a prescribed term - usually ninety nine years when they are first granted. However a significant flats in Lancaster were built or converted in the 70’s80’s and so these leases now have less than eighty years left to run. That may sound like plenty of time but Banks, Building Societies and other mortgage lenders tend to need leases to have a minimum of 75 years left to be mortgageable. This means that when you come to sell the property you will need a lease extension if you are nearing seventy five years. To enhance your property value you should be thinking about whether or not to extend your lease well in advance of selling the property. Please note that there are significant benefits to doing so before the lease reaches even 80 years as when the lease is below 80 years the amount to be paid to extend starts to increase.