We are purchasing a 1 bedroom flat in Ravenshead with a mortgage. We like our Ravenshead conveyancer, but the mortgage company advise he's not on their "panel". We have to appoint one of the bank panel firms or continue with our Ravenshead property lawyer and pay for one of their panel lawyers to represent them. We regard this is inequitable; are we not able to require that the mortgage company use our Ravenshead conveyancer ?
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 Ravenshead conveyancing solicitor to apply to be on the conveyancing panel.
I am purchasing a newly constructed flat in Ravenshead and my solicitor is informing me that she is duty bound to the lender to reveal incentives from the developer. I am under pressure to exchange contracts and I would rather not delay deal. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your conveyancer. A precondition to being on a lender panel is to comply with the UK Finance Lenders’ Handbook conditions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
My father informed me that in buying a property in Ravenshead there may be various restrictions prohibiting external alterations to a property. Is this right?
We are aware of a number of properties in Ravenshead which have some sort of restriction or requirement of consent to external changes. Part of the conveyancing in Ravenshead should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
We have a mortgage agreed in principle with Santander. Ravenshead conveyancing solicitors are chosen. How long does it take for Santander to forward the offer to the conveyancer?
Some lenders take longer than others. Have Santander conducted the valuation? Have you advised Santander as to your lawyers' details and checked that your lawyers are on the Santander conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
The mortgage over my property is with Virgin Money for my property in Ravenshead. Conveyancing has been completed some time ago. Should I wish to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Virgin Money?
Your original mortgage agreement with Virgin Money will provide that you need their approval prior to letting out your property as this is likely to be a breach of Virgin Money’s mortgage conditions. It may be that Virgin Money will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Virgin Money directly. You need not do this via a Virgin Money conveyancing panel solicitor.
How can the Landlord & Tenant Act 1954 impact my commercial property in Ravenshead and how can your lawyers assist?
The 1954 Act gives protection to commercial leaseholders, giving them the a statutory right to apply to court for a continuation of occupancy at the end of an expired lease. There are certain specified grounds where a landlord can refuse a lease renewal and the rules are involved. Fees are different for commercial conveyancing. Ravenshead is one of the numerous areas of the UK in which the firms we work with are located
In relation to leasehold conveyancing in Ravenshead what are the most frequent lease problems?
Leasehold conveyancing in Ravenshead is not unique. Most leases are unique and legal mistakes in the legal wording can sometimes mean that certain provisions are erroneous. The following missing provisions could result in a defective lease:
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Insurance obligations
A defective lease will likely cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. National Westminster Bank, Chelsea Building Society, and TSB all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to grant the mortgage, obliging the buyer to withdraw.
Ravenshead Conveyancing for Leasehold Flats - Sample of Questions you should consider Prior to buying
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How much is the ground rent and service charge? The prefered form of lease structure is a share of the freehold. In this situation the tenants benefit from being in charge if their destiny and even though a managing agent is often retained if the building is bigger than a house conversion, the managing agent retained by the leaseholders. It is important to be aware whether fixing the lift or some other significant cost is due in the foreseeable future that will be shared by the leaseholders and may well materially impact the level of the service fees or require a one time invoice.
I need to consider costs for conveyancing in Ravenshead from various conveyancing practitioner and choose one. Do I instruct them to sit tight until I I have my bid accepted on a flat.
You should only get your lawyer to commence work and submit searches after the offer has been agreed to on the property particularly as Ravenshead conveyancing searches are not cheap.