I am in the process of selling my ground floor flat in Bridgnorth and the estate agent has just e-mailed to say that the purchasers are switching law firm. The excuse is that the mortgage company will only engage with solicitors on their conveyancing panel. Why would a big named mortgage company only engage with specific law firms rather the firm that they want to appoint to handle their conveyancing in Bridgnorth ?
Banks have always had panels of law firms they are willing to work with, but in the last few years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 15 years.
Lending institutions point to the increase in fraud by way of justification for the cull – criteria have been narrowed as a smaller panel is easier to keep an eye on. No lender will say 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 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 unlikely to have any sway in the decision.
When it comes to lenders such as Skipton, do Bridgnorth property lawyers incur a fee to be on the conveyancing panel?
We are unaware of any lender fees to register on their panel, although some do levy an administration charge to deal with the processing of the conveyancing panel application.
I'm in the throws of viewing flats in Bridgnorth and I am about to put in an offer. Is it too early to have a solicitor in place? I will be getting a mortgage with Yorkshire BS.
You should start requesting conveyancing estimates from solicitors ASAP. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and forward their details on to the EA. Given that you are taking out a mortgage with Yorkshire BS, ask your prospective lawyers if they are on the Yorkshire BS conveyancing panel otherwise they can't do the mortgage legal work.
I am due to exchange contracts on my apartment. I had a double glazing fitted in April 2007, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s lender, Lloyds are being problematic. The Bridgnorth solicitor who is on the Lloyds conveyancing panel is saying indemnity insurance will be fine but Lloyds are requiring a building regulation certificate. Why do Lloyds have a conveyancing panel if they don't accept advice from them?
It is probably the case that Lloyds have referred the matter to their valuer. The reason why Lloyds may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
I used Action Conveyancing several years ago for my conveyancing in Bridgnorth. Now, I need my files but the law firm is no longer operating. What do I do?
You should contact the Solicitors Regulatory Authority (SRA) to assist in tracing your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Bridgnorth of the conveyancing firm of solicitors you previously instructed, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
Just had an offer accepted on a new build flat in Bridgnorth. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Here are examples of a selection of leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Bridgnorth
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Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. Forfeiture - bankruptcy or liquidation must not apply under this provision. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme.
What advice can you give us when it comes to finding a Bridgnorth conveyancing firm to carry out our lease extension conveyancing?
When appointing a property lawyer for your lease extension (regardless if they are a Bridgnorth conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you make enquires with several firms including non Bridgnorth conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. The following questions might be useful:
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What volume of lease extensions have they carried out in Bridgnorth in the last twenty four months?
I own a basement flat in Bridgnorth, conveyancing was carried out March 2008. Can you give me give me an indication of the likely cost of a lease extension? Comparable properties in Bridgnorth with a long lease are worth £260,000. The average or mid-range amount of ground rent is £45 invoiced annually. The lease runs out on 21st October 2098
With only 74 years remaining on your lease we estimate the premium for your lease extension to span between £8,600 and £9,800 plus professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to provide the actual costs without more detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not take any other action based on this information before seeking the advice of a professional.
Some months ago I was informed by my lender that their panel conveyancers work on no completion no fee basis for conveyancing in Bridgnorth. My purchase did not proceed nevertheless the solicitors have invoiced for search fees! They are claiming that the fees are seperate!
Bridgnorth conveyancing search charges are separate expenses not solicitors fees as these are due to independent parties.