We are buying a purpose built apartment in Caldicot with a loan from Virgin Money.We would like to retain our Caldicot conveyancing solicitor but Virgin Money advised that he's not listed on their "panel". We have to appoint a Virgin Money panel lawyer or keep our local solicitor and pay for one of their panel ones to act for them. This seems very unfair; is there anything we can do?
Unfortunately,no. The mortgage issued to you contains terms and conditions, a common one being that lawyers needs to be on the Virgin Money approved list. Until recently, most mortgage companies had large numbers of solicitors on their panels: a borrower could find 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 solicitors to apply to be on the conveyancing panel for Virgin Money
How does conveyancing in Caldicot differ for newly converted properties?
Most buyers of new build or newly converted property in Caldicot come to us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the property is finished. This is because builders in Caldicot usually buy the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Caldicot or who has acted in the same development.
I have been on the look out for a flat up to £195,000 and found one near me in Caldicot I like with a park and transport links in the vicinity, however it's only got 61 years unexpired on the lease. There is not much else in Caldicot for this price, so just wondered if I would be making a mistake acquiring a lease with such few years left?
If you need a mortgage that many years will likely be a potential deal breaker. Reduce the offer by the expected lease extension will cost if not already taken into account. If the current owner has owned the premises for at least 2 years you may ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this.
My business partner and I are wishing to lease a unit on a shopping parade. Can you recommend conveyancers offering no-sale-no charges for commercial conveyancing in Caldicot for less than 1500k?
We can recommend firms who host a wealth of experience of commercial conveyancing in Caldicot, including the sale and purchase of businesses as well as simply premises. If you are hoping to acquire or sell a shop, pub, restaurant, office, retail premises or a whole business we can find you the right firm. Regarding the fees this will depend on the structure and complexity of the deal. Please provide us with your contact information or telephone so as to enable us to supply you with comprehensive commercial conveyancing calculation.
Me and my husband have just had an offer accepted on a apartment and had an appointment on Wednesday with Leeds Building Society for the mortgage. They have informed us that when it comes to choosing a property lawyer that if they are not on their approved panel of property lawyers then we will incur an additional fee of £250+. This is is due to the fact that they will then have to select a conveyancer to act on their behalf in addition to the one we select for ourselves and we assume responsibility for their costs. I have requested Leeds Building Society to provide me with a list so I can obtain quotes only from their approved conveyancers but was told they dont have such a list to hand over. Is there a simple way of finding out who is on a lender panel?
Ask Leeds Building Society what their panel criteria is for a solicitor.Thereafter ask the lawyer of your choice whether they fit that criteria and have they acted on mortgages for Leeds Building Society previously. Where the answer to those is yes, then just clarify this with Leeds Building Society. Alternatively please utilise our search facility and we may be able to find you a conveyancer in Caldicot on the panel for Leeds Building Society.