We wanted to use a property lawyer in Summertown for our house purchase. Our broker has since notified us that our mortgage lenders Godiva Mortgages Ltd won't deal with them. Why is this not regarded as unfair competition?
Banks normally imposes restrictions either the category or the number of conveyancing solicitors on their member panel. Typical examples of such criteria being that a law practice must not be a sole practitioner. In addition to restricting the type of firm, a few banks have reduced the number of solicitor practices they use to act for them. You should note that Godiva Mortgages Ltd have no responsibility for the quality of advice provided by any member of Godiva Mortgages Ltd Conveyancer Panel. Mortgage fraud was a primary driver in the reduction of conveyancing panels since 2008 even though there are differing opinions about the level of solicitor engagement in some of that fraud. Statistics from the Land Registry indicate that thousands of law firms, including some in or near Summertown only perform very few conveyances a year.
What is the difference between a licensed conveyancer and conveyancing solicitor in Summertown
Two types of professional can do conveyancing in Summertown namely CLC regulated conveyancers or solicitors. Both professionals provide conveyancing services that required to complete the disposal or purchase of property. They are both obliged to carry out Summertown conveyancing on similar quality and guidelines so you can be safe in the knowledge that your conveyancing will be professionally conducted and that all requisite procedures should be appropriately taken.
The mortgage over my property is with Lloyds for my property in Summertown. Conveyancing was finalised 12 months ago. In the event that I decide to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Lloyds?
Lloyds must be informed of your intention prior to renting your property as this is likely to be a breach of Lloyds’s mortgage conditions. It may be that Lloyds will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Lloyds directly. It should not be necessary to do this via a Lloyds conveyancing panel lawyer.
Completion of my remortgage has taken place for my property in Summertown. Conveyancing was a necessary evil but I feel I should register my dissatisfaction about the lender. How does one go about formally complaining?
Most lenders have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Care Department at head office. We understand that complaints to a lender are sorted out effectively and efficiently. If you feel the matter is not resolved you can write to Financial Ombudsman Service with full details of your complaint.
Is it best to instruct a Summertown conveyancing practitioner based in the vicinity that I am buying? I have an old university friend who can execute the legal work but they are based over three hundred miles away.
The primary upside of using a high street Summertown conveyancing firm is that you can pop in to execute documents, hand in your ID and apply pressure on them if necessary. Having local Summertown know how is a benefit. However nothing is more important than finding someone that will pull out all the stops for you. If if people you trust instructed your friend and they were impressed that must trump using an unknown Summertown conveyancing lawyer solely due to them being based in the area.
Do you have any top tips for leasehold conveyancing in Summertown from the point of view of speeding up the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Summertown can be reduced if you instruct lawyers as soon as your agents start marketing the property and request that they start to put together the leasehold documentation needed by the purchasers’ representatives. A minority of Summertown leases require Licence to Assign from the landlord. If this applies to your lease, you should notify your estate agents to make sure that the purchasers obtain bank and professional references. The bank reference should make it clear that the buyer is able to meet the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their lawyers. Many freeholders or managing agents in Summertown levy fees for supplying management packs for a leasehold home. You or your lawyers should discover the fee that they propose to charge. The management pack can be applied for on or before finding a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Summertown. If you hold a share in a the freehold, you should ensure that you are holding the original share document. Arranging a re-issued share certificate is often a lengthy formality and slows down many a Summertown home move. Where a reissued share is necessary, you should approach the company officers or managing agents (if relevant) for this sooner rather than later.
I bought a garden flat in Summertown, conveyancing was carried out January 1999. How much will my lease extension cost? Equivalent properties in Summertown with a long lease are worth £175,000. The average or mid-range amount of ground rent is £65 invoiced annually. The lease ceases on 21st October 2083
You have 58 years remaining on your lease we estimate the price of your lease extension to range between £23,800 and £27,400 plus legals.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you move forward based on this information before seeking the advice of a professional.
Estate agents have just been given the go-ahead to market my 2 bed apartment in Summertown.Conveyancing is yet to be initiated however I have recently received a quarterly maintenance charge invoice – should I leave it to the buyer to sort out?
The sensible thing to do is pay the maintenance contribution as normal given that all ground rent and maintenance charges should be allottedas part of the financial calculations for completion monies, so you will be reimbursed by the buyer for the period running from after the completion date to the subsequent invoice date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially