I am selling my apartment in Buckingham and the EA has just e-mailed to say that the purchasers are swapping property lawyer. I am told that this is due to the fact that the lender will only deal with solicitors on their approved list. Why would a big named mortgage company only deal with specific lawyers rather the firm that they want to choose for their conveyancing in Buckingham ?
Lenders have always had panels of law firms that can act for them, but in the last few years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Banks point to the increase in fraud by way of justification for the reduction – criteria have been narrowed as a smaller panel is easier to maintain. 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. Some 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. The buyers are unlikely to have any sway in the decision.
I am purchasing a flat and require a conveyancing solicitor in Buckingham who is on the Clydesdale solicitor. Could you point me in the right direction as regards a firm?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for Clydesdale in certain locations such as Buckingham. We dont recommend any particular firm.
Have purchased a a semi-detached house in Buckingham , how long will it take for the Land Registry to register my ownership? My Buckingham conveyancing solicitor has been very slow, so I want to be certain the registration is dealt with.
As far as conveyancing in Buckingham is concerned, registration is no faster or slower than the rest of the country. As opposed to being determined by geographic area, timescales can differ depending on the party submitting the application, whether it is in order and if the Land registry must send notices to any 3rd persons or bodies. Currently in the region of 80% of such applications are completed within 12 days but some can be subject to protracted hold-ups. Historically registration takes place after the buyer has moved in to the property therefore 'speed' is not usually primary concern but if it is urgent that the the registration takes place urgently then you or your conveyancer can contact the land registry and explain the circumstances.
How does conveyancing in Buckingham differ for newly converted properties?
Most buyers of new build property in Buckingham come to us having been asked by the builder to exchange contracts and commit to the purchase even before the premises is constructed. This is because new home sellers in Buckingham usually acquire the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Buckingham or who has acted in the same development.
My husband and I are four weeks into a freehold purchase having been directed to a firm by the selling agent to carry out the conveyancing in Buckingham. I am am starting to be frustrated with the quality of service. Can you you assist me in finding new conveyancers?
They would need to be very bad to suggest replacing them. Has the loan offer been sent? In the event that it has you need to inform them of the new lawyer and get the mortgage documents are re-issued. The conveyancer needs to be on the lenders panel to avoid escalating expenses and delays. That should be your first question of the new solicitors. The search tool should help you find a bank approved solicitor for your conveyancing in Buckingham
I am attracted to a couple of flats in Buckingham which have in the region of forty five years remaining on the leases. Should I regard a short lease as a deal breaker?
A lease is a legal document that entitles you to use the property for a period of time. As a lease shortens the saleability of the lease reduces and it becomes more expensive to extend the lease. This is why it is advisable to extend the lease term. It is often difficult to sell a property with a short lease because mortgage lenders may be unwilling to lend money on such properties. Lease extension can be a protracted process. We advise that you seek professional assistance from a conveyancer and surveyor with experience in this arena.
Buckingham Conveyancing for Leasehold Flats - Sample of Questions you should ask before Purchasing
How long is the Lease? It is important to be aware whether redecorating or some other significant cost is due in the foreseeable future that will be shared by the tenants and may well materially increase the the maintenance costs or necessitate a specific invoice. Many Buckingham leasehold apartments will incur a service bill for maintenance of the block set on behalf of the landlord. Where you purchase the apartment you will have to pay this charge, normally periodically accross the year. This may differ from two or three hundred pounds to thousands of pounds for large purpose-built buildings. In all probability there will be a rentcharge for you to pay annual, ordinarily this is not a large figure, say about £50-£100 but you should to check as occasionally it could be many hundreds of pounds.