My fiance and I are hoping to purchase a flat in Bankside and are in fact using a Bankside conveyancing firm. Within the past 48 hours our conveyancer has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Yorkshire Building Society have this evening contacted us to advise us that there is now an issue as our Bankside conveyancer is not on their approved list of lawyers. Please explain?
Where you are buying a property with the assistance of a mortgage it is normal for the purchasers' lawyers to also represent the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your property lawyer should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You don't have to instruct a firm on the lender’s conveyancing panel and you may continue to use your own Bankside solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
We hope to to purchase with Earl Shilton BS. We have called around locally yet am unable to find a Bankside conveyancing firm on the Earl Shilton BS approved list. Can you assist?
Feel free to make the most of the search tool on this web page. Please choose the building society and type Bankside or your location and you will discover a number of lawyer based in Bankside or near you.
When it comes to mortgage companies such as Coventry BS, do Bankside lawyers face an annual charge to be on the list of approved solicitors?
We are unaware of any mortgage company fees to be on their panel, although some do levy an administration charge to deal with the processing of the conveyancing panel application.
The mortgage over my property is with Virgin Money for my property in Bankside. Conveyancing has been completed some time ago. If I am intending 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 Virgin Money?
Your original mortgage agreement with Virgin Money will provide that you need their approval before renting your property as this is likely to be a breach of Virgin Money’s mortgage conditions. It may be that Virgin Money 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 Virgin Money directly. You need not do this via a Virgin Money conveyancing panel lawyer.
I can not work out if my lender obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my Bankside bank branch on numerous occasions and was informed it wasn't a problem and they would lend. My Bankside conveyancing solicitor - who is on the lender conveyancing panel- called and was told they refuse to lend based on their specific requirements. Who do I believe?
Your solicitor must comply with the CML Handbook Part 2 conditions for your lender. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years remaining.
Having checked my lease I have discovered that there are only 68 years unexpired on my lease in Bankside. I need to get lease extension but my freeholder is absent. What are my options?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be granted an extra 90 years by the Court. However, you will be required to prove that you have used your best endeavours to track down the freeholder. For most situations an enquiry agent would be useful to carry out a search and prepare an expert document which can be accepted by the court as evidence that the freeholder can not be located. It is advisable to get professional help from a conveyancer both on proving the landlord’s absence and the vesting order request to the County Court covering Bankside.
I have given up trying to reach an agreement for a lease extension in Bankside. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Absolutely. We can put you in touch with a Bankside conveyancing firm who can help.
An example of a Freehold Enfranchisement matter before the tribunal for a Bankside residence is 1-41 Royal Tower Lodge 40 Cartwright Street in April 2013. the tribunal adding the agreed value of capitalised ground rents and the reversion the price to be paid for the freehold was £1,187,000 This case related to 41 flats. The unexpired lease term was 107 years.
There are a number of houses in Bankside on unadopted lanes. We are acquiring one such property. What would be the advantages and disadvantages of purchasing a property on a privately owned road?
Bankside conveyancing firms are well versed in dealing propertieson private. Your conveyancer should investigate title to identify any rights or liabilities. It is possible that there is a residents association that residents make annual contributions to maintain the road. If there is one, the road should be maintained and appear better than council maintained.