I am in the process of selling my maisonette in Burnham Market and the estate agent has just text me to warn that the buyers are changing their law firm. The reason given is that the bank will only deal with solicitors on their approved list. Why would a major lender only deal with certain lawyers rather the firm that they want to choose to handle their conveyancing in Burnham Market ?
UK lenders have always had panels of law firms they are willing to work with, but in the last few years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Mortgage companies point to the increase in fraud as the reason for the reduction – criteria have been stiffened as a smaller panel is easier to oversee. Banks tend not to disclose 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. 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. Your purchasers are not going to have any impact on this.
Can the conveyancing solicitors identified via your search tool handle conveyancing in Burnham Market by way of an attended exchange?
There are a few conveyancing specialists who can conduct personalised exchanges. You should contact us to secure a fee calculation and details as to availability.
My Solicitor in Burnham Market is not on the National Westminster Bank Approved Panel. Is it possible for me to use my prefered solicitor notwithstanding that they are excluded from the National Westminster Bank list of approved lawyers?
Your options are as follows:
- Carry on with your existing Burnham Market solicitors but National Westminster Bank will need to instruct a solicitor on their panel. This will result in additional total legal fees and cause frustration.
- Find a new practitioner to act in the purchase, not forgetting to check they are Persuade your conveyancer to use their best endeavours to join the National Westminster Bank conveyancing panel
I have today made my last payment due on my mortgage with Clydesdale. I assume I don't need a Burnham Market conveyancing practitioner on the Clydesdale panel to discharge the mortgage at the Land Registry. Am I right?
If you have finished paying off your Clydesdale mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Clydesdale mortgage from the register. Clydesdale, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Clydesdale has sent the Land Registry the discharge electronically, and
- Clydesdale has instructed the Land Registry to do so
Kent Reliance have agreed my home loan in principle, my offer on a house in Burnham Market has been agreed to, now what?
Your estate agent will wish to be advised as to your conveyancer's details (ensure that the conveyancing practitioners are on the lender’s panel). Telephone Kent Reliance or your financial adviser and finalise any outstanding paperwork. Kent Reliance will appoint a valuer who will get in touch with the estate agent or seller to book an appointment. Once conducted (assuming no problems) it takes on average a week for the mortgage offer to be issued. Kent Reliance will issue the offer to you and your property lawyers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Burnham Market.
Our sealed bid on a property in Burnham Market has been accepted, but there is a chain. The sellers have put an offer on a flat, however it’s not yet agreed to, and are looking at other flats in the pipeline. I have chosen a high street conveyancing solicitor in Burnham Market. What should be my next step? When should I get the mortgage application with Principality going?
It is understandable to have apprehensions where there is a chain as you are unlikely to want to incur expenses too early (mortgage application is approx one thousand pounds, then valuation, Burnham Market conveyancing search charges, etc). First, you must ensure that your conveyancing practitioner is on the Principality conveyancing panel. Regarding the subsequent steps this very much depends on the circumstances of your case, attraction to this property and on the state of the market. In a buoyant market some purchasers would apply for a home loan with Principality and arrange for the valuation and only if it comes back ok would they pay their conveyancing practitioner to proceed with searches.
I am looking at a couple of flats in Burnham Market which have approximately 50 years unexpired on the lease term. Will this present a problem?
There are no two ways about it. A leasehold flat in Burnham Market is a wasting asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it reduces the value of the property. The majority of buyers and mortgage companies, leases with under 75 years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Burnham Market conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I bought a 2 bed flat in Burnham Market, conveyancing having been completed in 2011. Can you work out an approximate cost of a lease extension? Comparable properties in Burnham Market with an extended lease are worth £211,000. The average or mid-range amount of ground rent is £45 per annum. The lease runs out on 21st October 2093
With just 68 years unexpired the likely cost is going to be between £9,500 and £11,000 plus plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to advice on the actual costs in the absence of detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first seeking the advice of a professional.
I note that you have a search directory identifying firms on the bank conveyancing panel. Do Burnham Market conveyancing companies pay you a referral fee if I instruct them for my conveyancing?
We are a listing service only for law firms wishing to communicate if they are on the mortgage company conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint for your conveyancing in Burnham Market.