I am selling my house in Brynford and the EA has just called to warn that the buyers are appointing a new property lawyer. The excuse is that the lender will only deal with property lawyers on their conveyancing panel. On what basis would a major mortgage company only engage with certain law firms rather the firm that they want to select for their conveyancing in Brynford ?
Banks have always had panels of law firms that can act for 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 decades.
Lenders blame a rise in fraud as the reason for the reduction – criteria have been stiffened as a smaller panel is easier to oversee. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that 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. The buyers are unlikely to have any impact on this.
We're in Brynford, First timers purchasing with a mortgage (lender is Lloyds , and our lawyer is on the Lloyds conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Lloyds conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no property lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
I am close to exchanging contracts on the sale of our property in Brynford and according to the buyers it appears that there is a possibility that the property was constructed land that was not decontaminated. Any local conveyancer would know that there is no such problem. It does beg the question why the buyers are using a nationwide conveyancing firm as opposed to a conveyancing solicitor in Brynford. We have lived in Brynford for six years we know of no issue. Do we contact our local Authority to get confirmation need.
It sounds as though you may have a conveyancing solicitor currently acting for you. Are they able to advise? You must enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same sickness)
I used Arc property Solicitors a few years past for my conveyancing in Brynford. I now require my file however cannot find the solicitor. What do I do?
Do call the Solicitors Regulatory Authority (SRA) to help locate 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 Brynford of the conveyancing firm of solicitors you previously used, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
I am tempted by the attractive purchase price for a couple of maisonettes in Brynford both have about fifty years unexpired on the leases. should I be concerned?
A lease is a legal document that entitles you to use the property for a prescribed time frame. As the lease gets shorter the saleability of the lease decreases and it becomes more expensive to extend the lease. For this reason it is generally wise to increase the term of the lease. It is often difficulties arise selling premises with a short lease as mortgage companies may be unwilling to lend money on such properties. Lease extension can be a difficult process. We recommend you get professional assistance from a solicitor and surveyor with experience in this field.
I inherited a 1 bedroom flat in Brynford, conveyancing having been completed half a dozen years ago. Can you work out an approximate cost of a lease extension? Comparable flats in Brynford with a long lease are worth £185,000. The ground rent is £65 yearly. The lease terminates on 21st October 2083
You have 60 years unexpired we estimate the premium for your lease extension to range between £20,000 and £23,000 plus professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs 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. Neither should you move forward placing reliance on this information before getting professional advice.
My partner and I soon to complete buying a house in Brynford but as a result of damage from the recent storms I have agreed reparation from the seller of four thousand pounds by way of a adjustment in the price. I had intended this to be addressed as part of the conveyancing process yet the lender will not agree to this. Why were they approached?
Any lawyer being on a bank conveyancing panel is required to advise the lender of any amendments to the purchase amount. In the event that you were to refuse your solicitor to disclose the reduction to your bank then they would have no choice but to disinstructing themselves from representing you and the mortgage company.