I am in the process of selling my maisonette in Meliden and the estate agent has just e-mailed to advise that the buyers are appointing a new law firm. The reason given is that the bank will only deal with property lawyers on their conveyancing panel. Why would a big named lender only deal with certain law firms rather the firm that they want to select to handle their conveyancing in Meliden ?
Lenders have always had an approved set of law firms that can represent them, but in recent years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 25 years.
Lending institutions attribute this action to a rise in fraud by way of justification for the reduction – criteria have been narrowed as a smaller panel is easier to monitor. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels. Plenty of firms do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The buyers are unlikely to have any sway in the decision.
I happen to be the sole recipient of my late mum's will and I have everything in my name alone, including the my former home in Meliden. The Meliden property was put into my name in September. I plan to dispose of the house. I do know about the CML 6 month 'rule', which means that my property ownership may be considered the same way as if I'd bought the house in September. Do I have to wait half a year to sell?
The Council of Mortgage Lenders’ handbook obliges solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you could be affected by that. many banks would take a sensible view as this clause is chiefly there to pick up on subsales or the quick reselling of properties.
We have agreed to purchase a house in Meliden. One unusual aspect is that the roof has a solar panel. Principality have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
Given that you are obtaining a mortgage with Principality your lawyer must comply with the formal instructions set out in Part two of UK Finance Lenders’ Handbook for Principality. The Council of Mortgage Lenders’ Handbook contains minimum conditions for solar panel roof-space leases, and solicitors are required to report to Principality where a lease fails to satisfy these specifications. The conditions relate to the installation of panels on properties in England and Wales and is not isolated to Meliden.
RBS have agreed my home loan in principle, my offer on a apartment in Meliden has been agreed to, now what?
Your property agent will wish to know who your solicitors are (make sure the solicitors are on the bank’s panel). Call up RBS or the broker and finish off any outstanding forms. RBS will instruct a valuer who will get in touch with the estate agent or seller to arrange an appointment. Once conducted (assuming no problems) it takes about a week to get a mortgage offer. RBS will issue the offer to you and your property lawyers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Meliden.
I am buying my first flat in Meliden with the aid of help to buy. The sellers would not reduce the amount so I negotiated 6k of fixtures and fittings instead. The house builders rep told me not inform my conveyancer about the side-deal as it will put at risk my loan with the lender. Do I keep my lawyer in the dark?.
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.
I've found a house that seems to tick a lot of boxes, at a reasonable price which is making it all the more appealing. I have subsequently discovered that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns buying a leasehold house in Meliden. Conveyancing advisers have are soon to be appointed. Will my lawyers set out the risks of buying a leasehold house in Meliden ?
The majority of houses in Meliden are freehold rather than leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can help the conveyancing process. It is clear that you are purchasing in Meliden so you should seriously consider looking for a Meliden conveyancing practitioner and check that they have experience in advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a tenant you will not be entirely free to do whatever you want to the property. The lease will likely included provisions for example requiring the landlord’spermission to conduct alterations. It may be necessary to pay a contribution towards the upkeep of the estate where the property is located on an estate. Your lawyer will advise you fully on all the issues.
I own a garden flat in Meliden, conveyancing having been completed 7 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding flats in Meliden with a long lease are worth £216,000. The average or mid-range amount of ground rent is £50 per annum. The lease ends on 21st October 2090
You have 69 years left to run we estimate the premium for your lease extension to range between £9,500 and £11,000 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure in the absence of detailed due diligence. Do not use this information in tribunal or court proceedings. There may be additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward based on this information before seeking the advice of a professional.
We are thinking of using a web based conveyancer ahead of a Meliden conveyancing firm. Any advice?
Advantages do exist in being able to attend a local Meliden conveyancing solicitor for instance
- signing papers on short notice
- having one on one explanations of things that need explaining
- the ability to raise concerns if things are not going as expected
When analysing quotes, look out for hidden extras. Most decent Meliden high street solicitors give an all-inclusive price. Many online agents seem to offer cheap prices, yet have burried 'extras' in the small print.