Our lawyer has discovered a a legal deficiency with the lease for the flat we are buying in Mountain Ash. The seller’s lawyers have put forward defective title insurance as a workaround. We are happy with insurance and will pay for it. Our conveyancing practitioner says that he must be satisfied that the mortgage company is content with this solution. Are we the client or is the mortgage company ?
Notwithstanding that you have a mortgage offer from the lender does not mean to say that the property will meet their provisions for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook conditions. You and the lender are the client. These conveyancing instructions must be adhered to.
My husband and I are purchasing a 3 bedroom apartment in Mountain Ash with a mortgage from Nottingham Building Society.We have a Mountain Ash conveyancing practitioner but Nottingham Building Society says he's not listed on their approved list of member firms. It seems we have no choice but to instruct a Nottingham Building Society panel solicitor or keep our high street solicitor and fork out for one of their panel ones to represent them. This seems very unfair; is there anything we can do?
Unfortunately,no. The loan offered to you contains various provisions, one of which will be that lawyers needs to be on the Nottingham Building Society solicitor panel. in the past, most mortgage companies had large numbers of solicitors 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 solicitors to apply to be on the conveyancing panel for Nottingham Building Society
There is lots of information on this site about conveyancing in Mountain Ash but can you isolate your top tip for choosing the right conveyancer in Mountain Ash
It would be unwise to be seduced by the lowest Mountain Ash conveyancing fees. You really do get what you’re paying for when it comes to property lawyers. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you know exactly what you’ll have to pay in ahead of the deal.
Are all Mountain Ash Conveyancing Quality Solicitors on the Coventry BS conveyancing panel?
It is true that some banks and building societies now make use of the accreditation scheme as the kick off point for Panel approval such as HSBC and Santander. The Law Society’s CQS membership however is no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitor practices wishing to remain on their approved list of conveyancing solicitors.
Two weeks ago we had a mortgage agreed in principle with Clydesdale. Mountain Ash conveyancing solicitors were instructed. How long does it take for Clydesdale to issue the offer to the conveyancer?
Some lenders take longer than others. Have Clydesdale conducted the survey? Have you advised Clydesdale as to your lawyers' details and checked that your lawyers are on the Clydesdale conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
I appreciate that there are debates on Chancel Insurance on online forums. Am I compelled to have this when acquiring a property in Mountain Ash? or Apparently there is historic law that means some homeowners living in a parish church boundary may be liable to contribute towards repairs towards the chancel within the church. Is this suitable for conveyancing in Mountain Ash?
Unless a prior acquisition of the premises completed post 12 October 2013 you may assume that solicitors carrying out conveyancing in Mountain Ash to remain recommending a chancel search and or insurance against a claim.
My father-in-law has urged me to appoint his conveyancing solicitors in Mountain Ash. Should I choose my own property lawyer?
No doubt it’s preferable to find a conveyancing lawyer is to get feedback from friends or family who have used the solicitor you're contemplating using.
I work for a long established estate agent office in Mountain Ash where we have witnessed a number of leasehold sales derailed as a result of short leases. I have been given contradictory information from local Mountain Ash conveyancing solicitors. Can you clarify whether the owner of a flat can initiate the lease extension formalities for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the sale.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I am the registered owner of a studio flat in Mountain Ash, conveyancing having been completed September 2008. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent flats in Mountain Ash with over 90 years remaining are worth £185,000. The ground rent is £65 per annum. The lease comes to an end on 21st October 2086
With 60 years left to run the likely cost is going to be between £20,000 and £23,000 as well as plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive 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 considered and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action based on this information without first seeking the advice of a professional.