We are purchasing a 1 bedroom flat in Shillington with a mortgage. We would like to retain our Shillington lawyer, but the lender advise he's not on their "panel". It appears that we have little choice but to select one of the mortgage company panel solicitors or continue with our Shillington conveyancer and pay for one of their panel lawyers to represent them. We feel that this is inequitable; is there anything we can do?
Unfortunately,no. The mortgage offered to you 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 Shillington conveyancing lawyer to apply to be on the conveyancing panel.
Can I use your services to find a Conveyancing solicitor in Shillington even where I’m not buying or selling a house, for example if I wish to acquire an office in Shillington with a mortgage from Barnsley Building Society?
The service is mainly utilised to get a quote from domestic conveyancing solicitors in Shillington but we have set out towards the bottom of this page some Shillington commercial conveyancing firms. You should enquire with the firm directly to check if they are also authorised to represent Barnsley Building Society
I am planning to acquire a property and require a conveyancing solicitor in Shillington who is on the The Royal Bank of Scotland solicitor. Could you point me in the right direction as regards a conveyancing firm?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for The Royal Bank of Scotland in certain locations such as Shillington. We dont recommend any particular firm.
I'm refinancing my current property to a buy to let mortgage with Skipton Building Society and intend to use the remaining equity as a deposit on a second property. The neighborhood we are interested in is Shillington. Will your lawyers be able to act for both sets of banks and link together the transactions?
Do use our comparison tool on this site to check that the conveyancers are approved by both lenders. Assuming that they are your lawyer should be able to simultaneously deal with the two deals but you should have a chat with you lawyer and make clear your desired outcome and needs.
I am looking at a couple of maisonettes in Shillington both have approximately fifty years remaining on the leases. should I be concerned?
There is no doubt about it. A leasehold apartment in Shillington is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it reduces the value of the premises. The majority of purchasers and lenders, leases with under 75 years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Shillington conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I inherited a 2 bed flat in Shillington, conveyancing was carried out September 1996. Can you please calculate a probable premium for a statutory lease extension? Similar flats in Shillington with an extended lease are worth £191,000. The average or mid-range amount of ground rent is £55 invoiced annually. The lease ends on 21st October 2075
With only 54 years left to run the likely cost is going to range between £32,300 and £37,400 plus professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. Do 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. Neither should you move forward based on this information without first getting professional advice.
I am soon to complete buying a property in Shillington but as a result of damage from the recent storms I have negotiated compensation from the vendor of £3k taking the form of a reduction in the price. I had intended this to be addressed as part of the conveyancing process yet my lender will not agree to this. Should they have been informed?
Any solicitor being on a mortgage company conveyancing panel is required to inform the mortgage company of any changes to the sale price. If you did not allow your conveyancing practitioner to disclose the reduction to your lender then they would have to disinstructing themselves from representing you and the mortgage company.