We are intending to buy a 1 bedroom flat in Nantwich with a mortgage. We have a Nantwich conveyancer, however the lender says he's not on their "panel". We have to appoint one of the mortgage company panel firms or retain our Nantwich lawyer and pay for one of their panel firms to represent them. We consider that this is inequitable; is there anything we can do?
No, not really. 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 Nantwich conveyancing lawyer to apply to be on the conveyancing panel.
My partner and I are getting closer to an exchange on a property in Nantwich and my mum and dad have transferred the ten percent deposit to my conveyancing practitioner. I am now informed that as the deposit has not arrived from me my property lawyer needs to make a notification to my mortgage company. Apparently, in also acting for the mortgage company he must advise them that the balance of the purchase price is coming from anyone other than me. I disclosed to the mortgage company concerning my parents' contribution when I applied for the home loan, so is it really appropriate for him to raise this?
The conveyancing practitioner is obliged to clarify with the bank to make sure that they are aware that the balance of the purchase price is not from your own resources. Your solicitor can only report this to your bank if you agree, failing which, your lawyer must cease to continue acting.
Having invested time reviewing moneysavingexpert.com for a high-quality lawyer in Nantwich, most say that I must instruct a CQS accredited lawyer. Can you explain what CQS is?
The Conveyancing Quality Scheme (CQS) provides a recognised quality standard for residential conveyancing practices issued by the Law Society. Membership achievement establishes a level of credibility for member firms with stakeholders (regulators, lenders, insurers and consumers) based upon: * the integrity of the senior responsible officer and other key conveyancing staff * the firm's adherence to good practice management standards * adherence to best practice conveyancing procedures through the scheme protocol Membership includes numerous companies who execute conveyancing in Nantwich.
I happen to be the only recipient of my late mum's estate with all property in now in my sole name, including the my former home in Nantwich. The Nantwich property was put into my name in September. I plan to dispose of the property. I do know about the CML six month 'rule', which means that my proprietorship will be regarded the same way as though I had purchased the house in September. Is the property unsalable for six months?
The Council of Mortgage Lenders’ handbook mandates conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you may be caught by that. How practical a view banks take of it, depend on the bank as this provision is primarily there to capture subsales or the quick reselling of property.
Is there a list of Barclays panel conveyancers in Nantwich on the UK Finance Lenders’ Handbook Website?
Unfortunately not yet. There is no such facility on the Council of Mortgage Lenders or Building Society Association sites. Very few lenders make their panel listings available on the web. If you are looking for a Nantwich conveyancing practitioner on the Barclays please use our tool.
It is unclear whether my bank requires a lease extension. I have called into my local Nantwich building society branch on a couple of occasions and was told they are content with the situation and they would lend. My Nantwich conveyancing solicitor - who is on the lender conveyancing panel- telephoned and was told they will not lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. Who do I believe?
As long as the solicitor is on the mortgage company panel, she or he must comply with the Council of Mortgage Lenders’ Handbook requirements for the lender. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I opted to have a survey completed on a property in Nantwich before appointing lawyers. I have been advised that there is a flying freehold overhang to the property. Our surveyor has said that some mortgage companies will refuse to grant a mortgage on this type of property.
It varies from the lender to lender. Bank of Scotland has different requirements from Birmingham Midshires. Should you wish to call us we can investigate further with the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Nantwich. Conveyancing will be smoother if you use a solicitor in Nantwich especially if they are familiar with such properties in Nantwich.
My partner and I may need to let out our Nantwich 1st floor flat for a while due to a career opportunity. We instructed a Nantwich conveyancing practice in 2001 but they have closed and we did not have the foresight to get any guidance as to whether the lease prohibits the subletting of the flat. How do we find out?
Some leases for properties in Nantwich do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord is not entitled to unreasonably withhold but, in such cases, they would need to see references. Experience suggests that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting consent.
I invested in buying a 1st floor flat in Nantwich, conveyancing formalities finalised February 2009. Can you work out an approximate cost of a lease extension? Comparable properties in Nantwich with a long lease are worth £192,000. The average or mid-range amount of ground rent is £55 charged once a year. The lease terminates on 21st October 2079
With 54 years unexpired we estimate the premium for your lease extension to span between £32,300 and £37,400 plus professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to supply the actual costs in the absence of detailed due diligence. Do not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before seeking the advice of a professional.