Me and my fiance are buying a 2 bedroom apartment in Long Eaton with a mortgage. We have a Long Eaton solicitor, however the mortgage company says she’s not on their "panel". It seems we have no choice but to select one of the mortgage company panel conveyancing practices or continue with our Long Eaton conveyancing practitioner and pay for one of their panel firms to represent them. We feel that this is unjust; is there anything we can do?
No, not really. Your mortgage offer 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 Long Eaton conveyancing solicitor to apply to be on the conveyancing panel.
We are planning to purchase with Coventry BS. We have called around locally yet cant to find a Long Eaton conveyancing firm on the Coventry BS approved list. Could you help?
Feel free to take advantage of the search tool on this web page. Pick the mortgage company and type Long Eaton or your preferred area and you will be presented with a number of lawyer based in Long Eaton or by proximity to you.
I can not fathom if my lender requires a lease extension. I have called into my local Long Eaton bank branch on various occasions and was told it does not impact the mortgage offer and they would lend. My Long Eaton conveyancing solicitor - who is on the lender conveyancing panel- called to say that they refuse to lend in accordance with their published requirements. I simply don't know who is right.
The property lawyer has to follow the CML Handbook section two provisions for your bank. Unless your lawyer obtains specific confirmation in writing that the lender 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 lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
Planning on purchasing a flat in Long Eaton. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Yorkshire BS conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Long Eaton lawyer is on the Yorkshire BS conveyancing panel.
I have instructed a Long Eaton solicitor having made sure that they are on the Co-operative conveyancing panel. Does my lawyer arrange the survey of the property?
Co-operative will need an independent valuation of the property. Your lawyer will not arrange this. Usually Co-operative 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. Your conveyancer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Long Eaton postcode. As you are getting a mortgage with Co-operative, you could contact them to see if they have a list of approved surveyors in Long Eaton.
I decided to have a survey carried out on a property in Long Eaton ahead of instructing solicitors. I have been told that there is a flying freehold overhang to the house. Our surveyor advised that some mortgage companies tend refuse to grant a loan on such a home.
It depends who your proposed lender is. Bank of Scotland has different requirements for example to Halifax. Should you wish to telephone us we can check via the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Long Eaton. Conveyancing will be smoother if you use a solicitor in Long Eaton especially if they are accustomed to such properties in Long Eaton.
Back In 2005, I bought a leasehold flat in Long Eaton. Conveyancing and Lloyds TSB Bank mortgage went though with no issue. A letter has just been received from someone saying they have taken over the reversionary interest in the property. It included a ground rent demand for rent dating back to 1993. The conveyancing solicitor in Long Eaton who previously acted has now retired. What should I do?
The first thing you should do is contact HMLR to make sure that this person is indeed the registered owner of the freehold reversion. You do not need to instruct a Long Eaton conveyancing firm to do this as it can be done on-line for £3. Rest assured that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I own a studio flat in Long Eaton, conveyancing having been completed half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Equivalent properties in Long Eaton with a long lease are worth £197,000. The ground rent is £55 levied per year. The lease finishes on 21st October 2082
With 56 years left to run the likely cost is going to be between £29,500 and £34,000 plus legals.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to provide the actual costs in the absence of comprehensive due diligence. You should not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action based on this information without first seeking the advice of a professional.
My lender have just issued us with a mortgage offer. We have retained a reputable conveyancer in Long Eaton two days ago. A couple of hours ago, our broker contacted us saying that the lender said that we cannot use our solicitor as they aren't on their panel. As FTB's, we had no idea that the lender had a say Is this permitted?
You are at liberty to select any property lawyer you wish to choose including the said conveyancer in Long Eaton but if they are not on the your bank's panel you must incur an extra fee so the mortgage company can instruct their own lawyers. sometimes it is conceivable that your solicitor may apply to get added to the mortgage company panel. Do make the most of web-based search facilities including lenderpanel.com to find a conveyancing solcitor in Long Eaton on the bank panel. You can go into your local mortgage company branch in Long Eaton. They can recommend conveyancing solicitors in Long Eaton on the approved list.