We are buying a 3 bedroom flat in Yateley with a mortgage. We like our Yateley solicitor, but the lender says he's not on their "panel". It appears that we have no choice but to select one of the mortgage company panel conveyancing practices or continue with our Yateley conveyancer and pay for one of their panel firms to act for them. This feels very unfair; 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 lender’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 Yateley conveyancing solicitor to apply to be on the conveyancing panel.
Is there a reason why leasehold purchase conveyancing in Yateley is more expensive?
Yateley leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving applicable notices on the Landlord or managing agent, obtaining up-to-date service charge and management information, obtaining Landlord’s consents and reviewing management accounts and formation documents.
Last month we had a mortgage agreed in principle with Co-operative. Yateley conveyancing lawyers were chosen. How long does it take for Co-operative to issue the offer to the lawyer?
There is no definitive answer here. Have Co-operative completed the valuation? Have you informed Co-operative as to your lawyers' details and checked that your lawyers are on the Co-operative conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
Nottingham have agreed my mortgage in principle, my bid on a house in Yateley has been agreed to, what are the next steps?
The estate agent will want to be informed of your solicitor's details (be sure the lawyers are on the lender’s approved list). Telephone Nottingham or your broker and finalise any appropriate paperwork. Nottingham will appoint a valuer who will get in contact with the estate agent or vendor to schedule a time for the valuation to happen. Once carried out (assuming no problems) it takes about a fortnight to get a mortgage offer. Nottingham will issue the offer to you and your property lawyers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Yateley.
My offer on a detached house in Yateley has been agreed to, but there is a chain. The sellers have offered on a property, but it’s not yet agreed to, and are looking at other properties in the pipeline. I have chosen a high street conveyancing solicitor in Yateley. What do I do now? At what point should I apply for the mortgage with Yorkshire BS?
It is usual to have anxieties where there is a chain as you are unlikely to want to incur costs prematurely (mortgage application is approx one thousand pounds, then valuation, Yateley conveyancing search fees, etc). The first thing to do is check that your property lawyer is on the Yorkshire BS approved list. Concerning the subsequent steps this very much dictated by the uniqueness of your transaction, motivation for this property and on the state of the market. In a buoyant market many purchasers will apply for a home loan with Yorkshire BS and arrange for the valuation and only if it was satisfactory would they ask their conveyancing practitioner to proceed with searches.
I'm purchasing a new build house in Yateley with the aid of help to buy. The builders refused to budge the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The property agent told me not inform my conveyancer about this side-deal as it would impact my loan with Accord Mortgages Ltd. 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.
I am looking for a ground for flat up to £235,500 and identified one near me in Yateley I like with a park and transport links in the vicinity, however it's only got 51 remaining years left on the lease. There is not much else in Yateley in this price bracket, so just wondered if I would be making a grave error buying a short lease?
Should you require a home loan the shortness of the lease will likely be an issue. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the existing owner has owned the premises for a minimum of twenty four months you can ask them to start the process of the extension and pass it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should speak to your conveyancing lawyer concerning this matter.
I've found a house that appears to be perfect, at a reasonable price which is making it more attractive. I have just discovered that the title is leasehold as opposed to freehold. I am assuming that there are particular concerns buying a leasehold house in Yateley. Conveyancing advisers have are about to be instructed. Will they explain the issues?
Most houses in Yateley are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. It is clear that you are purchasing in Yateley in which case you should be looking for a Yateley conveyancing practitioner and be sure that they are used to transacting on leasehold houses. First you will need to check the unexpired lease term. As a lessee you will not be at liberty to do whatever you want with the house. The lease will likely included provisions such as obtaining the freeholder’sconsent to carry out changes to the property. It may be necessary to pay a contribution towards the maintenance of the estate where the property is part of an estate. Your conveyancer will advise you fully on all the issues.