My husband and I are buying a 3 bedroom flat in Old St Mellons with a mortgage. We wish to retain our Old St Mellons solicitor, but the bank says she’s not on their "panel". We have to appoint one of the mortgage company panel firms or continue with our Old St Mellons conveyancing practitioner as well as pay for one of their panel firms to act for them. We regard this is unjust; are we not able to insist that the mortgage company use our Old St Mellons lawyer ?
Unfortunately,no. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the lender’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. A further alternative is for your Old St Mellons conveyancing solicitor to apply to be on the conveyancing panel.
Our conveyancer has identified a a problem with the lease for the property we are purchasing in Old St Mellons. The seller’s lawyers have suggested title insurance as a workaround. We are content with insurance and will cover the costs. Our conveyancer says that he must check that the mortgage company is willing to move forward with this solution. Are we the client or is the lender?
Regardless of the fact 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 requirements. You and the mortgage company are the client. These conveyancing instructions have to be complied with.
When does exchange of contracts occur in purchase conveyancing in Old St Mellons and do I need to be at the conveyancers office?
Where you are local to our conveyancing solicitors in Old St Mellons you are invited in to sign the paperwork. However, the lender approved solicitors we recommend provide countrywide coverage for conveyancing and provide just as comprehensive and professional a job for you when communicating with you digitally. The executing of the contract is not the point of no return. A signed contract is necessary for the conveyancer to exchange contracts at the suitable time, which will usually be very shortly after signing. The procedure is nowadays normally dealt with by telephone and can be very rapid, although where a lengthy "chain" is involved, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Old St Mellons)to be in the office available at the end of the phone to exchange contracts.
Various internet forums that I have come across warn that are the number one cause of hinderance in Old St Mellons house deals. Is that correct?
The Council of Property Search Organisations (CoPSO) released findings of a review by MoveWithUs that conveyancing searches do not figure within the top 10 causes of hindrances in the conveyancing process. Local searches are unlikely to be the root cause of delay in conveyancing in Old St Mellons.
I'm purchasing my first flat in Old St Mellons with a loan from Barclays Direct. The developers refused to budge the amount so I negotiated five thousand pounds worth of additionals instead. The estate agent suggested that I not to tell my lawyer about this side-deal as it would jeopardize my loan with Barclays Direct. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I have recently realised that I have Sixty One years unexpired on my flat in Old St Mellons. I now want to extend my lease but my landlord is absent. What are my options?
If you meet the appropriate requirements, 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 mean that your lease can be extended by the Court. You will be obliged to demonstrate that you have used your best endeavours to find the freeholder. On the whole an enquiry agent should be useful to conduct investigations and prepare an expert document which can be accepted by the court as evidence that the landlord is indeed missing. It is advisable to get professional help from a conveyancer in relation to devolving into the landlord’s disappearance and the application to the County Court overseeing Old St Mellons.
I am the registered owner of a split level flat in Old St Mellons, conveyancing was carried out November 1998. Can you please calculate a probable premium for a statutory lease extension? Corresponding flats in Old St Mellons with an extended lease are worth £186,000. The ground rent is £55 per annum. The lease comes to an end on 21st October 2077
With just 52 years remaining on your lease the likely cost is going to be between £29,500 and £34,000 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before getting professional advice.