Me and my partner are intending to purchase a 2 bedroom apartment in Upney with a mortgage. We have a Upney solicitor, but the mortgage company says he's not on their "panel". It appears that we have no choice but to select one of the mortgage company panel firms or keep our Upney property lawyer and pay for one of their panel firms to represent them. This feels very unfair; is there anything we can do?
No, not really. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the bank’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. A further alternative is for your Upney conveyancing solicitor to apply to be on the conveyancing panel.
Our son is buying a newly built flat in Upney with a mortgage from Barclays. His solicitor has advised him of a delay in receiving the ‘Disclosure of Incentive Form’. This document is news to me - what is it and who needs sight of it?
The form is intended to provide information to the main parties engaged in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the Barclays conveyancing panel as a standard part of the process, and to the valuer when requested. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Barclays conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Does a directory service exist listing Leeds Building Society panel conveyancers in Upney on the UK Finance Lenders’ Handbook Website?
Unfortunately not yet. There is no such tool on the CML or Building Society Association sites. Very few banks make their panel listings available over the internet. Where you are seeking to appoint a Upney conveyancing practitioner on the Leeds Building Society please make the most of our facility.
Planning on purchasing a flat in Upney. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Skipton conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Upney conveyancing practitioner is on the Skipton conveyancing panel.
I have finally had an offer on a maisonette in Upney agreed to, but there is a chain. The vendors have placed an offer on a flat, but it’s not been accepted yet, and have viewings of other apartments booked. I have instructed a high street conveyancing solicitor in Upney. What do I do now? When do I get the mortgage application with Santander going?
It is normal to have concerns where there is a chain as you are unlikely to want to be too out of pocket prematurely (home loan application is approx one thousand pounds, then survey, Upney conveyancing search fees, etc). First, you must ensure that your property lawyer is on the Santander approved list. Concerning the subsequent phase this very much depends on the uniqueness of your transaction, motivation for this property and on the state of the market. During a hot market the majority of purchasers would apply for a home loan with Santander and arrange for the valuation and only if it was satisfactory would they ask their lawyer to press on with searches.
Do you have any top tips for leasehold conveyancing in Upney from the perspective of speeding up the sale process?
- Much of the delay in leasehold conveyancing in Upney can be avoided where you appoint lawyers as soon as your agents start marketing the property and ask them to put together the leasehold information which will be required by the purchasers’ conveyancers. The majority of freeholders or managing agents in Upney 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 information sought on or before finding a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most usual reason for delay in leasehold conveyancing in Upney. If you hold a share in a the Management Company, you should ensure that you are holding the original share certificate. Organising a duplicate share certificate is often a lengthy process and delays many a Upney home move. If a reissued share certificate is required, do contact the company director and secretary or managing agents (if applicable) for this sooner rather than later. If you have had any disputes with your freeholder or managing agents it is essential that these are resolved prior to the flat being put on the market. The purchasers and their solicitors will be nervous about purchasing a flat where there is a current dispute. You may need to swallow your pride and discharge any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the buyers, but it is better to reveal the dispute as over rather than ongoing. You believe that you know the number of years left on your lease but it would be wise to verify this by asking your solicitors. A purchaser's lawyer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the lease term is below 80 years. It is therefore essential at an early stage that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale.
Having spent years of correspondence we simply can't agree with our landlord on how much the lease extension should cost for our flat in Upney. Can we issue an application to the Residential Property Tribunal Service?
You certainly can. We are happy to put you in touch with a Upney conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Upney premises is 49 Aldborough Road South in July 2012. The Tribunal decided that the premium payable for the grant of the new lease was £13,925 This case affected 1 flat. The unexpired term as at the valuation date was 61.36 years.
I have been told by many friends that it should take 6-8 weeks for Upney conveyancing to complete.This was four weeks ago. The property information was only received from the vendors solicitor yesterday so now does it countdown?
No definitive time frame exists for conveyancing in Upney. Conveyancing is subject to too much unpredictabilities. Upney conveyancing searches alone could take up to month before they are received.