I am purchasing property in Clun. My property lawyer is not listed on the mortgage company approved panel. Can I still appoint my Clun conveyancing solicitor notwithstanding that they are excluded from the bank panel of approved conveyancing solicitors?
You must have a property lawyer to complete the formalities if you need a mortgage to buy your property. The conveyancer will carry out all the necessary legal checks on the property, ensuring that you will be properly registered as the owner and ensure that all the necessary mortgage documentation is dealt with. One could instruct a Clun conveyancing practitioner of your choice. However, if the property lawyer appointed is not a member of the mortgage company approved list supplemental charges will arise as separate legal representation will be need by the lender. Lender panel applications may be submitted, so where your conveyancer has not previously sought membership they should take the opportunity to apply.
My Clun solicitor has uncovered an inconsistency between the surveyor’s assumptions in the home valuation survey and what is revealed within the conveyancing documents. My lawyer has advised that he must ensure that the lender is happy with this discrepancy and is content to go ahead. Is my conveyancer’s course or action right?
Your lawyer must comply with the UK Finance Lenders’ Handbook provisions which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
I am the only beneficiary of my late grandmother’s will and I have everything in my name alone, including the house in Clun. The Clun property was put into my name in January. I now wish to sell up. I do know about the Mortgage Lenders six month 'rule', meaning my property ownership may be considered the same way as if I'd bought the house in January. Is the property unsalable for six months?
The CML handbook requires solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you could be caught by that. Most mortgage companies would take a practical view as this clause chiefly exists to pick up on the purchase and immediately sell or the quick reselling of property.
Completion of my purchase has taken place for my property in Clun. Conveyancing was satisfactory but I feel I should register my dissatisfaction about the lender. Who do I contact should I wish to lodge a complaint?
All lenders have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Care Team at head office. We understand that complaints to a lender are sorted out effectively and efficiently. If you feel the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR who will take matters further.
I have instructed a Clun conveyancer having made sure that they are on the Leeds Building Society conveyancing panel. Does my lawyer arrange the survey of the property?
Leeds Building Society will need an independent valuation of the property. Your lawyer will not arrange this. Usually Leeds Building Society will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Clun surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
I own a 4 bedroom Victorian property in Clun. Conveyancing solicitor represented me and The Mortgage Works. I happened to do a free search for it on the Land Registry database and I saw a couple of entries: one for freehold, the second leasehold with the exact same address. Is it worth asking The Mortgage Works to clarify?
You should assess 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 proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Clun and other locations in the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also question the position with the conveyancing practitioner who conducted the conveyancing.
Over the last few months I have been searching for a leasehold apartment up to £245,000 and identified one round the corner in Clun I like with open areas and transport links in the vicinity, the downside is that it only has 52 years on the lease. I can't really find anything else in Clun in this price bracket, so just wondered if I would be making a grave error acquiring a lease with such few years left?
Should you need a home loan the remaining unexpired lease term may be a potential deal breaker. Discount the price by the amount the lease extension will cost if it has not already been discounted. If the current owner has owned the premises for at least 2 years you can ask them to start the process of the extension and pass it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this matter.