Me and my fiance are purchasing a 2 bedroom flat in Romsey with a mortgage. We would like to retain our Romsey solicitor, however the lender says she’s not on their "panel". It seems we have little choice but to appoint one of the bank panel conveyancing practices or keep our Romsey conveyancing practitioner as well as pay for one of their panel ones to represent them. This seems very unfair; is there anything we can do?
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 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 Romsey conveyancing lawyer to apply to be on the conveyancing panel.
My husband and I are approaching an exchange on a property in Romsey and my mum and dad have sent the exchange deposit to my solicitor. I am now told that as the deposit has not come from me my property lawyer needs to make a notification to my lender. I am advised that, in also acting for the bank he must inform them that the balance of the purchase price is not just from me. I disclosed to the mortgage company about my parents' contribution when I applied for the home loan, so is it really necessary for this now to delay the deal?
The lawyer is obliged to clarify with mortgage company to make sure that they understand that the balance of the purchase price is not from your own funds. Your solicitor can only notify this to your lender if you agree, failing which, your lawyer must cease to continue acting.
I have todaydiscovered that Arc property Solicitors have been shut down. They carried out my conveyancing in Romsey for a purchase of a leasehold flat 12 months ago. How can I check that the property is in my name in the name of the former proprietor?
The easiest method to see if the property is registered to you, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Romsey conveyancing specialists.
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At this site secure a fixed fee quote from a Solicitor or Licensed Conveyancer that has a full understanding of the nuances of your conveyancing in Romsey. As opposed to estate agents and brokerage sites we do not charge firms a commission if you select them for your home move in Romsey
I am on look out for some leasehold conveyancing in Romsey. Before diving in I would like to find out the remaining lease term.
If the lease is recorded at the land registry - and almost all are in Romsey - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I invested in buying a studio flat in Romsey, conveyancing formalities finalised half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding properties in Romsey with over 90 years remaining are worth £190,000. The average or mid-range amount of ground rent is £45 per annum. The lease ends on 21st October 2080
With 62 years remaining on your lease we estimate the price of your lease extension to be between £17,100 and £19,800 plus plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure without more comprehensive due diligence. Do not use this information in tribunal or court proceedings. There may be additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first getting professional advice.