I am selling my house in Biddenham and the EA has just e-mailed to say that the buyers are appointing a new solicitor. The reason given is that the bank will only deal with property lawyers on their conveyancing panel. Why would a leading lender only engage with certain solicitors rather the firm that they want to choose for their conveyancing in Biddenham ?
Banks have always had an approved set of law firms that can represent them, but in the last few years big names such as Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 15 years.
Banks justify this action to a rise in fraud by way of justification for the cull – criteria have been narrowed as a smaller panel is easier to oversee. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms 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. Your purchasers are not going to have any impact on this.
As someone with no idea as to the Biddenham conveyancing process what is your top tip you can impart concerning the home moving process in Biddenham
You may not hear this from too many lawyers but conveyancing in Biddenham and elsewhere in Bedfordshire is often a confrontational experience. In other words, when it comes to conveyancing there is plenty of opportunity for confrontation between you and other parties involved in the transaction. E.g., the seller, property agent and even potentially your bank. Appointing a law firm for your conveyancing in Biddenham should not be taken lightly as your conveyancer is your adviser, and is the ONE person in the legal process whose interest is to act in your legal interests and to protect you.
Sometimes a third party with a vested interest may try and persuade you that it is in your interests to do things their way. For example, the estate agent may claim to be assisting by suggesting your conveyancer is dragging his heels. Or your mortgage broker may try to convince you to do something that is against your lawyers guidance. You should always trust your lawyer above all other parties in the conveyancing process.
What is the difference between a licensed conveyancer and conveyancing solicitor in Biddenham
There are many recorded licenced Conveyancers in Biddenham and Solicitor practices in Biddenham offering conveyancing We would stress that the two are regulated professionals specialising in the legal aspects of the home buying process. Both can conduct other property legal work such as remortgage conveyancing, enfranchisement and transfer of equity conveyancing.
I have decided to exercise my right to buy my property in Biddenham off the council. I have a mortgage agreed with Skipton. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Skipton, you will need to appoint a solicitor on the Skipton conveyancing panel.
After what feels like an age I have had an offer on a flat in Biddenham accepted, the vendors do nevertheless have a dependent purchase. The vendors have offered on on an apartment, but it’s not been accepted yet, and are looking at other flats booked. I have chosen a nearby conveyancing solicitor in Biddenham. What should be my next step? When should I get the mortgage application with Aldermore going?
It is normal to have anxieties where there is a chain as you are unlikely to want to incur expenses prematurely (mortgage application is approx £1k, then valuation, Biddenham conveyancing search charges, etc). First, you should check that your conveyancing practitioner is on the Aldermore conveyancing panel. Concerning the subsequent steps this very much depends on the uniqueness of your transaction, attraction to this property and on the state of the market. In a hot market many purchasers will apply for a home loan with Aldermore and arrange for the valuation and only if it was satisfactory would they ask their property lawyer to move forward with the conveyancing in Biddenham.
I am looking for a flat up to £245,000 and found one close by in Biddenham I like with amenity areas and transport links in the vicinity, however it only has 49 remaining years left on the lease. I can't really find anything else in Biddenham in this price bracket, so just wondered if I would be making a mistake buying a lease with such few years left?
If you need a home loan the shortness of the lease will be problematic. Reduce the price by the amount the lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for a minimum of 2 years you can request that they start the process of the extension and then assign it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should consult your conveyancing lawyer regarding this matter.
Can you provide any top tips for leasehold conveyancing in Biddenham from the point of view of saving time on the sale process?
- A significant proportion of the delay in leasehold conveyancing in Biddenham can be reduced if you appoint lawyers as soon as your agents start marketing the property and request that they start to collate the leasehold documentation which will be required by the purchasers’ solicitors. You may think that you are aware of the number of years remaining on your lease but you should verify this via your lawyers. A purchaser's lawyer will not be happy to advise their client to proceed with the purchase of a leasehold property the remaining number of years is under 75 years. In the circumstances it is essential at an as soon as possible that you consider whether the lease for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale. The majority of freeholders or Management Companies in Biddenham charge for providing management packs for a leasehold premises. You or your lawyers should discover the fee that they propose to charge. The management information can be applied for on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most common cause of delay in leasehold conveyancing in Biddenham. Some Biddenham leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, you should place the estate agents on notice to make sure that the purchasers obtain bank and professional references. Any bank reference will need to confirm that the buyers are financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the buyers or their solicitors.
I inherited a ground floor flat in Biddenham, conveyancing formalities finalised 5 years ago. Can you please calculate a probable premium for a statutory lease extension? Comparable flats in Biddenham with a long lease are worth £179,000. The ground rent is £65 invoiced every year. The lease terminates on 21st October 2082
With just 57 years unexpired we estimate the premium for your lease extension to range between £26,600 and £30,800 as well as legals.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to supply the actual costs in the absence of detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before seeking the advice of a professional.
I am in the market for an affordable conveyancing lawyer in Biddenham to assist me in selling my home. I I am concerned about appointing the wrong one but with many Biddenham conveyancing firms to pick from...who do I opt for?
Where you’ve never used a property lawyer previously, a personal recommendation through relatives or friends is a great place to start and is often a good gauge of quality. Alternatively, consult the Law Society’s regional record of lawyers in Biddenham or use our search tool to select a conveyancing lawyer in Biddenham.