My fiance and I are looking to purchase a flat in Mancot and have instructed a Mancot conveyancing practice. Within the last couple of days our solicitor has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Yorkshire Building Society have this afternoon contacted us to inform me that there is now an issue as our Mancot lawyer is not on their conveyancing panel. Is this a problem?
When purchasing a property with the benefit of a mortgage it is usual for the purchasers' lawyers to also represent the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your solicitor should contact your mortgage company and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You don't have to instruct a firm on the lender’s conveyancing panel as you are at liberty to use your preferred Mancot lawyers, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.
I am buying a right to buy a flat in Mancot. How practical is it for me to do the conveyancing?
Leaving aside the complexities and merits of DIY conveyancing in Mancot you will have to appoint a solicitor on your mortgage company's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Mancot.
This question may be naive but I am new to the home buying as FTB of a garden flat in Mancot. Do I collect the keys to the property on the completion date from my lawyer? If this is the case, I will instruct a High Street conveyancing solicitor in Mancot?
There is no need to visit the lawyers office on the day of completion. Your solicitors will transfer the completion advance to the vendor’s solicitors, and once they have received this, you should be able to pick up the keys from the Estate Agents and start moving into the property. This tends to happen between 1 and 3pm.
I can not work out if my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called into my local Mancot bank branch on various occasions and was advised it wasn't a problem and they would lend. My Mancot conveyancing solicitor - who is on the lender conveyancing panel- telephoned and was told they will not lend in accordance with their specific requirements. Who do I believe?
Your conveyancing practitioner has to follow the CML Handbook Part 2 conditions for your lender. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years remaining.
I am selling my flat. I had a double glazing fitted in February 2010, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s lender, Santander are being pedantic. The Mancot solicitor who is on the Santander conveyancing panel is recommending indemnity insurance as a solution but Santander are requiring a building regulation certificate. Why do Santander have a conveyancing panel if they don't accept advice from them?
It is probably the case that Santander have referred the matter to their valuer. The reason why Santander 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.
Due to the advice of my in-laws I had a survey completed on a property in Mancot ahead of retaining conveyancers. I have been informed that there is a flying freehold aspect to the property. My surveyor advised that some lenders may not issue a loan on this type of home.
It depends who your proposed lender is. HSBC has different instructions for example to Nationwide. Should you wish to telephone us we can look into this further via the relevant bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Mancot. Conveyancing will be smoother if you use a solicitor in Mancot especially if they are familiar with such properties in Mancot.
I have just started marketing my basement apartment in Mancot. Conveyancing lawyers have not yet been instructed, however I have just received a yearly service charge demand – Do I pay up?
The sensible thing to do is pay the maintenance contribution as you normally would because all rents and maintenance invoices will be allotted on completion, so you will be reimbursed by the purchaser for the period running from after the completion date to the subsequent invoice date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I am the registered owner of a 1 bedroom flat in Mancot, conveyancing formalities finalised 8 years ago. Can you work out an approximate cost of a lease extension? Equivalent flats in Mancot with a long lease are worth £185,000. The average or mid-range amount of ground rent is £65 invoiced every year. The lease finishes on 21st October 2080
With just 61 years remaining on your lease we estimate the price of your lease extension to range between £19,000 and £22,000 plus costs.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first seeking the advice of a professional.