I am hoping to receive a mortgage offer from Nat West. My intention is to employ the services of a Licensed Conveyancer in Cheddar. Does the Nat West Solicitor panel include Licensed Conveyancers?
The Nat West approved solicitor list is, like many other lenders, associated to the Council or Mortgage Lenders or Building Society Association, open to Licensed Conveyancers regulated by the CLC.
The Cheddar conveyancing firm handling our Cheddar conveyancing has identified a difference when comparing the information in the home valuation survey and what is revealed within the conveyancing documents. My lawyer says that he must ensure that the lender is happy with this discrepancy and is still content to lend. Is my lawyer’s stance right?
Your conveyancing practitioner must comply with the UK Finance Lenders’ Handbook specifications which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
is it true that all Cheddar solicitor practices on the RBS conveyancing panel are governed by the SRA?
As solicitors, in order to be on the RBS conveyancing panel they would need to be governed by the SRA. The majority of mortgage companies do permit licenced conveyancers on their panel in which case such organisation would be overseen by the Council of Licensed Conveyancers.
Can I be sure that the Cheddar conveyancing solicitor on the Santander panel is any good?
When it comes to conveyancing in Cheddar seeking recommendations is a good starting point. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one which is cheap as chips. We would always advise that you speak with the solicitor conducting your conveyancing.
The mortgage over my property is with Santander for my property in Cheddar. Conveyancing was finalised 12 months ago. In the event that I decide to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Santander?
You must advise Santander before renting your property as this is likely to be a breach of Santander’s mortgage conditions. It may be that Santander will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Santander directly. It should not be necessary to do this via a Santander conveyancing panel solicitor.
I've recently bought a leasehold property in Cheddar. Am I liable to pay service charges for periods before completion of my purchase?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure 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 inherited a leasehold flat in Cheddar, conveyancing having been completed in 2005. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Equivalent flats in Cheddar with a long lease are worth £201,000. The average or mid-range amount of ground rent is £45 invoiced every year. The lease comes to an end on 21st October 2083
With only 64 years left to run we estimate the premium for your lease extension to span between £14,300 and £16,400 plus plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. You should not use this information in tribunal or court proceedings. There may be additional 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 placing reliance on this information without first seeking the advice of a professional.
My brother is purchasing a garden flat in Cheddar. He has received an estimate by the conveyancing practitioner recommended by the estate agents totaling £1275 . It was 9 years ago since I sold and purchased a property and the fee was £450. Have costs really increased to that extent?
What does the conveyancing estimate include? Is it just for the legal fees, or what you will be paying in total (for instance Cheddar searches, land registry fees, etc)