We are purchasing a 3 bedroom flat in Nailsworth with a mortgage. We like our Nailsworth lawyer, but the bank advise he's not on their "panel". We have to appoint one of the bank panel solicitors or retain our Nailsworth solicitor as well as pay for one of their panel lawyers to represent them. This seems very unfair; are we not able to require that the mortgage company use our Nailsworth property lawyer ?
No, not really. 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. Another option that might be available is for your Nailsworth conveyancing lawyer to apply to be on the conveyancing panel.
My colleague recommended that where I am purchasing in Nailsworth I should ask my conveyancer to perform a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is occasionally quoted for as part of the standard Nailsworth conveyancing searches. It is a large report of about 40 pages, listing and setting out significant information about Nailsworth around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Nailsworth Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average House Prices, Crime details, Nailsworth Education with maps and statistics, Local Amenities and other useful data concerning Nailsworth.
I used Wolstenholmes several years past for my conveyancing in Nailsworth. Now, I need my documents but the law firm is no longer operating. What do I do?
You should contact the Solicitors Regulatory Authority (SRA) to help locate your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Nailsworth of the conveyancing firm of solicitors you previously used, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
I have been on the look out for a ground for flat up to £305k and identified one round the corner in Nailsworth I like with a park and railway links nearby, the downside is that it only has 49 years on the lease. There is not much else in Nailsworth suitable, so just wondered if I would be making a grave error purchasing a lease with such few years left?
If you require a mortgage the remaining unexpired lease term will likely be an issue. Discount the offer by the expected lease extension will cost if not already taken into account. If the current proprietor has owned the premises for a minimum of 2 years you could request that they commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should speak to your conveyancing lawyer about this.
We own a leasehold flat in Nailsworth. Conveyancing was finalised in five years ago. I have heard that I mustn’t allow the lease length get too low. Is this correct?
Nailsworth domestic long term leases are for a set period - often ninety nine years when they are first granted. However a significant flats in Nailsworth were constructed or converted 30 or more years ago and so such leases now have less than eighty years left to run. That may seem like plenty of time but Banks, Building Societies and other mortgage institutions generally need leases to have at least 75 years unexpired to adequate security. This means that when you come to sell the property you will need a lease extension if you are approaching eighty years. To maximise the marketability of your property you should be thinking about whether to extend your lease well in advance of selling the property. Furthermore advantages to taking action before the lease hits 80 years as when the lease is less than 80 years the premium to be paid to extend starts to escalate.