My wife and I are buying a 1 bedroom flat in Cranham with a mortgage. We have a Cranham conveyancer, however the mortgage company advise she’s not on their "panel". We have to appoint one of the mortgage company panel conveyancing practices or continue with our Cranham lawyer and pay for one of their panel ones to represent them. This feels very unfair; can we not require that the bank use our Cranham property lawyer ?
No, not really. Your mortgage offer 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 Cranham conveyancing solicitor to apply to be on the conveyancing panel.
Why is leasehold purchase conveyancing in Cranham is more expensive?
Cranham leasehold properties involve far more paperwork than a freehold purchase, and therefore takes more time to examine and advise upon.Conveyancing will involve the lease having to be checked which is usually a lengthy document, queries raised to ensure that the covenants and conditions have been observed. If it is a flat there will be a management company in existence and the accounts of this will need to be checked and enquiries raised to ensure it is operating efficiently and that all monies due have been paid by the Seller to the company and if not ensuring that money is paid up to date or the appropriate undertakings obtained.
I am purchasing a property in Cranham. A rare aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Santander be concerned?
As you are obtaining a mortgage with Santander your lawyer must check the formal requirements outlined in Part two of UK Finance Lenders’ Handbook for Santander. The Council of Mortgage Lenders’ Handbook includes minimum requirements for solar panel roof-space leases, and conveyancers are required to report to Santander where a lease does not meet these conditions. The conditions relate to the installation of panels on properties in England and Wales and is not limited to Cranham.
I am selling my house. I had a double glazing fitted in April 2008, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s lender, Nottingham are being a right pain. The Cranham solicitor who is on the Nottingham conveyancing panel is recommending indemnity insurance as a solution but Nottingham are insisting on a building regulation certificate. Why do Nottingham have a conveyancing panel if they don't accept advice from them?
It is probably the case that Nottingham have referred the matter to their valuer. The reason why Nottingham may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
I was told four weeks ago that my mortgage has been agreed to by Nottingham. Is it usual for Nottingham to only issue the offer once my solicitor in Cranham is approved on their conveyancing panel? Nottingham have asked my solicitor to see a copy of their Professional Indemnity Insurance Schedule.
A lender would not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Nottingham to deal with your lawyer's application to be on the Nottingham conveyancing panel. There's no guarantee that your solicitor will be accepted.
Various web forums that I have come across warn that are the number one reason for obstruction in Cranham house deals. Is this right?
The Council of Property Search Organisations (CoPSO) released findings of research by MoveWithUs that conveyancing searches do not figure amongst the top 10 causes of delays in the conveyancing process. Searches are unlikely to feature in any slowing down conveyancing in Cranham.
I am looking for a leasehold apartment up to £245,000 and identified one close by in Cranham I like with amenity areas and railway links in the vicinity, however it's only got 51 years unexpired on the lease. There is not much else in Cranham in this price bracket, so just wondered if I would be making a mistake acquiring a lease with such few years left?
Should you require a home loan that many years will be problematic. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for at least 2 years you may request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should speak to your conveyancing lawyer about this matter.