My wife and I are buying a 3 bedroom apartment in Looe with a mortgage. We would like to retain our Looe conveyancer, but the mortgage company says she’s not on their "panel". We have to appoint one of the mortgage company panel conveyancing practices or retain our Looe conveyancer and pay for one of their panel ones to represent them. We consider that this is unjust; 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 Looe conveyancing lawyer to apply to be on the conveyancing panel.
Am I right to be wary that third parties that I am dealing with are suggesting a factory type conveyancing firm as opposed to a High Street Looe conveyancing practice?
As is the case with lots of professional services, often recommendations from connections can be extremely useful or valuable. But there are many players in a conveyancing deal; estate agents, mortgage brokers and mortgage companies may recommend conveyancers to choose. Sometimes the lawyers might be known to one of the organisations as being good in their field, but occasionally there behind the scenes financial incentive behind the recommendation. You are free to appoint your own conveyancer. You need to be aware that the majority of banks specify a panel list of conveyancers you are obliged to use for the mortgage related work in your transaction.
In my capacity as executor for the will of my grandmother I am selling a residence in Cardiff but reside in Looe. My conveyancer (approximately 200 kilometers awayrequires that I execute a stat dec prior to the transaction finalising. Could you suggest a conveyancing solicitor in Looe who can attest and place their company stamp on the document?
Technically speaking you are not likely to need to have the documents attested by a conveyancing solicitor. Normally or notary public or solicitor will do regardless of whether they are located in Looe
Do you have any top tips for leasehold conveyancing in Looe from the perspective of expediting the sale process?
- A significant proportion of the delay in leasehold conveyancing in Looe can be reduced where you get in touch lawyers the minute your agents start marketing the property and ask them to put together the leasehold information which will be required by the purchasers’ conveyancers. In the event that you altered the property did you need the Landlord’s permission? In particular have you installed wooden flooring? Most leases in Looe state that internal structural changes or installing wooden flooring calls for a licence issued by the Landlord approving such alterations. If you fail to have the paperwork to hand you should not contact the landlord without checking with your conveyancer in the first instance. You may think that you are aware of the number of years remaining on your lease but it would be wise to double-check via your solicitors. A purchaser's lawyer will be unlikely to recommend their client to to exchange contracts if the lease term is less than 80 years. In the circumstances it is important at an as soon as possible that you consider whether the lease requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale. Many freeholders or managing agents in Looe charge for supplying management packs for a leasehold home. You or your lawyers should enquire as to the fee that they propose to charge. The management information can be applied for on or before finding a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most frequent reason for frustration in leasehold conveyancing in Looe. A minority of Looe leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, you should notify your estate agents to make sure that the purchasers put in hand bank and professional references. Any bank reference will need to confirm that the buyers are able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their lawyers.
I invested in buying a garden flat in Looe, conveyancing was carried out 6 years ago. Can you give me give me an indication of the likely cost of a lease extension? Similar flats in Looe with a long lease are worth £227,000. The ground rent is £50 levied per year. The lease ends on 21st October 2091
With just 72 years remaining on your lease we estimate the premium for your lease extension to span between £9,500 and £11,000 plus legals.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to supply the actual costs without more comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information before getting professional advice.
Do online conveyancing organisations cover everything a local Looe solicitor does or do I still need to retain a solicitor for the final stages for my conveyancing in Looe?
If you instruct an online conveyancer they should cover all the things your Looe solicitor would cover.