We are buying a 2 bedroom flat in Walton with a mortgage. We have a Walton lawyer, but the bank says she’s not on their "panel". It seems we have no choice but to appoint one of the bank panel conveyancing practices or keep our Walton conveyancing practitioner and pay for one of their panel firms to represent them. This seems very unfair; are we not able to demand that the mortgage company use our Walton lawyer ?
No, not really. 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 Walton conveyancing lawyer to apply to be on the conveyancing panel.
My wife and I have recently appointed a conveyancing solicitor in Walton. I I am struggling to find out if they are accepted on the Godiva Mortgages Ltd approved list of lawyers. Can you help?
The first thing you should do is e-mail your lawyer and enquire if they can act for the bank. Alternatively please get in touch with Godiva Mortgages Ltd who may be able to assist.
I'm purchasing my first flat in Walton with the aid of help to buy. The builders would not reduce the amount so I negotiated £7000 of additionals instead. The estate agent advised me not disclose to my lawyer about this deal as it may impact my mortgage with the bank. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer 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.
Due to the input of my in-laws I had a survey completed on a property in Walton before retaining conveyancers. I have been advised that there is a flying freehold aspect to the property. Our surveyor has said that some banks may refuse to grant a mortgage on such a property.
It depends who your proposed lender is. HSBC has different requirements for example to Nationwide. If you call us we can investigate further with the relevant lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Walton. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Walton to see if the conveyancing costs will increase in light of this.
Is it best to go with a Walton conveyancing lawyer in close proximity to the house I am hoping to buy? An old friend can execute the legal work however they are based over three hundred miles away.
The primary upside of using a local Walton conveyancing practice is that you can drop in to sign documents, deliver your identification documents and apply pressure on them if necessary. Having local Walton know how is a bonus. However nothing is more important than finding someone that will pull out all the stops for you. If if people you trust instructed your friend and in the main were happy that should trump using an unknown Walton conveyancing solicitor just because they are Walton based.
I today plan to offer on a house that appears to meet my requirements, at a great price which is making it all the more appealing. I have just found out that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in Walton. Conveyancing solicitors have not yet been instructed. Will my lawyers set out the risks of buying a leasehold house in Walton ?
The majority of houses in Walton are freehold and not leasehold. This is one of the situations where having a local solicitor who is familiar with the area who can help the conveyancing process. it is apparent that you are purchasing in Walton in which case you should be shopping around for a Walton conveyancing practitioner and check that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a lessee you will not be entirely free to do whatever you want with the house. The lease will likely included provisions for example obtaining the freeholder’spermission to conduct changes to the property. It may be necessary to pay a service charge towards the maintenance of the estate where the house is located on an estate. Your conveyancer should report to you on the legal implications.
Having spent months of correspondence we cannot agree with our landlord on how much the lease extension should cost for our flat in Walton. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Most definitely. We are happy to put you in touch with a Walton conveyancing firm who can help.
An example of a Lease Extension decision for a Walton property is 147 Redford Close in June 2012. The Tribunal determined the lease extension premium to be at £4,200 This case was in relation to 1 flat. The unexpired term was 82.93 years.