I was notified today by my broker that my Marlborough solicitor is not on the lender Solicitor panel. How can I be certain that this is indeed the case?
Your first step should be to contact your Marlborough conveyancer. It is reasonable to expect your lawyer to notify you of the situation. If they are not on the panel they could put your in touch with solicitors on the conveyancing panel for your mortgage company.
My wife and I have recently purchased a property in Marlborough. We have since encountered a number of issues with the property which we suspect were omitted in the conveyancing searches. What action can we take? What searches should? have been ordered as part of conveyancing in Marlborough?
It is not clear from the question as what problems have arisen and if they are specific to conveyancing in Marlborough. Conveyancing searches and due diligence initiated as part of the legal transfer of property are designed to help avoid problems. As part of the legal transfer of property, the vendor fills in a questionnaire called a Seller’s Property Information Form. If the information ends up being misleading, you may have a misrepresentation claim against the seller for any losses that you have suffered. The survey should have identified any problems with the structure of the property. Assuming a detailed survey was carried out and the issues were not identified, you may have a claim against the surveyor. However, if you did not have a full survey, you may be responsible for fixing any defects that have now been noted. We would always encourage buyers to take every possible step to ensure they are completely aware of the condition of a property before purchase regardless of whether they are buying in Marlborough.
I had intended to instruct a conveyancing solicitor in Marlborough for our house purchase. Our broker has since notified us that our mortgage lenders Lloyds TSB Bank won't deal with them. Why is this not regarded as unduly restrictive?
Pre- 2008 most lenders had an appetite for risk which was higher than today. Almost all Marlborough conveyancing firms would have been on many lender panels. The financial services regulator in 2010 conducted a thematic review into mortgage fraud which come to the conclusion: mortgage lenders should know the conveyancing solicitors dealt with. Consequently, lenders have regularly sought more data from law firms about their operations and the individuals who work for them and establishing certain criteria such a completing on a minimum volume of conveyancing. Many Marlborough conveyancing firms that have been excluded from lender panels have a 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Marlborough is one of the hundreds of areas where the conveyancers we list are are approved Lloyds TSB Bank.
Do I choose a Licenced Conveyancer or Solicitor for conveyancing in Marlborough?
There are two types of lawyers who can execute conveyancing in Marlborough namely licenced conveyancers or solicitors. The two can provide the legal services that required to complete the sale or acquisition of property. They are both required to execute Marlborough conveyancing to the same standards and guidelines so you may be safe in the knowledge that your conveyancing will be properly administered and that all necessary steps will be suitably adhered to.
We are getting a further advance on our mortgage from Barclays as we wish to carry out a loft conversion to our property in Marlborough. Are we obliged to choose a nearby Marlborough solicitor on the Barclays conveyancing panel to handle the paperwork?
Barclays do not ordinarily require a member of their approved list of lawyers to deal with the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Barclays conveyancing panel.
I've read lots of mortgage guides, I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my local Marlborough solicitor - who is on the Leeds Building Society conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
Leeds Building Society will need an independent valuation of the property. Your lawyer will not arrange this. Usually Leeds Building Society will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Marlborough surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
Estate agents have just been given the go-ahead to market my basement apartment in Marlborough. Conveyancing solicitors are to be appointed soon, however I have recently had a yearly maintenance charge invoice – should I leave it to the buyer to sort out?
The sensible thing to do is clear the maintenance contribution as you normally would as all rents and service payments will be allotted on completion, so you should recover the relevant percentage by the buyer 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 1st floor flat in Marlborough, conveyancing was carried out half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Comparable properties in Marlborough with an extended lease are worth £201,000. The ground rent is £45 charged once a year. The lease expires on 21st October 2083
With 64 years left to run the likely cost is going to be between £14,300 and £16,400 as well as costs.
The figure above a general guide to costs for extending a lease, but we are not able to supply a more accurate figure without more detailed investigations. You should 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 take any other action placing reliance on this information without first seeking the advice of a professional.