I am nearing exchange of contracts for my maisonette in Shotley Bridge and the estate agent has just called to warn that the buyers are appointing a new property lawyer. The excuse is that the lender will only engage with property lawyers on their conveyancing panel. Why would a big named mortgage company only deal with specific lawyers rather the firm that they want to choose to handle their conveyancing in Shotley Bridge ?
UK lenders have always had an approved set of law firms that can represent them, but in the past few years big names such as Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.
Mortgage companies point to the increase in fraud as the reason for the reduction – criteria have been tightened as a smaller panel is easier to monitor. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels. Plenty of firms do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The purchasers are unlikely to have any impact on this.
A relative recommended that where I am purchasing in Shotley Bridge I should carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is occasionally quoted for as part of the standard Shotley Bridge conveyancing searches. It is a large report of more than thirty pages, listing and setting out important information about Shotley Bridge around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime details, Local Education with maps and statistics, Local Amenities and other useful data about Shotley Bridge.
How does conveyancing in Shotley Bridge differ for newly converted properties?
Most buyers of new build premises in Shotley Bridge come to us having been asked by the seller to exchange contracts and commit to the purchase even before the property is ready to move into. This is because builders in Shotley Bridge usually purchase the real estate, 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 Shotley Bridge or who has acted in the same development.
I decided to have a survey carried out on a property in Shotley Bridge in advance of instructing lawyers. I have been told that there is a flying freehold element to the house. Our surveyor advised that some mortgage companies tend refuse to grant a mortgage on this type of premises.
It depends who your proposed lender is. Bank of Scotland has different requirements for example to Birmingham Midshires. If you call us we can look into this further via the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Shotley Bridge. Conveyancing may be slightly more expensive based on your lender's requirements.
Can you provide any advice for leasehold conveyancing in Shotley Bridge from the perspective of expediting the sale process?
- A significant proportion of the delay in leasehold conveyancing in Shotley Bridge can be reduced where you get in touch lawyers as soon as your agents start advertising the property and ask them to collate the leasehold documentation which will be required by the buyers’ conveyancers. Many landlords or Management Companies in Shotley Bridge levy fees for providing management packs for a leasehold property. You or your lawyers should enquire as to the fee that they propose to charge. The management information sought on or before finding a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most frequent cause of delay in leasehold conveyancing in Shotley Bridge. If you have carried out any alterations to the premises would they have required Landlord’s approval? In particular have you installed wooden flooring? Most leases in Shotley Bridge state that internal structural alterations or laying down wooden flooring necessitate a licence from the Landlord consenting to such alterations. Where you dont have the consents in place do not contact the landlord without checking with your solicitor in the first instance. If you have had any disputes with your landlord or managing agents it is very important that these are resolved before the property is marketed. The purchasers and their solicitors will be nervous about purchasing a flat where there is an ongoing dispute. You may have to bite the bullet and pay any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the buyers, but it is clearly preferable to reveal the dispute as over rather than unsettled.
I own a basement flat in Shotley Bridge, conveyancing was carried out half a dozen years ago. How much will my lease extension cost? Corresponding flats in Shotley Bridge with over 90 years remaining are worth £185,000. The ground rent is £65 invoiced annually. The lease ends on 21st October 2084
You have 60 years remaining on your lease we estimate the price of your lease extension to be between £20,000 and £23,000 plus professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to advice on the actual costs in the absence of detailed due diligence. You should not use the figures in tribunal or court proceedings. There may be additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first seeking the advice of a professional.
How do I search for a Shotley Bridge conveyancing solicitor on the bank conveyancing panel? I have a car and am prepared to travel up to twentykilometers to meet the conveyancer.
You can use the find a conveyancing panel tool on this website. Please choose the lender and your location, in this case Shotley Bridge and you will see a number of lawyer located nearest Shotley Bridge. Alternatively you can type in the name of your proposed law firm and see if they are listed as being on the lender solicitor panel.