Me and my fiance are hoping to buy a 3 bedroom flat in Pontardawe with a mortgage. We like our Pontardawe solicitor, but the lender says he's not on their "panel". It appears that we have little option but to instruct one of the mortgage company panel firms or retain our Pontardawe conveyancing practitioner and pay for one of their panel lawyers to act for them. We regard this is unjust; 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 lender’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 Pontardawe conveyancing solicitor to apply to be on the conveyancing panel.
Please explain the implications if my lawyer’s firm is expelled from the TSB Conveyancing panel ahead of completing my conveyancing in Pontardawe?
The first thing to point out is that, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
I opted to have a survey done on a house in Pontardawe before appointing solicitors. I have been told that there is a flying freehold overhang to the property. Our surveyor advised that some mortgage companies may not grant a loan on this type of home.
It varies from the lender to lender. Bank of Scotland has different instructions for example to Halifax. Should you wish to call us we can investigate further with the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Pontardawe. Conveyancing may be slightly more expensive based on your lender's requirements.
Our conveyancer has advised that he intends to complete and exchange simultaneously on the sale of our £425,000 maisonette in Pontardawe in just under a week. The management company has quoted £324 for Landlord’s certificate, insurance certificate and 3 years service charge statements. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Pontardawe?
Pontardawe conveyancing on leasehold flats normally necessitates the purchaser’s solicitor submitting enquiries for the landlord to answer. Although the landlord is under no legal obligation to address such questions most will be willing to assist. They are entitled to invoice a reasonable charge for responding to questions or supplying documentation. There is no set fee. The average fee for the information that you are referring to is £350, in some situations it is in excess of £800. The administration charge demanded by the landlord must be accompanied by a summary of rights and obligations in respect of administration charges, otherwise the invoice is technically not due. Reality however dictates that one has little option but to pay whatever is requested of you if you want to sell the property.
I am the registered owner of a split level flat in Pontardawe, conveyancing was carried out July 2001. Can you please calculate a probable premium for a statutory lease extension? Corresponding flats in Pontardawe with over 90 years remaining are worth £180,000. The average or mid-range amount of ground rent is £65 yearly. The lease runs out on 21st October 2078
With just 59 years left to run we estimate the premium for your lease extension to be between £20,900 and £24,200 plus professional fees.
The figure above a general guide to costs for renewing a lease, but we are not able to supply the actual costs without more comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There may be additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before seeking the advice of a professional.
My conveyancers in Pontardawe have advised me that they can not locate my conveyancing file. To assist with my purchase I took out a mortgage with the mortgage company. Is it case that being on the bank conveyancing panel they need to have retained the file for a number of years?
Different lenders have different requirements but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the bank Conveyancing Panel Terms. It might be worth you contacting the lender directly.