I am buying a maisonette in Abingdon. My Solicitor has never been on on the bank approved panel. Can I still appoint my Abingdon conveyancing solicitor even though they are excluded from the lender list of approved lawyers?
You have a couple of options open to you here
- Carry on with your chosen Abingdon conveyancer but your bank will undoubtedly retain a conveyancer from their conveyancing panel. The net result is additional cost together with likely delay.
- Appoint a new solicitor to conduct the conveyancing, making sure they are on the bank conveyancing panel.
- Convince your conveyancer to do everything within their powers to join the mortgage company conveyancing panel
My lawyer has uncovered a defect with the lease for the property we are buying in Abingdon. The other side have put forward title insurance as a solution. We are content with insurance and will pay for it. Our conveyancing practitioner says that he must be satisfied that the mortgage company is content with this solution. Are we the client or is the mortgage company ?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the bank are the client. Your conveyancer must comply with the UK Finance Lenders’ Handbook provisions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the lender can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your conveyancing practitioner will have no choice but to discontinue acting for you.
The estate agent has sent us the confirmation of our purchase of a new build apartment in Abingdon. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Here is a sample of a few leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Abingdon
Please supply a car parking plan. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided.
Is it simple use the search app to select a conveyancing lawyer in Abingdon on the approved list for my mortgage?
First select a bank such as Lloyds TSB Bank, Barnsley Building Society or Britannia then specify your location a common one being Abingdon. Conveyancing practices in Abingdon and further afield should be shown.
I am on look out for some leasehold conveyancing in Abingdon. Before diving in I want to be sure as to the remaining lease term.
Assuming the lease is registered - and almost all are in Abingdon - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I invested in buying a studio flat in Abingdon, conveyancing having been completed in 2002. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding properties in Abingdon with over 90 years remaining are worth £190,000. The average or mid-range amount of ground rent is £65 per annum. The lease expires on 21st October 2080
With just 61 years remaining on your lease we estimate the premium for your lease extension to range between £19,000 and £22,000 plus professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. You should not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first getting professional advice.