My husband and I are buying a 1 bedroom flat in Shaftesbury with a mortgage. We like our Shaftesbury lawyer, however the lender advise he's not on their "panel". We have to appoint one of the lender panel firms or keep our Shaftesbury conveyancing practitioner and pay for one of their panel ones to represent them. This seems very unfair; are we not able to demand that the bank use our Shaftesbury conveyancer ?
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. A further alternative is for your Shaftesbury conveyancing lawyer to apply to be on the conveyancing panel.
Is it necessary during the course of the conveyancing process to pop into the offices of the solicitor to sign the legal charge? If so, I will choose one who does conveyancing in Shaftesbury so that I can attend their offices if necessary.
Whereas this was necessary 15 years ago, the vast majority mortgage companies no longer oblige their conveyancing panel solicitor to witness the borrowers signature. You will still be obliged to hand over ID documents and there are still manifest advantages to instructing a local ayer, in your situation a conveyancing solicitor in Shaftesbury.
I have been told that property searches are the number one cause of delay in Shaftesbury house deals. Is that correct?
The Council of Property Search Organisations (CoPSO) has noted the findings of a review by MoveWithUs that conveyancing searches do not feature within the most frequent causes of delays during the legal transfer of property. Searches are unlikely to be the root cause of holding up conveyancing in Shaftesbury.
I am buying my first flat in Shaftesbury benefiting from help to buy. The sellers refused to budge the amount so I negotiated 6k of extras instead. The property agent suggested that I not disclose to my lawyer about this deal as it could adversely affect my loan with Halifax. Is this normal?.
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 opted to have a survey done on a property in Shaftesbury before retaining conveyancers. I have been informed that there is a flying freehold element to the property. Our surveyor has said that some banks may refuse to give a loan on a flying freehold premises.
It varies from the lender to lender. Bank of Scotland has different instructions from Halifax. Should you wish to telephone us we can check with the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Shaftesbury. Conveyancing may be slightly more expensive based on your lender's requirements.
I've recently bought a leasehold house in Shaftesbury. Am I liable to pay service charges relating to a period prior to my ownership?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I am the registered owner of a split level flat in Shaftesbury, conveyancing having been completed in 2002. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Equivalent flats in Shaftesbury with an extended lease are worth £197,000. The average or mid-range amount of ground rent is £55 yearly. The lease runs out on 21st October 2079
With only 55 years unexpired the likely cost is going to span between £31,400 and £36,200 as well as costs.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to supply the actual costs without more comprehensive investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first seeking the advice of a professional.