I am hoping to receive a mortgage offer from Lloyds. I intend to retain the legal services of a Licensed Conveyancer in Histon. Does the Lloyds Conveyancing panel allow for conveyancers regulated by the CLC?
The Lloyds conveyancing panel is, like many other lenders, associated to the CML or Building Society Association, open to Licensed Conveyancers regulated by the Council of Licensed Conveyancers.
We are a couple about to exchange contracts for a property in Histon. We have hit a problem. Our mortgage offer with Coventry Building Society expires on 13/1/2025 but the vendors are putting forward a completion date of 15/1/2025. Is it possible to extend the loan offer?
The person best placed to deal with your question is your conveyancer who will determine if he or she is better off negotiating with the lender, vendor’s solicitors, selling agents or indeed all parties taking into account the circumstances your conveyancing as of today.
It is not clear whether my bank requires a lease extension. I have called into my local Histon bank branch on various occasions and was told it does not impact the mortgage offer and they would lend. My Histon conveyancing solicitor - who is on the lender conveyancing panel- telephoned and was told they refuse to lend in accordance with their published requirements. I simply don't know who is right.
Your lawyer must follow the Council of Mortgage Lenders’ Handbook Part 2 requirements 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.
I am selling my house. I had a double glazing fitted in November 2006, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's mortgage company, Yorkshire BS are being difficult. The Histon solicitor who is on the Yorkshire BS conveyancing panel is happy to accept ‘lack of building regulation’ insurance but Yorkshire BS are requiring a building regulation certificate. Why do Yorkshire BS have a conveyancing panel if they don't accept advice from them?
It is probably the case that Yorkshire BS have referred the matter to their valuer. The reason why Yorkshire BS may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
I had an offer accepted on a property in Histon on 18/9/2024, valuation was booked 3 days after, received a clean bill of health. Property lawyer appointed, so all that was missing was my mortgage offer. Having made daily calls to Coventry BS and chasing them on my offer, I have now been told that my offer will not be issued unless the lawyer is on the Coventry BS conveyancing panel. Are Coventry BS entitled to hold back the Mortgage pending the lawyer being on the approved list?
A lender would not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Coventry BS to deal with your lawyer's application to be on the Coventry BS conveyancing panel. There's no guarantee that your solicitor will be accepted.
How does conveyancing in Histon differ for new build properties?
Most buyers of new build property in Histon come to us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the premises is finished. This is because developers in Histon typically acquire 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 property lawyers 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 used to new build conveyancing in Histon or who has acted in the same development.
I have just appointed agents to market my basement apartment in Histon. Conveyancing has not commenced, however I have just had a half-yearly service charge invoice – should I leave it to the buyer to sort out?
Your conveyancing lawyer is likely to suggest that you should pay the invoice as usual given that all ground rent and service payments should be allotted on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment 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 acquired a 2 bed flat in Histon, conveyancing having been completed half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Similar properties in Histon with over 90 years remaining are worth £202,000. The average or mid-range amount of ground rent is £60 charged once a year. The lease ends on 21st October 2081
With just 57 years unexpired we estimate the premium for your lease extension to range between £28,500 and £33,000 as well as costs.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional 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.