We are purchasing a 3 bedroom apartment in Martock with a mortgage. We have a Martock solicitor, but the lender says she’s not on their "panel". It appears that we have no option but to use one of the lender panel conveyancing practices or keep our Martock lawyer as well as pay for one of their panel lawyers to represent them. We feel that this is inequitable; can we not insist that the mortgage company use our Martock property lawyer ?
Unfortunately,no. 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 Martock conveyancing lawyer to apply to be on the conveyancing panel.
My Martock lawyer has uncovered a difference when comparing the surveyor’s assumptions in the home valuation survey and what is revealed within the legal papers for the property. My solicitor says that he is obliged to ensure that the lender is OK with this discrepancy and is still content to lend. Is my solicitor’s stance correct?
Your solicitor must comply with the UK Finance Lenders’ Handbook provisions which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
As someone not used to conveyancing in Martock what is the number one tip you can impart for the legal transfer of property in Martock
You may not hear this from too many lawyers but conveyancing in Martock and elsewhere in Somerset is an adversarial experience. Put another way, when it comes to conveyancing there is plenty of room for friction between you and others involved in the transaction. For example, the vendor, selling agent and even potentially the bank. Appointing a solicitor for your conveyancing in Martock an important selection as your conveyancer is your adviser, and is the ONLY person in the legal process whose role it is to protect your best interests and to protect you.
Sometimes a potential adversary will try and persuade you that it is in your interests to do things their way. For example, the selling agent may claim to be helping by claiming that your solicitor is dragging his heels. Or your financial adviser may tell you to do something that is against your solicitors advice. You should always trust your lawyer above all other parties when it comes to the legal transfer of property.
Are there any apps to assist me to locate a Martock law firm on the Virgin Money conveyancing panel? I have wheels and am willing to travel upto 25miles to meet the conveyancer.
You can use the search on this page. Please select a mortgage company and your location and you will see a number of Martock conveyancing lawyers located nearest you. We have detailed some Martock conveyancing firms at the bottom of this page and you can contact them to verify whether they are on the Virgin Money member panel
I today plan to offer on a house that appears to meet my requirements, at a reasonable figure which is making it more attractive. I have since discovered that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in Martock. Conveyancing advisers have not yet been instructed. Will my lawyers set out the risks of buying a leasehold house in Martock ?
Most houses in Martock are freehold and not leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area who can help the conveyancing process. it is apparent that you are purchasing in Martock so you should seriously consider shopping around for a Martock conveyancing solicitor and check that they are used to advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a lessee you will not be entirely free to do whatever you want with the house. The lease comes with conditions for example obtaining the landlord’sconsent to conduct alterations. You may also be required to pay a maintenance charge towards the upkeep of the communal areas where the house is located on an estate. Your lawyer should advise you fully on all the issues.
I invested in buying a 1 bedroom flat in Martock, conveyancing formalities finalised half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding flats in Martock with a long lease are worth £196,000. The average or mid-range amount of ground rent is £45 invoiced every year. The lease ends on 21st October 2089
With just 64 years unexpired we estimate the price of your lease extension to span between £15,200 and £17,600 as well as costs.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to supply a more accurate figure in the absence of comprehensive investigations. Do not use this information in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before getting professional advice.
At what stage do I cover the costs of stamp duty payable for my Martock property purchase?
Most property lawyers will complete a stamp duty return for you during your Martock conveyancing transaction for signature. On completion your conveyancer will submit the STL Return Form to the Tax Authorities and - as long as they have the money - settle any land tax liability on your behalf.