My wife and I are purchasing a 3 bedroom apartment in Yate with a mortgage. We like our Yate lawyer, however the lender advise he's not on their "panel". We have to appoint one of the bank panel conveyancing practices or continue with our Yate property lawyer as well as pay for one of their panel firms to represent them. We regard this is unjust; are we not able to insist that the mortgage company use our Yate property lawyer ?
Unfortunately,no. The mortgage offered to you 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 Yate conveyancing solicitor to apply to be on the conveyancing panel.
I have been told that property searches are the primary reason for obstruction in Yate house deals. Is that correct?
The Council of Property Search Organisations (CoPSO) published findings of research by MoveWithUs that conveyancing searches do not figure amongst the common causes of delays in the conveyancing process. Searches are unlikely to feature in any holding up conveyancing in Yate.
How does conveyancing in Yate differ for newly converted properties?
Most buyers of new build property in Yate approach us having been asked by the developer to sign contracts and commit to the purchase even before the house is constructed. This is because new home sellers in Yate tend to acquire the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Yate or who has acted in the same development.
Due to the advice of my in-laws I had a survey completed on a house in Yate in advance of retaining lawyers. I have been advised that there is a flying freehold overhang to the property. My surveyor has said that some mortgage companies will not give a loan on a flying freehold property.
It varies from the lender to lender. HSBC has different requirements from Birmingham Midshires. Should you wish to call us we can investigate further via the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Yate. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Yate to see if the conveyancing costs will increase in light of this.
I am intending to let out my leasehold apartment in Yate. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for permission?
A small minority of properties in Yate do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord is not entitled to unreasonably refuse but, in such cases, they would need to review references. Experience dictates that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting permission.
I invested in buying a basement flat in Yate, conveyancing formalities finalised half a dozen years ago. Can you work out an approximate cost of a lease extension? Corresponding properties in Yate with an extended lease are worth £185,000. The average or mid-range amount of ground rent is £65 charged once a year. The lease ceases on 21st October 2078
You have 60 years left to run we estimate the premium for your lease extension to span between £20,000 and £23,000 as well as legals.
The figure above a general guide to costs for extending a lease, but we are not able to supply the actual costs in the absence of comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There may be additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first getting professional advice.