I am nearing exchange of contracts for my house in Banstead and the estate agent has just e-mailed to advise that the purchasers are switching conveyancer. The excuse is that the bank will only deal with solicitors on their approved list. On what basis would a big named lender only deal with certain solicitors rather the firm that they want to select for their conveyancing in Banstead ?
UK lenders have always had an approved set of law firms that can act for them, but in recent years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for decades.
Lending institutions blame a rise in fraud by way of justification for the pruning – criteria have been stiffened as a smaller panel is easier to monitor. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is being contacted daily by practices that have been removed from panels. Plenty of firms 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. Your purchasers are not going to have any sway in the decision.
Can I use your services to find a Conveyancing solicitor in Banstead even if I’m not buying or disposing of a house, for example if I wish to buy a shop in Banstead with a mortgage from Lloyds TSB Bank?
Our comparison service is mainly there to help choose residential conveyancing solicitors in Banstead but we have recorded towards the bottom of this page some Banstead commercial conveyancing firms. You will need to make contact with the company directly to see if they are also authorised to represent Lloyds TSB Bank
Should our lawyer be making enquiries concerning flooding during the conveyancing in Banstead.
Flooding is a growing risk for lawyers carrying out conveyancing in Banstead. Plenty of people will buy a house in Banstead, fully aware that at some time, it may suffer from flooding. However, aside from the physical destruction, if a property is at risk of flooding, it may be difficult to obtain a mortgage, adequate insurance cover, or dispose of the premises. Steps can be carried out as part of the conveyancing process to forewarn the purchaser.
Lawyers are not qualified to give advice on flood risk, however there are a various checks that may be carried out by the purchaser or on a buyer’s behalf which can give them a better appreciation of the risks in Banstead. The standard completed inquiry forms given to a purchaser’s lawyer (where the Conveyancing Protocol is adopted) incorporates a standard question of the seller to find out if the premises has ever been flooded. If the property has been flooded in past and is not notified by the owner, then a purchaser could bring a claim for damages as a result of such an inaccurate reply. The buyer’s conveyancers should also order an enviro search. This will higlight if there is a recorded flood risk. If so, further investigations should be conducted.
In my capacity as executor for the estate of my grandfather I am disposing of a residence in Monmouth but live in Banstead. My conveyancer (who is 200 miles from mehas requested that I execute a stat dec ahead of completion. Can you recommend a conveyancing solicitor in Banstead who can witness this legal document for me?
strictly speaking you are not likely to need to have the documents witnessed by a conveyancing solicitor. Ordinarily or notary public or qualified solicitor will do regardless of whether they are Banstead based
I work for a reputable estate agency in Banstead where we see a number of flat sales put at risk due to leases having less than 80 years remaining. I have been given inconsistent advice from local Banstead conveyancing firms. Please can you clarify whether the owner of a flat can start the lease extension formalities for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the disposal of the property.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I have attempted and failed to negotiate with my landlord to extend my lease without getting anywhere. Can the Leasehold Valuation Tribunal decide on such matters? Can you recommend a Banstead conveyancing firm to assist?
in cases where there is a missing freeholder or where there is dispute about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the LVT to arrive at the price.
An example of a Lease Extension matter before the tribunal for a Banstead property is 33 The Maisonettes Alberta Avenue in June 2014. the Tribunal decided that the premium payable for the grant of a new lease be the sum of £20,680 (Twenty Thousand six hundred and eighty pounds). This case affected 1 flat. The number of years remaining on the existing lease(s) was 60.43 years.
I am soon to complete on the purchase a house in Banstead but as a result of damage from the recent storms I have agreed recompense from the seller of £3k in the form of a reduction in the price. I had intended this to be addressed as part of the conveyancing process but my lender will not agree to this. Why were they involved?
Any lawyer listed on the bank conveyancing panel is required to disclose to the bank of any amendments to the purchase amount. In the event that you prohibit your solicitor to disclose the reduction to your mortgage company then they would have no choice but to discontinue representing you and the lender.