I am 3 weeks into the sale of my apartment in Charlbury and the estate agent has just called to say that the purchasers are appointing a new property lawyer. The excuse is that the bank will only deal with property lawyers on their approved list. Why would a big named lender only work with specific lawyers rather the firm that they want to select to handle their conveyancing in Charlbury ?
Mortgage companies have always had panels of law firms that can act for them, but in the past few years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.
Mortgage companies blame a rise in fraud as the reason for the pruning – criteria have been tightened as a smaller panel is easier to monitor. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is hearing daily from firms that have been removed from panels. Plenty of firms are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your buyers are unlikely to have any impact on this.
When it comes to lenders such as Principality, do Charlbury solicitors incur a fee to be on the conveyancing panel?
We are unaware of any bank fees to register on their list of approved firms, although some do charge an administration charge to deal with the processing of the conveyancing panel application.
We have a mortgage agreed in principle with Yorkshire BS. Charlbury conveyancing lawyers are selected. What is the average time that one could expect to receive a mortgage offer from Yorkshire BS?
There is no definitive answer here. Have Yorkshire BS conducted the survey? Have you informed Yorkshire BS as to your lawyers' details and checked that your lawyers are on the Yorkshire BS conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
UBS have agreed my home loan in principle, my offer on a apartment in Charlbury has been agreed to, what are the next steps?
Your estate agent will want to know who your solicitors are (ensure that the conveyancing practitioners are on the lender’s approved list). Call up UBS or your broker and finish off any appropriate documentation. UBS will instruct a valuer who will get in touch with the selling agent or vendor to book a slot for the valuation to happen. Once conducted (assuming no problems) it takes approximately a fortnight for the mortgage offer to be issued. UBS will issue the offer to you and your conveyancers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Charlbury.
five months have gone by since my purchase conveyancing in Charlbury took place. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Over the last few months I have been searching for a leasehold apartment up to £245,000 and found one round the corner in Charlbury I like with amenity areas and railway links in the vicinity, however it's only got 51 remaining years left on the lease. There is not much else in Charlbury in this price bracket, so just wondered if I would be making a grave error buying a short lease?
If you need a home loan the remaining unexpired lease term will likely be a potential deal breaker. Reduce the price by the anticipated lease extension will cost if not already taken into account. If the current proprietor has owned the premises for at least twenty four months you could ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should speak to your conveyancing lawyer about this.
I've recently bought a leasehold house in Charlbury. Am I liable to pay service charges for periods before my ownership?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I own a 1 bedroom flat in Charlbury, conveyancing formalities finalised July 2000. How much will my lease extension cost? Comparable flats in Charlbury with a long lease are worth £190,000. The ground rent is £65 invoiced annually. The lease finishes on 21st October 2080
You have 61 years remaining on your lease we estimate the price of your lease extension 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 are not able to provide a more accurate figure in the absence of comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first seeking the advice of a professional.