Much to our surprise we have been advised by our lender that my Studley solicitor is not on the mortgage company Solicitor panel. How can I check?
The best course of action for you to take is to call your Studley lawyer directly. You lawyer should notify you of the situation. If they are not on the panel they may be able to suggest a Studley conveyancing practice that is on the approved list of lawyers for your lender.
Please explain the implications if my solicitor is removed from the Yorkshire BS Solicitor panel ahead of completing my conveyancing in Studley?
First, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
Is there a list of Yorkshire BS panel solicitors in Studley on the UK Finance Lenders’ Handbook Website?
No. There is no such facility on the Council of Mortgage Lenders or Building Society Association sites. Very few lending institutions make their panel listings viewable online. If you are in need of a Studley conveyancing practitioner on the Yorkshire BS please make the most of our tool.
Two weeks ago we had a mortgage agreed in principle with Virgin Money. Studley conveyancing practitioners have been selected. How long does it take for Virgin Money to forward the offer to the conveyancing practitioner?
Some lenders take longer than others. Have Virgin Money conducted the survey? Have you informed Virgin Money as to your lawyers' details and checked that your lawyers are on the Virgin Money conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
It is not clear whether my bank obliges me to make sure the lease term for the flat is extended prior to the completion date. I have telephoned my Studley building society branch on various occasions and was told they are content with the situation and they will lend. My Studley conveyancing solicitor - who is on the bank conveyancing panel- called to say that they will not lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. I have no idea who is right.
The property lawyer has to comply with the CML Handbook section two requirements for your lender. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
Hoping to buy a property located in Studley and I am already nervous. I couldn't find anything specific about Studley. Conveyancing will be needed in due course but do you know about the Studley area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Studley. In the meantime here are some basic statistics that we found
Are there frequently found defects that you witness in leases for Studley properties?
Leasehold conveyancing in Studley is not unique. All leases are unique and legal mistakes in the legal wording can result in certain sections are wrong. The following missing provisions could result in a defective lease:
-
Insurance obligations
You may encounter difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Lloyds TSB Bank, Coventry Building Society, and Nottingham Building Society all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, forcing the buyer to withdraw.
I am the registered owner of a ground floor flat in Studley, conveyancing having been completed half a dozen years ago. How much will my lease extension cost? Comparable properties in Studley with an extended lease are worth £191,000. The average or mid-range amount of ground rent is £55 per annum. The lease expires on 21st October 2079
With only 53 years remaining on your lease we estimate the price of your lease extension to range between £27,600 and £31,800 as well as professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first getting professional advice.
When it comes to my conveyancing in Studley should I be charged VAT on the following: (1) Land reg fee on purchase (2) Pre - completion search fee (3) SDLT E submission on purchase (4) Bank TT fee
(1) Land reg fee on purchase - No (2) Pre - completion search fees -No, (such conveyancing searches are HMLR ones and means £4 and possibly £2 bankruptcy per name on your mortgage) (3) SDLT E submission on your purchase - There is no VAT on Stamp Duty. However if the firm is charging a stamp duty e-submission fee as part of their services - some Studley conveyancers do - that will incur VAT(4) Bank transfer fee - Yes it is for the conveyancing practitioner's time in submitting the funds this way.