We are purchasing a 3 bedroom flat in Farnham Royal with a mortgage. We have a Farnham Royal lawyer, but the bank says he's not on their "panel". We have to appoint one of the bank panel firms or keep our Farnham Royal lawyer and pay for one of their panel firms to act for them. We regard this is inequitable; is there anything we can do?
No, not really. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the lender’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. A further alternative is for your Farnham Royal conveyancing solicitor to apply to be on the conveyancing panel.
I happen to be the single beneficiary of my late father’s estate with all property in now in my sole name, including the my former home in Farnham Royal. The Farnham Royal property was put into my name in August. I now wish to sell up. I understand that there is a Mortgage Lenders 6 month 'rule', meaning my property ownership could be considered the same way as though I had purchased the property in August. Do I have to wait half a year to sell?
The CML handbook obliges conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you may be caught by that. Some lenders would take a practical view as this requirement is chiefly there to pick up on the purchase and immediately sell or the flipping of property.
Can I be sure that the Farnham Royal conveyancing solicitor on the Clydesdale panel is any good?
When it comes to conveyancing in Farnham Royal seeking recommendations is a sensible start. 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 advertising the lowest fees. We would always advocate that you speak with the solicitor conducting your transaction.
The formalities of my purchase has taken place for my property in Farnham Royal. 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?
Almost all banks and building societies have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Care Department at head office. Ordinarily complaints to a lender are sorted out very quickly. If you feel the matter is not resolved you can write to Financial Ombudsman Service who will take matters further.
Do I need to be suspicious that brokers that I am dealing with are suggesting a nationwide conveyancing firm as opposed to a High Street Farnham Royal conveyancing firm?
As with many service providers, often input from connections can be extremely useful or valuable. Nevertheless there are numerous parties with a keen interest in a conveyancing deal; estate agents, mortgage brokers and mortgage companies may suggest solicitors to retain. On occasion these conveyancers might be known to one of the organisations as experts in their field, but sometimes there might be a financial incentive behind the recommendation. You are at liberty to appoint your own lawyer. You need to be aware that the majority of lenders have an approved list of law firms you have to use for the mortgage related work in your conveyancing.
My husband and I are first time buyers - had an offer accepted, but the property agent informed us that the seller will only proceed if we use the agent's preferred solicitors as they are insisting on an ‘expedited deal’. Our preferred option is to instruct a local conveyancer accustomed to conveyancing in Farnham Royal
We suspect that the seller is unaware of this request. Should the seller want ‘a quick sale', alienating a motivated buyer is not the way to achieve this. Bypass the agents and go straight to the owners and make sure they understand (a)you are serious purchasers (b)you are ready to go, with mortgage lined up © you have nothing to sell (d) you wish to move quickly (e)but you intend to instruct your own,trusted Farnham Royal conveyancing firm - not the ones that will earn the estate agent a kickback or achieve conveyancing figures pre-set by head office.
When it comes to leasehold conveyancing in Farnham Royal what are the most frequent lease defects?
There is nothing unique about leasehold conveyancing in Farnham Royal. Most leases are unique and legal mistakes in the legal wording can result in certain clauses are erroneous. For example, if your lease is missing any of the following, it could be defective:
A duty to insure the building
A defective lease will likely cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Yorkshire Building Society, Bank of Scotland, and Clydesdale all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, forcing the purchaser to withdraw.
I acquired a leasehold flat in Farnham Royal, conveyancing was carried out half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent flats in Farnham Royal with an extended lease are worth £190,000. The average or mid-range amount of ground rent is £45 yearly. The lease ends on 21st October 2083
With just 62 years unexpired we estimate the premium for your lease extension to span between £17,100 and £19,800 as well as legals.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to supply the actual costs in the absence of comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you move forward based on this information without first seeking the advice of a professional.