My husband and I are buying a 2 bedroom flat in Botley with a mortgage. We wish to retain our Botley solicitor, however the mortgage company advise she’s not on their "panel". We have to appoint one of the mortgage company panel solicitors or keep our Botley lawyer as well as pay for one of their panel ones to act for them. We regard this is unjust; are we not able to require that the bank use our Botley lawyer ?
No, not really. 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. Another option that might be available is for your Botley conveyancing solicitor to apply to be on the conveyancing panel.
My wife and I have organised a further advance on our mortgage from Coventry BS as we intend to carry out a loft conversion to our property in Botley. Do we need to appoint a bricks and mortar Botley solicitor on the Coventry BS conveyancing panel to handle the legals?
Coventry BS don't usually require a member of their conveyancing panel to handle such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Coventry BS panel.
Completion of my remortgage has taken place for my property in Botley. Conveyancing was a necessary evil but I would like to complain about the lender. How do I make a complaint?
Most banks and building societies have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Services Department at head office. In most cases complaints to a lender are resolved effectively and efficiently. If you feel the matter is not resolved you can write to Financial Ombudsman Service who will take matters further.
I was told four weeks ago that my mortgage has been agreed to by Nottingham. Is it usual for Nottingham to only issue the offer once my solicitor in Botley is approved on their conveyancing panel? Nottingham have asked my solicitor to see a copy of their Professional Indemnity Insurance Schedule.
A lender would not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Nottingham to deal with your lawyer's application to be on the Nottingham conveyancing panel. There's no guarantee that your solicitor will be accepted.
Me and my brother have a 4 bedroom Edwardian house in Botley. Conveyancing practitioner represented me and TSB. I did a free Land Registry search last week and there are a couple of entries: one for freehold, the second leasehold under the matching property. If a house is not a freehold shouldn't I have been informed?
You need to read the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Botley and other locations in the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also enquire as to the position with your conveyancing lawyer who conducted the purchase.
How does conveyancing in Botley differ for newly converted properties?
Most buyers of new build premises in Botley come to us having been asked by the developer to exchange contracts and commit to the purchase even before the residence is ready to move into. This is because developers in Botley typically buy the land, 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 conveyancers 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 Botley or who has acted in the same development.
I have just appointed agents to market my basement apartment in Botley. Conveyancing is yet to be initiated, but I have just had a half-yearly service charge invoice – Do I pay up?
It best that you pay the service charge as usual as all rents and service payments will be allotted as part of the financial calculations for completion monies, so you should recover the relevant percentage by the buyer for the period running from after the completion date to the subsequent invoice date. Most managing agents 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. This will smooth the conveyancing process.
I am the registered owner of a 1st floor flat in Botley, conveyancing formalities finalised in 2002. Can you work out an approximate cost of a lease extension? Comparable properties in Botley with an extended lease are worth £176,000. The average or mid-range amount of ground rent is £50 invoiced annually. The lease expires on 21st October 2105
You have 80 years unexpired the likely cost is going to span between £8,600 and £9,800 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. Do not use this information in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first getting professional advice.