We are purchasing a 2 bedroom apartment in Long Buckby with a mortgage. We wish to retain our Long Buckby solicitor, however the mortgage company says she’s not on their "panel". It seems we have little option but to select one of the lender panel solicitors or retain our Long Buckby solicitor and pay for one of their panel ones to act for them. This seems very unfair; is there anything we can do?
No, not really. The mortgage offered to you 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 Long Buckby conveyancing solicitor to apply to be on the conveyancing panel.
My partner and I are approaching an exchange on a property in Long Buckby and my mum and dad have sent the exchange deposit to my conveyancing practitioner. I am now informed that as the deposit has not come from me my lawyer needs to make a notification to my lender. Apparently, in also acting for the lender he must advise them that the balance of the purchase price is not just from me. I disclosed to the mortgage company regarding my parents' contribution when I applied for the home loan, so is it really appropriate for this now to hold matters up?
The lawyer is legally required to clarify with mortgage company to make sure that they know that the balance of the purchase price is not from your own funds. The solicitor can only reveal this to your lender if you permit them to, failing which, your lawyer must cease to continue acting.
How does conveyancing in Long Buckby differ for new build properties?
Most buyers of new build premises in Long Buckby contact us having been asked by the developer to exchange contracts and commit to the purchase even before the residence is finished. This is because new home sellers in Long Buckby usually purchase the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Long Buckby or who has acted in the same development.
There are only 72 years left on my flat in Long Buckby. I now want to extend my lease but my freeholder is can not be found. What are my options?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the Court. However, you will be required to demonstrate that you or your lawyers have used your best endeavours to track down the landlord. For most situations an enquiry agent should be useful to try and locate and to produce a report to be used as evidence that the freeholder can not be located. It is wise to seek advice from a conveyancer in relation to investigating the landlord’s absence and the vesting order request to the County Court covering Long Buckby.
I invested in buying a ground floor flat in Long Buckby, conveyancing having been completed July 1999. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent flats in Long Buckby with over 90 years remaining are worth £191,000. The ground rent is £55 invoiced annually. The lease terminates on 21st October 2072
With just 53 years remaining on your lease we estimate the premium for your lease extension to be between £27,600 and £31,800 as well as professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to provide the actual costs without more comprehensive investigations. You should not use the figures in tribunal or court proceedings. There may be other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first getting professional advice.
Do I have to pop into the offices of the mortgage company conveyancing panel solicitor to sign the legal charge? If so, I will appoint a lawyer who conducts conveyancing in Long Buckby as it will be easier to pop in to their offices if required.
As opposed to ten years ago, most lenders no longer require their conveyancing panel solicitor to witness the borrowers signature. You will still be obliged to provide ID Documents and there are still distinct advantages to using a local solicitor, in your case a conveyancing solicitor in Long Buckby.