My fiance and I are planning to purchase a home in Camelford and have instructed a Camelford conveyancing practice. Within the last couple of days our conveyancer has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Virgin Money have this morning contacted us to inform me that they have now hit a problem as our Camelford conveyancer is not on their approved list of lawyers. Is this a problem?
When purchasing a property with the benefit of a mortgage it is conventional for the purchasers' lawyers to also represent the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your solicitor should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on the bank's conveyancing panel and you may continue to use your own Camelford solicitors, in which case it will likely add costs, and it may delay matters as you have another set of people involved.
My mortgage company has suggested a law firm on their panel based in Camelford but I would rather choose a conveyancing lawyer in Camelford local to me. Can you assist?
It is by no means the case that all Camelford conveyancing firms are approved and listed on all banks conveyancing panel. Use our find an approved solicitor tool to locate a Camelford conveyancing firm on the on the bank panel.
When it comes to mortgage companies such as Clydesdale, do Camelford conveyancing practitioners face an annual charge to be on the list of approved solicitors?
We are unaware of any bank fees to be on their list of approved firms, although some do charge an administration fee to deal with the processing of the conveyancing panel submission.
Completion of my remortgage has taken place for my property in Camelford. Conveyancing was satisfactory but I feel I should register my dissatisfaction about the lender. Who do I contact should I wish to lodge a complaint?
All banks and building societies have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Services Department at head office. In most cases complaints to a lender are sorted out effectively and efficiently. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR who will take matters further.
After what feels like an age I have had an offer on a flat in Camelford accepted, but there is a chain. The vendors have offered on a flat, but it’s not yet agreed to, and are looking at other properties in the pipeline. I have chosen a bricks and mortar conveyancing solicitor in Camelford. What should be my next step? When do I get the mortgage application with UBS going?
It is normal to have apprehensions where there is a chain as you are unlikely to want to incur expenses prematurely (home loan application is approx one thousand pounds, then valuation, Camelford conveyancing search costs, etc). The first thing to do is check that your conveyancing practitioner is on the UBS approved list. Concerning the next phase this very much depends on the specifics of your case, attraction to this property and on the state of the market. During a buoyant market many buyers would apply for a home loan with UBS and arrange for the valuation and only if it comes back ok would they request their conveyancer to move forward with searches.
I have been on the look out for a ground for flat up to £235,500 and identified one near me in Camelford I like with open areas and transport links in the vicinity, however it's only got 51 years on the lease. I can't really find anything else in Camelford for this price, so just wondered if I would be making a grave error purchasing a short lease?
If you require a home loan the remaining unexpired lease term will be a potential deal breaker. Discount the offer by the expected lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for a minimum of twenty four months you can request that they start the process of the extension and then assign it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should speak to your conveyancing solicitor about this matter.
Do you have any advice for leasehold conveyancing in Camelford from the point of view of saving time on the sale process?
- Much of the frustration in leasehold conveyancing in Camelford can be avoided if you appoint lawyers as soon as you market your property and ask them to put together the leasehold documentation needed by the buyers’ solicitors. Some Camelford leases require Licence to Assign from the landlord. If this is the case, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain financial (bank) and professional references. Any bank reference should make it clear that the buyer is able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their lawyers. You may think that you are aware of the number of years remaining on your lease but it would be advisable double-check by asking your conveyancers. A purchaser's lawyer will not be happy to advise their client to where the lease term is under 80 years. It is therefore essential at an early stage that you consider whether the lease term for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale. If you have had conflict with your landlord or managing agents it is very important that these are settled before the property is put on the market. The buyers and their solicitors will be reluctant to purchase a flat where a dispute is unsettled. You may need to swallow your pride and pay any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the purchasers, but it is clearly preferable to present the dispute as historic rather than ongoing.
I invested in buying a studio flat in Camelford, conveyancing formalities finalised half a dozen years ago. How much will my lease extension cost? Comparable flats in Camelford with over 90 years remaining are worth £222,000. The average or mid-range amount of ground rent is £50 levied per year. The lease comes to an end on 21st October 2091
You have 71 years remaining on your lease the likely cost is going to range between £9,500 and £11,000 plus costs.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to supply the actual costs without more detailed 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 you obviously want to be as accurate as possible in your negotiations. Neither should you move forward based on this information before seeking the advice of a professional.