My wife and I are purchasing a 3 bedroom flat in Milton with a mortgage. We have a Milton lawyer, however the mortgage company advise he's not on their "panel". We have to appoint one of the lender panel solicitors or continue with our Milton conveyancing practitioner and pay for one of their panel lawyers to represent them. We feel that this is inequitable; can we not demand that the bank use our Milton conveyancer ?
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. A further alternative is for your Milton conveyancing lawyer to apply to be on the conveyancing panel.
I am remortgaging my property in Milton, does my lawyer have to be on the Kent Reliance Conveyancing panel?
There is nothing to stop you using your solicitor, but Kent Reliance will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
Yesterday I discovered that there is a flying freehold element on a house I have offered on two weeks back in what should have been a quick, no chain conveyancing. Milton is the location of the property. Can you offer any assistance?
Flying freeholds in Milton are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Milton you would need to get your solicitor to go through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Milton may ascertain 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.
Am I right to be suspicious by brokers that I am dealing with are encouraging me to use a nationwide conveyancing firm as opposed to a local Milton conveyancing company?
As with many professional services, often input from relatives can be worth their weight in gold. But there are many people with a vested interest in a conveyancing transaction; estate agents, mortgage brokers and mortgage companies might all suggest solicitors to use. Sometimes the conveyancers might be known to one of the organisations as being good in their field, but sometimes there is an underlying commercial relationship behind the recommendation. You are free to choose your preferred lawyer. You need to be aware that some banks operate an approved list of lawyers you have to use for the lender related work in your house move.
I've recently bought a leasehold property in Milton. Am I liable to pay service charges relating to a period prior to my ownership?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I acquired a basement flat in Milton, conveyancing formalities finalised June 2005. Can you work out an approximate cost of a lease extension? Comparable flats in Milton with an extended lease are worth £206,000. The ground rent is £45 yearly. The lease finishes on 21st October 2089
You have 67 years remaining on your lease we estimate the premium for your lease extension to range between £10,500 and £12,000 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure without more detailed due diligence. Do not use this information 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 should be as accurate as possible in your negotiations. Neither should you move forward based on this information without first getting professional advice.
Our solicitor in Milton has uncovered a a problem with the lease for the flat we are purchasing in Milton. The seller’s lawyers have put forward title insurance as a solution. We are content with insurance and will cover the costs. Our solicitor says that as he is on the mortgage company conveyancing panel he must be satisfied that the lender is happy with this solution. Are we the client or is the bank?
Just because you have a mortgage offer from the mortgage company does not mean to say that the property will be meet their requirements for the purposes of a mortgage. Your Milton conveyancing lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook Requirements. You and the mortgage company are the client. The appropriate lender requirements must be adhered to by the mortgage company conveyancing panel who has to balance acting for you and the lender