Me and my partner are purchasing a 2 bedroom apartment in Bristol with a mortgage. We like our Bristol conveyancer, but the lender says she’s not on their "panel". We have to appoint one of the bank panel conveyancing practices or keep our Bristol lawyer and pay for one of their panel ones to act for them. This feels very unfair; is there anything we can do?
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 Bristol conveyancing solicitor to apply to be on the conveyancing panel.
I am purchasing a new build flat in Bristol. Can I do my own conveyancing?
Leaving aside the complexities and merits of DIY conveyancing in Bristol you will have to appoint a solicitor on your bank's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Bristol.
I'm purchasing a new build house in Bristol with a loan from Britannia. The builders would not reduce the amount so I negotiated 6k of additionals instead. The estate agent suggested that I not to tell my solicitor about the side-deal as it could jeopardize my mortgage with Britannia. Is this normal?.
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 encouragement of my in-laws I had a survey completed on a house in Bristol in advance of appointing solicitors. I have been advised that there is a flying freehold element to the house. Our surveyor has said that some mortgage companies tend refuse to grant a mortgage on such a premises.
It varies from the lender to lender. Lloyds has different requirements for example to Birmingham Midshires. If you e-mail 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 Bristol. Conveyancing may be slightly more expensive based on your lender's requirements.
I am hoping to put an offer on a small detached house that seems to tick a lot of boxes, at a great figure which is making it all the more appealing. I have subsequently found out that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns buying a house with a leasehold title in Bristol. Conveyancing lawyers have are about to be appointed. Will my lawyers set out the risks of buying a leasehold house in Bristol ?
The majority of houses in Bristol are freehold and not leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area who can assist with the conveyancing process. We note that you are purchasing in Bristol in which case you should be looking for a Bristol conveyancing practitioner and be sure that they have experience in advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a tenant you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example obtaining the landlord’sconsent to carry out alterations. It may be necessary to pay a service charge towards the upkeep of the estate where the property is part of an estate. Your conveyancer will report to you on the legal implications.
I am the registered owner of a leasehold flat in Bristol, conveyancing having been completed 7 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent properties in Bristol with over 90 years remaining are worth £190,000. The ground rent is £65 per annum. The lease expires on 21st October 2079
With only 61 years unexpired the likely cost is going to span between £19,000 and £22,000 as well as professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first getting professional advice.