I am in the process of selling my apartment in Bedford and the estate agent has just called to say that the buyers are swapping law firm. The excuse is that the lender will only deal with property lawyers on their conveyancing panel. Why would a big named lender only deal with specific solicitors rather the firm that they want to choose for their conveyancing in Bedford ?
Banks have always had an approved set of law firms they are content to work with, but in the past few years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Lending institutions blame a rise in fraud by way of justification for the cull – criteria have been narrowed as a smaller panel is easier to maintain. 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. Some 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 sway in the decision.
It is a dozen years since I acquired my house in Bedford. Conveyancing lawyers have now been instructed on the sale but I can't track down the title documents. Is this a problem?
You need not be too concerned. Firstly there is a possibility that the deeds will be kept by your mortgage company or they may stored with the solicitor who acted in your purchase. Secondly in most cases the property will be recorded at the land registry and you will be able to prove you own the property by your conveyancing lawyers acquiring up to date copy of the land registers. Most conveyancing in Bedford involves registered property but in the rare situation where your home is unregistered it is more problematic but is resolvable.
I just acquired a flat at auction in Bedford. Conveyancing is necessary. What are my next steps?
Now that you have for all intents and purposes signed on the dotted line you will need to find a conveyancing lawyer as a matter of priority as you are faced with a tight deadline in which to complete the property. Every auction property should have a corresponding auction pack. This should include evidence of title and search results. If you have purchased leasehold premises the auction papers should include a copy of the lease, management information and a sellers leasehold information form and associated conveyancing paperwork specific to a leasehold property. You must pass this on to the lawyer instructed by you as soon as possible. You also need to ensure that that you have the requisite funding in order to complete the transaction on the set completion date.
This question may be naive but I am unexperienced as FTB of a garden flat in Bedford. Do I receive the keys to the property on the completion date from my lawyer? If this is the case, I will find a local conveyancing solicitor in Bedford?
On the day of completion you do not need to go to the conveyancers office in Bedford. Conveyancing lawyers for you will electronically transfer the completion advance to the seller's conveyancers, and once they have received this, you will be invited to receive the keys from the selling Agents and start moving into the property. Usually this occurs early afternoon.
Planning on purchasing a flat in Bedford. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Aldermore conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Bedford conveyancer is on the Aldermore conveyancing panel.
What can a local search tell me about the house we're buying in Bedford?
Bedford conveyancing often commences with the ordering local authority searches directly from your local Authority or through a personal search organisations for instance PSG The local search plays a central role in many a Bedford conveyancing purchase; that is if you don’t want any nasty surprises after you move into your property. The search will supply information on, amongst other things, details on planning applications relevant to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 topic areas.
Me and my brother have a semi-detached Victorian property in Bedford. Conveyancing solicitor represented me and Birmingham Midshires. I did a free Land Registry search last week and I saw two entries: the first freehold, another for leasehold with the exact same property. Is it worth asking Birmingham Midshires to clarify?
You should review the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Bedford and other areas of the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with lenders. You can also enquire as to the position with your conveyancing solicitor who completed the work.
If all goes to plan we aim to complete our sale of a £375,000 maisonette in Bedford in 5 days. The managing agents has quoted £336 for Landlord’s certificate, building insurance schedule and 3 years service charge statements. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Bedford?
Bedford conveyancing on leasehold flats normally requires the purchaser’s conveyancer submitting questions for the landlord to answer. Although the landlord is under no legal obligation to respond to such questions most will be content to do so. They are entitled to charge a reasonable administration fee for answering questions or supplying documentation. There is no set fee. The average fee for the paperwork that you are referring to is £350, in some transactions it is in excess of £800. The administration charge required by the landlord must be accompanied by a synopsis of entitlements and obligations in relation to administration charges, without which the charge is not strictly payable. In reality one has no option but to pay whatever is demanded should you wish to complete the sale of your home.
I am the registered owner of a studio flat in Bedford, conveyancing formalities finalised half a dozen years ago. How much will my lease extension cost? Comparable flats in Bedford with a long lease are worth £211,000. The average or mid-range amount of ground rent is £45 charged once a year. The lease terminates on 21st October 2093
With just 67 years unexpired we estimate the price of your lease extension to range between £10,500 and £12,000 as well as costs.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not move forward based on this information before getting professional advice.