Me and my partner are planning to buy a 2 bedroom apartment in Cowes with a mortgage. We have a Cowes lawyer, but the lender says he's not on their "panel". It seems we have no choice but to use one of the mortgage company panel conveyancing practices or keep our Cowes property lawyer and pay for one of their panel lawyers to represent them. We consider that this is unjust; are we not able to insist that the bank use our Cowes 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 Cowes conveyancing lawyer to apply to be on the conveyancing panel.
My Cowes lawyer has spotted an inconsistency between the assumptions in the home valuation report and what is revealed within the conveyancing documents. My lawyer has advised that he must check that the lender is happy with this discrepancy and is still content to lend. Is my solicitor’s stance legitimate?
Your conveyancer must comply with the UK Finance Lenders’ Handbook conditions 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.
This question may be naive but I am wet behind the ears as FTB of a ground floor flat in Cowes. Do I collect the keys to the premises on the completion date from my solicitor? If so, I will instruct a High Street conveyancing solicitor in Cowes?
On the day of completion you do not need to go to the conveyancers office in Cowes. Your solicitors will electronically transfer the completion advance to the vendor’s lawyers, and once they have received this, you will be able to pick up the keys from the property Agents and start moving into the property. Usually this happens early afternoon.
Does a directory service exist listing Coventry BS panel conveyancers in Cowes on the UK Finance Lenders’ Handbook Website?
Unfortunately not yet. There is no such tool on the CML or Building Society Association websites. A small selection of lenders make their panel listings viewable online. If you are in need of a Cowes conveyancing practitioner on the Coventry BS please make the most of our facility.
It is unclear whether my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my Cowes building society branch on numerous occasions and was reassured it wasn't an issue and they will lend. My Cowes conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned and was told they refuse to lend based on their published requirements. Who do I believe?
As long as the property lawyer is on the mortgage company panel, she or he must follow the Council of Mortgage Lenders’ Handbook conditions for the bank. Unless your lawyer obtains specific confirmation in writing that the lender 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 left on the lease.
Yesterday I discovered that there is a flying freehold element on a property I have offered on last month in what should have been a straight forward, no chain conveyancing. Cowes is where the house is located. What do you suggest?
Flying freeholds in Cowes are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Cowes you must be sure that your lawyer goes through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Cowes may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
Having checked my lease I have discovered that there are only 72 years left on my lease in Cowes. I need to extend my lease but my freeholder is missing. What options are available to me?
If 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 an order to dispense with the service of the initial notice. This will mean that your lease can be extended by the magistrate. However, you will be required to demonstrate that you or your lawyers have made all reasonable attempts to find the lessor. For most situations a specialist should be helpful to carry out a search and to produce an expert document which can be accepted by the court as proof that the freeholder can not be located. It is wise to seek advice from a property lawyer both on proving the landlord’s absence and the application to the County Court overseeing Cowes.
I inherited a basement flat in Cowes, conveyancing formalities finalised in 2000. Can you work out an approximate cost of a lease extension? Equivalent flats in Cowes with a long lease are worth £222,000. The average or mid-range amount of ground rent is £50 yearly. The lease comes to an end on 21st October 2095
With only 71 years left to run we estimate the premium for your lease extension to span between £9,500 and £11,000 plus professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be 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 move forward based on this information before seeking the advice of a professional.