My wife and I are intending to buy a 2 bedroom flat in Norwood with a mortgage. We like our Norwood lawyer, but the mortgage company advise he's not on their "panel". We have to appoint one of the bank panel firms or keep our Norwood conveyancing practitioner as well as pay for one of their panel ones to act for them. We regard this is unjust; are we not able to insist that the mortgage company use our Norwood lawyer ?
Unfortunately,no. 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. Another option that might be available is for your Norwood conveyancing lawyer to apply to be on the conveyancing panel.
we are a couple who intend to purchase a 2 bedroom apartment in Norwood with a homeloan from The Mortgage Works.We would like to retain our Norwood conveyancing practitioner but The Mortgage Works informed us he's not on their approved list of member firms. It seems we have little choice but to instruct a The Mortgage Works panel lawyer or keep our local solicitor and pay for a The Mortgage Works panel lawyer to act for them. We feel as though this is unjust; is there anything we can do?
No, not really. The mortgage issued to you is subject to its various provisions, one of which will be that solicitors needs to be on the The Mortgage Works approved list. in the past, most mortgage companies had large numbers of law firms on their panels: a borrower could find 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 solicitors to apply to be on the conveyancing panel for The Mortgage Works
Me and my brother have a semi-detached Georgian property in Norwood. Conveyancing lawyer represented me and Barclays Direct. I happened to do a free search for it on the Land Registry database and I saw a couple of entries: one for freehold, another for leasehold with the matching address. I'd like to know for sure, how can I find out??
You need to review 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 Norwood and other areas of the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with purchasers. You can also check the situation with the conveyancing practitioner who conducted the conveyancing.
I have been on the look out for a flat up to £195,000 and identified one near me in Norwood I like with a park and railway links nearby, however it only has 61 remaining years left on the lease. I can't really find anything else in Norwood in this price bracket, so just wondered if I would be making a mistake purchasing a short lease?
If you need a mortgage the remaining unexpired lease term may be problematic. Discount the price by the amount the lease extension will cost if not already taken into account. If the current proprietor has owned the premises for at least 2 years you may request that they commence the lease extension formalities and pass it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should consult your conveyancing lawyer concerning this.
I am 18 days into a leasehold purchase having been referred to solicitors by the estate agent to carry out the conveyancing in Norwood. I am am starting to be frustrated with the quality of service. Could you you assist me in finding new lawyers?
A lawyer would have to be very poor to suggest diss instructing them. Has the mortgage offer been generated? In the event that it has you need to make them aware of the new contact details and get the loan are re-issued. The solicitor ideally should be on the mortgage company panel to avoid escalating charges and complications. So that should be your starting point. Our search tool can assist you in finding a lender approved solicitor for your conveyancing in Norwood
Having checked my lease I have discovered that there are only 72 years unexpired on my lease in Norwood. I now wish to get lease extension but my landlord is absent. What options are available to me?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be extended by the magistrate. You will be obliged to demonstrate that you or your lawyers have used your best endeavours to find the landlord. For most situations an enquiry agent may be useful to conduct investigations and to produce an expert document to be accepted by the court as evidence that the landlord is indeed missing. It is advisable to get professional help from a property lawyer both on devolving into the landlord’s absence and the vesting order request to the County Court overseeing Norwood.
I inherited a 1st floor flat in Norwood, conveyancing was carried out in 2005. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding flats in Norwood with over 90 years remaining are worth £179,000. The average or mid-range amount of ground rent is £65 invoiced annually. The lease finishes on 21st October 2082
With 57 years unexpired we estimate the price of your lease extension to span between £26,600 and £30,800 plus plus your own and the landlord's "reasonable" professional fees.
The figure 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 without more detailed due diligence. You should not use this information in tribunal or court proceedings. There may be additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first getting professional advice.