I am in the process of selling my maisonette in Blackwell and the EA has just called to advise that the buyers are appointing a new law firm. The excuse is that the mortgage company will only work with solicitors on their approved list. Why would a major lender only deal with specific law firms rather the firm that they want to appoint to handle their conveyancing in Blackwell ?
UK lenders have always had panels of law firms that can represent them, but in the past few years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 25 years.
Mortgage companies justify this action to a rise in fraud as the reason for the reduction – criteria have been tightened as a smaller panel is easier to maintain. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is hearing daily from firms that have been removed from panels. Some are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The buyers are unlikely to have any sway in the decision.
At what point does exchange of contracts take place for sale conveyancing in Blackwell and do I need to attend the conveyancers branch?
If you are near to one of the conveyancing solicitors in Blackwell you are invited in to sign contracts. That being said, the lender approved solicitors we recommend offer a countrywide conveyancing service and provide just as comprehensive and professional a job for you when communicating with you digitally. The executing of the contract is not when everything is set in stone. A signed contract is necessary for the solicitor to exchange contracts when the time is right, which will usually be very shortly after signing. The procedure is nowadays normally dealt with by telephone and can be very rapid, although where an extended "chain" is in play, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Blackwell)to be in the office available at the end of the phone to exchange contracts.
I have been on the look out for a leasehold apartment up to £195,000 and identified one close by in Blackwell I like with open areas and transport links in the vicinity, the downside is that it's only got 61 years unexpired on the lease. I can't really find anything else in Blackwell in this price bracket, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you require a home loan the shortness of the lease will likely be an issue. Discount the offer by the expected lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for a minimum of 2 years you can request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this matter.
Am I right to be wary by estate agents that I am dealing with are encouraging me to use a national conveyancing firm rather than a High Street Blackwell conveyancing practice?
As with many professional services, often suggestions from connections can be extremely useful or valuable. But there are many people with a vested interest in a conveyancing matter; estate agents, financial adviser and mortgage companies may recommend lawyers to use. Sometimes the solicitors might be known to one of the organisations as experts in their field, but sometimes there exists a commercial relationship behind the endorsement. You have the right to appoint your own lawyer. You need to be aware that most lenders specify a panel list of conveyancers you must use for the lender aspect of your house move.
We expect to complete our sale of a £475,000 maisonette in Blackwell next week. The management company has quoted £360 for Landlord’s certificate, building insurance schedule and previous years service charge statements. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Blackwell?
Blackwell conveyancing on leasehold maisonettes more often than not requires the buyer’s solicitor submitting questions for the landlord to address. Although the landlord is not legally bound to address such questions the majority will be willing to do so. They are at liberty to levy a reasonable charge for answering questions or supplying documentation. There is no upper cap for such fees. The average costs for the information that you are referring to is over three hundred pounds, in some transactions it exceeds £800. The management information fee required by the landlord must be sent together with a synopsis of entitlements and obligations in respect of administration fees, without which the invoice is technically not due. Reality however dictates that you have little option but to pay whatever is requested of you if you want to complete the sale of your home.
I invested in buying a 2 bed flat in Blackwell, conveyancing having been completed 9 years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Equivalent properties in Blackwell with an extended lease are worth £180,000. The ground rent is £65 yearly. The lease runs out on 21st October 2084
With only 59 years unexpired we estimate the price of your lease extension to span between £20,900 and £24,200 plus legals.
The suggested premium range 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 investigations. You should not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not take any other action based on this information before seeking the advice of a professional.
I'm remortgaging a house in Blackwell. I have found my conveyancer's company on the Law Society's list, but I can't locate my lawyer's name on the list. Should I be concerned?
Not every individual in the practice must be listed by the regulator. As long there is someone qualified to 'oversee' the work, the actual day-to-day activity can be conducted by unlicensed staff.