We are buying a 3 bedroom apartment in Midsomer Norton with a mortgage. We wish to retain our Midsomer Norton lawyer, however the bank advise she’s not on their "panel". It appears that we have little choice but to instruct one of the bank panel solicitors or retain our Midsomer Norton lawyer and pay for one of their panel lawyers to act for them. We feel that this is inequitable; is there anything we can do?
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 Midsomer Norton conveyancing lawyer to apply to be on the conveyancing panel.
We have a mortgage agreed in principle with Kent Reliance. Midsomer Norton conveyancing practitioners are chosen. How long does it take for Kent Reliance to issue the offer to the conveyancer?
There is no definitive answer here. Have Kent Reliance completed the valuation? Have you informed Kent Reliance as to your lawyers' details and checked that your lawyers are on the Kent Reliance conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
The mortgage over my property is with Yorkshire BS for my property in Midsomer Norton. Conveyancing has been completed a year ago. Should I wish to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Yorkshire BS?
Yorkshire BS must be informed of your intention prior to letting out your property as this is likely to be a breach of Yorkshire BS’s mortgage conditions. In many cases banks or building societies 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 Yorkshire BS directly. You need not do this via a Yorkshire BS conveyancing panel firm.
It is unclear whether my mortgage offer requires a lease extension. I have called my Midsomer Norton bank branch on various occasions and was advised it wasn't a problem and they will lend. My Midsomer Norton conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned to say that they refuse to lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. Who do I believe?
The solicitor has to follow the Council of Mortgage Lenders’ Handbook Part 2 conditions for your lender. 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 lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I am looking for a flat up to £245,000 and found one near me in Midsomer Norton I like with a park and transport links nearby, however it's only got 49 remaining years left on the lease. There is not much else in Midsomer Norton in this price bracket, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you need a home loan the shortness of the lease will likely be problematic. Discount the price by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the premises for a minimum of twenty four months you can request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should consult your conveyancing lawyer regarding this matter.
What does commercial conveyancing in Midsomer Norton cover?
Commercial conveyancing in Midsomer Norton covers a broad array of advice, supplied by qualified solicitors, relating to business property. For example, this area of conveyancing can cover the sale or purchase of freehold business premises or, more commonly, the transfer of existing leases or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial mortgages and the termination of tenancies.
My partner is buying a studio flat in Midsomer Norton. He was given a quote by the conveyancer recommended by the selling agents totaling £1245 . It was fifteen years ago I sold and purchased a house and it cost was £500. Have fees really gone up that much?
What does the conveyancing estimate include? Is it just for the legal fees, or what you will be paying in total (for example Midsomer Norton searches, land registry fees, etc)