I am purchasing a leasehold flat in Lytchett Matravers. My Conveyancer has never been on on the mortgage company approved list. Is it possible for me to continue with my Lytchett Matravers conveyancing solicitor notwithstanding that they are excluded from the mortgage company panel of approved conveyancing solicitors?
One will need to use a conveyancer to deal with the formalities if you require a loan to buy your property. They will carry out all the relevant due diligence on the property, make sure that you’re registered as proprietor and ensure that all the required mortgage paperwork is in place. One can instruct a Lytchett Matravers property lawyer of your choice. However, where the property lawyer selected is not on the bank solicitor panel further charges will arise as separate legal representation will be need by the bank. Bank panel applications can be submitted, so if your solicitor has not historically applied for membership they should take the chance to apply.
I am nearing an exchange on a house in Lytchett Matravers and my parents have sent the exchange deposit to my property lawyer. I am now advised that as the deposit has not arrived from me my solicitor needs to disclose this to my lender. I am advised that, in also acting for the bank he must inform them that the balance of the purchase price is coming from anyone other than me. I disclosed to the bank about my parents' contribution when I applied for the mortgage, so is it really appropriate for him to raise this?
The property lawyer is obliged to clarify with the bank to make sure that they know that the balance of the purchase price is not from your own funds. The solicitor can only reveal this to your mortgage company if you agree, failing which, your lawyer must cease to continue acting.
we are a couple who are buying a 1 bedroom flat in Lytchett Matravers with a homeloan from Nationwide Building Society.We would like to retain our Lytchett Matravers conveyancing lawyer but Nationwide Building Society advised that his firm is not on their approved list of firms. It seems we are left with no choice but to instruct a Nationwide Building Society panel lawyer or keep our high street solicitor and fork out for a Nationwide Building Society panel lawyer to act for them. This seems very unfair; Can we not simply insist that Nationwide Building Society use our lawyer?
Unfortunately,no. The home loan offered to you contains terms and conditions, a common one being that lawyers needs to be on the Nationwide Building Society approved list. Until recently, most mortgage companies had large numbers of solicitors on their panels: a borrower could find 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. A further alternative is for your lawyer to apply to be on the conveyancing panel for Nationwide Building Society
In my capacity as executor for the will of my uncle I am disposing of a property in Monmouth but I am based in Lytchett Matravers. My conveyancer (who is 250 kilometers from merequires that I sign a stat dec prior to completion. Could you suggest a conveyancing practitioner in Lytchett Matravers who can witness this legal document for me?
strictly speaking you are unlikely to be required to have the documents attested by a conveyancing solicitor. Normally or notary public or solicitor will be fine regardless of whether they are based in Lytchett Matravers
I am looking at a two flats in Lytchett Matravers which have in the region of fifty years left on the lease term. should I be concerned?
There are no two ways about it. A leasehold flat in Lytchett Matravers is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it adversely affects the salability of the property. For most purchasers and mortgage companies, leases with less than eighty years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Lytchett Matravers conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I invested in buying a 1st floor flat in Lytchett Matravers, conveyancing formalities finalised January 2009. Can you please calculate a probable premium for a statutory lease extension? Similar properties in Lytchett Matravers with over 90 years remaining are worth £201,000. The average or mid-range amount of ground rent is £45 per annum. The lease finishes on 21st October 2088
With 64 years remaining on your lease we estimate the price of your lease extension to span between £14,300 and £16,400 as well as legals.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure without more detailed investigations. You should not use the figures 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. You should not take any other action based on this information without first getting professional advice.
What is the reason for new build conveyancing in Lytchett Matravers being more expensive?
Purchasing a brand new home is significantly different from the normal house buying conveyancing in Lytchett Matravers. For a start sellers normally insist contracts to exchange very quickly, the result being a lot of pressure on your solicitor to ensure all is in order. Furthermore new build premises often necessitate examination of adoption of highways, drains, planning considerations, building warranties or architects certificates. Bank obligations are also more demanding. Given the complex nature of the process for these types of properties, the conveyancing new build fees are higher than normal.