Me and my fiance are buying a leasehold flat in Longhope. My Solicitor has never been on on the bank approved panel. Can I still use my Longhope conveyancing solicitor notwithstanding that they are not on the bank approved list?
One will need to instruct a solicitor to deal with the legal work required when you need a loan to purchase your home. They will conduct all the relevant legal checks on the property, ensuring that you will be properly registered as the owner and ensure that all the necessary mortgage documentation is in order. One can select a Longhope lawyer of your choosing. However, where the property lawyer appointed is not a member of the mortgage company approved list additional fees will be incurred as separate legal representation will be need by the mortgage company. Lender panel applications may be submitted, so if your conveyancer has not in the past applied for membership they should take the chance to apply.
Do lenders provide you with an approved list of Longhope conveyancing solicitors? How do you know who is on the Skipton conveyancing panel?
Longhope conveyancing firms themselves provide us confirmation that they are on the Skipton conveyancing panel as opposed to being supplied with a list from Skipton directly.
Can you clarify what the consequences are if my lawyer’s firm is expelled from the Leeds Building Society Solicitor panel ahead of completing my conveyancing in Longhope?
The first thing to point out is that, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
We have agreed to purchase a house in Longhope. One unusual aspect is that the roof has a solar panel. Leeds Building Society have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As you are obtaining a mortgage with Leeds Building Society your lawyer must comply with the formal instructions outlined in Part 2 of UK Finance Lenders’ Handbook for Leeds Building Society. The CML Handbook stipulates minimum specifications for solar panel roof-space leases, and property lawyers are required to report to Leeds Building Society where a lease does not meet these provisions. The conditions relate to the installation of panels on properties in England and Wales and is not isolated to Longhope.
We were going to get a DIP from Virgin Money this week so we can work out what to offer on a property we like as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Virgin Money recommend any Longhope solicitors on the Virgin Money conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Longhope solicitors independently although you'll need to choose one on the Virgin Money conveyancing panel. The solicitor represents both you and Virgin Money through the process.
Leeds Building Society have agreed my mortgage in principle, my offer on a flat in Longhope has been accepted, what are the next steps?
The property agent will want to know who your solicitors are (ensure that the solicitors are on the lender’s panel). Contact Leeds Building Society or your broker and complete any relevant paperwork. Leeds Building Society will appoint a valuer who will get in contact with the selling agent or seller to schedule a slot for the valuation to happen. Once carried out (assuming no problems) it takes on average a fortnight to get a mortgage offer. Leeds Building Society will issue the offer to you and your conveyancing practitioners. The legal work will then take it’s course according the nature and complexity of the conveyancing in Longhope.
Yesterday I discovered that there is a flying freehold issue on a property I have offered on two weeks back in what was supposed to be a straight forward, chain free conveyancing. Longhope is the location of the property. Can you offer any opinion?
Flying freeholds in Longhope are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Longhope you would need to get your solicitor to go 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 Longhope may decide 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 residence.
I am hoping to exchange soon on a ground floor flat in Longhope. Conveyancing lawyers inform me that they are sending me a report next week. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Longhope should include some of the following:
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Where does the liability rest to repair and maintain the block. It is important for you to know who is duty bound to repair and maintenance of every part of the building Who has the liability for repairing the window frames Information concerning the obligations as set out in the lease to to contribute towards maintenance costs - in respect of the block, and the more general rights a tenant enjoys The total extent of the demise. This could be the flat itself but may incorporate a roof area or basement if appropriate. Do you need to have carpet in the flat or are you allowed wood flooring?
I bought a split level flat in Longhope, conveyancing was carried out in 2012. Can you work out an approximate cost of a lease extension? Corresponding flats in Longhope with an extended lease are worth £176,000. The ground rent is £50 invoiced every year. The lease runs out on 21st October 2073
With 50 years unexpired we estimate the price of your lease extension to range between £31,400 and £36,200 plus costs.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first getting professional advice.