Me and my partner are buying a 1 bedroom apartment in Monmouth with a mortgage. We wish to retain our Monmouth solicitor, but the lender says she’s not on their "panel". We have to appoint one of the lender panel firms or retain our Monmouth solicitor and pay for one of their panel firms to act for them. We consider that this is inequitable; are we not able to require that the lender use our Monmouth solicitor ?
Unfortunately,no. The mortgage offered to you 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 Monmouth conveyancing solicitor to apply to be on the conveyancing panel.
My husband and I have organised the release of further funds on our mortgage from Nottingham as we wish to conduct alterations to our property in Monmouth. Do we need to select a nearby Monmouth solicitor on the Nottingham conveyancing panel to handle the paperwork?
Nottingham do not ordinarily appoint a member of their approved list of lawyers to deal with such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Nottingham panel.
I had a mortgage agreed in principle with Santander. Monmouth conveyancing solicitors have been chosen. What is the average time that one could expect to receive a mortgage offer from Santander?
Some lenders take longer than others. Have Santander completed the valuation? Have you advised Santander as to your lawyers' details and checked that your lawyers are on the Santander conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
I have a mortgage with Coventry BS for my property in Monmouth. Conveyancing was finalised a year ago. In the event that I decide to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Coventry BS?
Coventry BS must be informed of your intention prior to renting your property as this is likely to be a breach of Coventry BS’s mortgage conditions. It may be that Coventry BS will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Coventry BS directly. You need not do this via a Coventry BS conveyancing panel firm.
Is it necessary to pay for insurance to protect me from financial exposure to chancel repairs when buying a residence in Monmouth?
Unless a prior acquisition of the house took place post 12 October 2013 you can take it that lawyers conducting conveyancing in Monmouth to remain encouraging a chancel search and or chancel repair liability policy.
My wife and I purchased a renovated Edwardian house in Monmouth. Conveyancing solicitor represented me and Virgin Money. I did a free Land Registry search last week and I saw two entries: the first freehold, another for leasehold with the exact same property. If a house is not a freehold shouldn't I have been informed?
You need to read the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Monmouth and other locations in the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also enquire as to the position with your conveyancing practitioner who conducted the purchase.
I have been on the look out for a leasehold apartment up to £235,500 and identified one near me in Monmouth I like with amenity areas and railway links in the vicinity, the downside is that it's only got 52 years unexpired on the lease. There is not much else in Monmouth in this price bracket, so just wondered if I would be making a mistake acquiring a short lease?
If you require a home loan that many years will likely be a potential deal breaker. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for a minimum of 2 years you could request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should speak to your conveyancing solicitor concerning this.
I need to appoint a conveyancing solicitor for sale conveyancing in Monmouth. I happened to stumble across a site which looks to be the perfect answer If there is a chance to get all formalities completed via phone that would be preferable. Do I need to be wary? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?