We are purchasing a 2 bedroom flat in Maryport with a mortgage. We have a Maryport solicitor, but the mortgage company says he's not on their "panel". We have to appoint one of the lender panel conveyancing practices or continue with our Maryport conveyancer and pay for one of their panel lawyers to represent them. This seems very unfair; is there anything we can do?
Unfortunately,no. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the bank’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 Maryport conveyancing lawyer to apply to be on the conveyancing panel.
We're in Maryport, FTBs purchasing with a mortgage (lender is Aldermore , and our solicitor is on the Aldermore conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Aldermore conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
I'm purchasing a new build house in Maryport with a loan from Britannia. The sellers would not budge the amount so I negotiated 6k of additionals instead. The estate agent advised me not to tell my lawyer about the extras as it will adversely affect my loan with Britannia. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
My brother has recommend that I instruct his conveyancers in Maryport. Should I choose my own conveyancer?
No doubt the best way to find a conveyancing practitioner is to get recommendations from friends or family who have experience in using the solicitor you're are thinking of instructing.
Are there common defects that you come across in leases for Maryport properties?
There is nothing unique about leasehold conveyancing in Maryport. Most leases are unique and drafting errors can result in certain provisions are not included. The following missing provisions could result in a defective lease:
Clauses dealing with recovering service charges for expenditure on the building or common parts.
You will encounter a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Santander, Bank of Scotland, and Aldermore all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, forcing the buyer to withdraw.
I invested in buying a 1 bedroom flat in Maryport, conveyancing was carried out 8 years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Similar properties in Maryport with over 90 years remaining are worth £197,000. The ground rent is £55 yearly. The lease comes to an end on 21st October 2079
You have 55 years left to run we estimate the premium for your lease extension to be between £31,400 and £36,200 as well as legals.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first seeking the advice of a professional.