My wife and I are looking to purchase a house in Newton Ferrers and are in fact using a Newton Ferrers conveyancing practice. Within the past 48 hours our property lawyer has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Godiva Mortgages Ltd have this afternoon contacted us to advise us that there is now an issue as our Newton Ferrers solicitor is not on their approved list of lawyers. Is this a problem?
When purchasing a property with the benefit of a mortgage it is standard for the purchasers' solicitors to also represent the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your property lawyer should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You are not legally obliged to appoint a law firm on the lender’s conveyancing panel as you are at liberty to use your preferred Newton Ferrers lawyers, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.
Are the BSA planning on creating a online directory to list practices on the Coventry BS conveyancing panel for instance in Newton Ferrers?
We have not been informed any intention on the part of the BSA to promote such a register.
Me and my partner are buying a apartment in Newton Ferrers. It might be a silly question but how we can trust a conveyancer? At some point we will need to put funds into their account. What is the protection we have from them run away with our money?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
Completion of my purchase has taken place for my property in Newton Ferrers. Conveyancing was a necessary evil but I would like to complain about the lender. How do I make a complaint?
Almost all lenders have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Services Team at head office. Ordinarily complaints to a lender are resolved effectively and efficiently. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR with full details of your complaint.
It is not clear whether my lender requires a lease extension. I have called into my local Newton Ferrers building society branch on a couple of occasions and was advised it wasn't a problem and they will lend. My Newton Ferrers conveyancing solicitor - who is on the lender conveyancing panel- called and was told they would not lend in accordance with their published requirements. I have no idea who is right.
The conveyancer has to follow the CML Handbook Part 2 specifications for your lender. Unless your lawyer obtains specific confirmation in writing that the lender 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 remaining.
How does conveyancing in Newton Ferrers differ for new build properties?
Most buyers of new build residence in Newton Ferrers approach us having been asked by the seller to sign contracts and commit to the purchase even before the house is constructed. This is because house builders in Newton Ferrers usually buy the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Newton Ferrers or who has acted in the same development.
My husband and I are a couple of weeks into a freehold purchase having been directed to solicitors by the high street agent to perform conveyancing in Newton Ferrers. I am am very frustrated with the level of service. Could you help me find new lawyers?
A lawyer would need to be very bad to suggest replacing them. Has the loan offer been issued? If so you need to inform them of the new contact details and ensure the offer are issued to the new lawyers. The conveyancer should be on the mortgage company approved list to avoid added costs and frustration. So that should be your first question of the new conveyancers. The find a solicitor tool should help you find a lender approved lawyer for your conveyancing in Newton Ferrers
Are there frequently found deficiencies that you come across in leases for Newton Ferrers properties?
There is nothing unique about leasehold conveyancing in Newton Ferrers. Most leases are individual and legal mistakes in the legal wording can result in certain provisions are not included. For example, if your lease is missing any of the following, it could be defective:
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Repairing obligations to or maintain elements of the property Maintenance charge proportions which don’t add up to the correct percentage
You could have a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Santander, Leeds Building Society, and Aldermore all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, obliging the buyer to pull out.
I own a studio flat in Newton Ferrers, conveyancing formalities finalised 7 years ago. Can you give me give me an indication of the likely cost of a lease extension? Corresponding properties in Newton Ferrers with over 90 years remaining are worth £180,000. The average or mid-range amount of ground rent is £65 invoiced annually. The lease comes to an end on 21st October 2084
With only 59 years unexpired we estimate the premium for your lease extension to span between £20,900 and £24,200 as well as professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to provide a more accurate figure in the absence of detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first getting professional advice.