we are a couple who wish to acquire a purpose built apartment in Pelsall with a homeloan from Lloyds TSB Bank.We have a Pelsall conveyancing lawyer but Lloyds TSB Bank advised that his firm is not on their "panel". we are left little option but to use a Lloyds TSB Bank panel lawyer or keep our local solicitor and fork out for one of their panel ones to represent them. This seems very unfair; is there anything we can do?
Unfortunately,no. The mortgage issued to you contains terms and conditions, one of which will be that solicitors must be on the Lloyds TSB Bank approved list. Until recently, most mortgage companies 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 solicitors to apply to be on the conveyancing panel for Lloyds TSB Bank
We are getting the release of further funds on our mortgage from Co-operative as we wish to conduct a loft conversion to our property in Pelsall. Do we need to select a high street Pelsall solicitor on the Co-operative conveyancing panel to handle the legals?
Co-operative would not normally appoint a member of their approved list of lawyers to handle such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Co-operative conveyancing panel.
I had a mortgage agreed in principle with Clydesdale. Pelsall conveyancing solicitors were appointed. What is the average time that one could expect to receive a mortgage offer from Clydesdale?
Some lenders take longer than others. Have Clydesdale completed the survey? Have you advised Clydesdale as to your lawyers' details and checked that your lawyers are on the Clydesdale conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
I recently had an offer accepted on an apartment in Pelsall. My financial adviser suggested a conveyancing practitioner. I paid an upfront payment of £200. Soon after, the conveyancer contacted me embarrassingly acknowledging that they were not on the Aldermore conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Aldermore panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
I purchased a 4 bedroom Edwardian property in Pelsall. Conveyancing solicitor represented me and The Mortgage Works. I happened to do a free search for it on the Land Registry database and I saw two entries: one for freehold, the second leasehold under the matching address. I'd like to know for sure, how can I find out??
You should read the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Pelsall and other areas of the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with lenders. You can also question the position with your conveyancing solicitor who carried out the work.
I'm purchasing my first flat in Pelsall with the aid of help to buy. The sellers refused to move on the price so I negotiated 6k of extras instead. The property agent suggested that I not inform my lawyer about the side-deal as it would impact my loan with TSB. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder 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.
Due to exchange soon on a garden flat in Pelsall. Conveyancing solicitors inform me that they will have a report out to me within the next couple of days. What should I be looking out for?
The report on title for your leasehold conveyancing in Pelsall should include some of the following:
What the implications are if you have violated the provisions of the lease? The length of the lease term. You should be advised as what happens when the lease expires, and informed of the importance of the 80 year mark You should be informed what is to be regarded as a Nuisance in the lease Additions to the property Do you need to have carpet in the flat or are you allowed wood flooring?
I purchased a garden flat in Pelsall, conveyancing formalities finalised half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent flats in Pelsall with over 90 years remaining are worth £176,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease ceases on 21st October 2101
With 80 years remaining on your lease we estimate the premium for your lease extension to range between £8,600 and £9,800 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to supply the actual costs in the absence of comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward based on this information without first getting professional advice.