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Lease extension and mortage lender constraints
Dofrte
Posts: 1 Newbie
Hi, I am in the process of extending my lease currently 112yrs remaining and its being extended to 999yrs! There are 200 flats in the block and one solicitor is working on behalf of us, We have a share in the freehold. Having paid for the solicitor to do the work Santander have declined the extension as the solicitor is NOT listed as one of the approved solicitors on their panel. I have asked the question of Santander and there only reason is they need to be an approved solicitor to act in their interest.
The risk is not reducing and the administration element should validate the authenticity of the solicitor?? I have paid £1200 to my solicitor for my costs and that of the property company. Now I am probably going to have to pay out another £500+ to an approved solicitor....I dont understand what the issue is if the Solicitors are registered and belong to a formal body.
If the lease was reducing and the value - loan ratio was increasing I can understand it, its not. Is this normal/ fair and reasonable on Santanders part?
The risk is not reducing and the administration element should validate the authenticity of the solicitor?? I have paid £1200 to my solicitor for my costs and that of the property company. Now I am probably going to have to pay out another £500+ to an approved solicitor....I dont understand what the issue is if the Solicitors are registered and belong to a formal body.
If the lease was reducing and the value - loan ratio was increasing I can understand it, its not. Is this normal/ fair and reasonable on Santanders part?
0
Comments
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Have you asked your solicitor to join Santander's approved panel?
It's usually trivialy easy and cheap for them to do so if they are an established firm.0
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