I can't travel far from St Neots. Please clarify why all St Neots property lawyers are not on all mortgage company panels?
Banks point to the fact that solicitor-led fraud is thought to be responsible for millions of pounds of fraud annually.The dismissal of law firms from lender panels started with the rise in mortgage fraud, which prompted a thematic review by the FSA in 2011. Its conclusions included recommendations for mortgage companies to review their conveyancing panels, which kicked off a major policy change in the sector. It led to lenders pruning less reputable firms from their official list of approved conveyancing practitioners .
is it true that all St Neots solicitors on the Lloyds conveyancing panel are overseen by the SRA?
As solicitors, in order to be on the Lloyds conveyancing panel they would need to be governed by the Solicitors Regulatory Authority. Some banks do permit licenced conveyancers on their panel in which case such organisation would be overseen by the CLC.
My wife and I have organised the release of further funds on our mortgage from Leeds Building Society as we want to carry out alterations to our house in St Neots. Are we obliged to select a high street St Neots solicitor on the Leeds Building Society conveyancing panel to handle the legals?
Leeds Building Society do not ordinarily instruct firms on their approved list of lawyers to handle the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Leeds Building Society list.
Completion of my remortgage has taken place for my property in St Neots. Conveyancing was satisfactory but I would like to complain about the lender. How does one go about formally complaining?
All banks and building societies have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Services Department at head office. In most cases complaints to a lender are sorted out very quickly. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR who will take matters further.
I opted to have a survey carried out on a property in St Neots prior to instructing solicitors. I have been informed that there is a flying freehold element to the property. My surveyor has said that some lenders may refuse to issue a loan on such a premises.
It varies from the lender to lender. HSBC has different instructions for example to Birmingham Midshires. If you contact us we can check with the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in St Neots. Conveyancing will be smoother if you use a solicitor in St Neots especially if they are familiar with such properties in St Neots.
Am I right to be wary about third parties that I am dealing with are suggesting a factory type conveyancing firm rather than a local St Neots conveyancing firm?
As with lots of service providers, often input from connections can be worth their weight in gold. But there are numerous players in a conveyancing transaction; estate agents, mortgage brokers and mortgage companies might all suggest solicitors to choose. On occasion the solicitors might be known to one of the organisations as experts in their field, but occasionally there might be a financial incentive behind the endorsement. You have the right to choose your own lawyer. However, bear in mind that most banks specify a panel list of solicitors you have to use for the lender related work in your transaction.
I am tempted by the attractive purchase price for a couple of maisonettes in St Neots both have in the region of 50 years remaining on the leases. Should I regard a short lease as a deal breaker?
A lease is a right to use the premises for a period of time. As a lease gets shorter the value of the lease deteriorates and results in it becoming more expensive to acquire a lease extension. This is why it is often a good idea to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease as mortgage lenders less inclined to grant a loan on such properties. Lease enfranchisement can be a difficult process. We advise that you get professional assistance from a solicitor and surveyor with experience in this field.
I inherited a split level flat in St Neots, conveyancing having been completed half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Equivalent properties in St Neots with a long lease are worth £179,000. The ground rent is £65 invoiced every year. The lease expires on 21st October 2083
With 57 years left to run we estimate the price of your lease extension to be between £26,600 and £30,800 plus professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to provide a more accurate figure in the absence of comprehensive due diligence. Do not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before seeking the advice of a professional.
Estate agents have just been given the go-ahead to market my garden apartment in St Neots.Conveyancing is yet to be initiated but I have recently had a quarterly maintenance charge invoice – Do I pay up?
Your conveyancing lawyer is likely to suggest that you should pay the service charge as you normally would as all ground rent and service payments should be allottedas part of the financial calculations for completion monies, so you should recover the relevant percentage by the purchaser for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially