We are purchasing a 3 bedroom flat in Winkleigh with a mortgage. We wish to retain our Winkleigh solicitor, but the lender says he's not on their "panel". We have to appoint one of the lender panel conveyancing practices or continue with our Winkleigh property lawyer as well as pay for one of their panel ones to act for them. This feels very unfair; is there anything we can do?
Unfortunately,no. Your mortgage offer 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. A further alternative is for your Winkleigh conveyancing solicitor to apply to be on the conveyancing panel.
I am planning to acquire a house and need a conveyancing solicitor in Winkleigh who is on the National Westminster Bank conveyancing. Can you recommend a local conveyancing firm?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for National Westminster Bank in certain locations such as Winkleigh. We dont recommend any particular firm.
I happen to be the single beneficiary of my late mum's will with all property in now in my sole name, including the house in Winkleigh. The Winkleigh property was put into my name in April. I want to move. I do know about the Mortgage Lenders six month 'rule', which means that my property ownership will be regarded the same way as if I'd bought the house in April. Do I have to wait half a year to sell?
The Council of Mortgage Lenders’ handbook requires conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you could be caught by that. many banks would take a sensible view as this clause is principally there to capture subsales or the quick reselling of properties.
I am currently in the process of buying my council flat in Winkleigh. I have a mortgage offer with Aldermore. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Aldermore, you will need to appoint a solicitor on the Aldermore conveyancing panel.
Our sealed bid on a property in Winkleigh has been agreed to, the vendors do however have a tied purchase. The sellers have put an offer on a property, however it’s not yet tied up, and are looking at other properties in the pipeline. I have chosen a bricks and mortar conveyancing solicitor in Winkleigh. What should be my next step? When should I get the mortgage application with Bank of Ireland going?
It is understandable to have concerns where there is a chain as you are unlikely to want to be too out of pocket too early (home loan application is approx £1k, then survey, Winkleigh conveyancing search charges, etc). The first thing to do is check that your property lawyer is on the Bank of Ireland conveyancing panel. Regarding the subsequent phase this very much dictated by the uniqueness of your case, motivation for the property and on the state of the market. During a buoyant market many purchasers would apply for a home loan with Bank of Ireland and arrange for the valuation and only if it was satisfactory would they pay their conveyancing practitioner to press on with searches.
Just had an offer accepted on a new build flat in Winkleigh. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Set out below are examples of a few leasehold new build questions that you can expect your new-build leasehold conveyancing in Winkleigh
Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? There must be mutual enforceability of lessee’s covenants. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. Please supply a car parking plan.
I work for a long established estate agency in Winkleigh where we have witnessed a few flat sales derailed as a result of short leases. I have received conflicting advice from local Winkleigh conveyancing firms. Could you clarify whether the seller of a flat can instigate the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I acquired a garden flat in Winkleigh, conveyancing formalities finalised 6 years ago. Can you please calculate a probable premium for a statutory lease extension? Comparable properties in Winkleigh with over 90 years remaining are worth £195,000. The ground rent is £45 invoiced annually. The lease expires on 21st October 2085
With only 63 years remaining on your lease we estimate the price of your lease extension to span between £16,200 and £18,600 plus costs.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed investigations. You should not use the figures in tribunal or court proceedings. There may be other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first seeking the advice of a professional.