I was informed today by my mortgage broker that my New Romney solicitor is not on the mortgage company Solicitor panel. What can I do to be certain whether this is indeed the case?
You need to call your New Romney lawyer directly. It is reasonable to expect your lawyer to notify you what has happened. If they are not on the panel they could put your in touch with solicitors on the conveyancing panel for your lender.
Is there a reason why leasehold purchase conveyancing in New Romney costs more?
The conveyancing costs for a leasehold premises in New Romney is inevitably higher than on a freehold transaction. This is because there is an amount of additional work required in communicating with the freeholder and managing agents to collate the information concerning whether the rent and maintenance charges have been cleared and whether there are any major works due in the near future on repairs or maintenance of the building.
We're in New Romney, FTBs purchasing with a mortgage (lender is Yorkshire BS , and our solicitor is on the Yorkshire BS conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Yorkshire BS conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no property 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.
Over the last few months I have been searching for a flat up to £305k and identified one near me in New Romney I like with a park and station in the vicinity, the downside is that it only has 51 years on the lease. There is not much else in New Romney in this price bracket, so just wondered if I would be making a mistake purchasing a short lease?
If you need a mortgage the shortness of the lease may be a potential deal breaker. Reduce the offer by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the property for a minimum of twenty four months you can request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should consult your conveyancing solicitor about this.
Our lawyer in New Romney has identified a a legal deficiency with the lease for the property we are buying in New Romney. The other side have suggested defective title insurance as a solution. We are content with insurance and will cover the costs. Our lawyer has advised that as he is on the mortgage company conveyancing panel he must check that the lender is happy with this solution. Who is the client here, us or the bank?
Just because you have a mortgage offer from the lender does not mean to say that the property will be meet their requirements for the purposes of a mortgage. Your New Romney conveyancing lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook Requirements. You and the mortgage company are the client. The appropriate lender requirements must be adhered to by the mortgage company conveyancing panel who has to balance acting for you and the lender