I am progressing with the sale of my home in Burntwood and the estate agent has just telephoned to say that the purchasers are switching solicitor. I am told that this is due to the fact that the bank will only engage with property lawyers on their conveyancing panel. On what basis would a major lender only work with certain law firms rather the firm that they want to select to handle their conveyancing in Burntwood ?
Mortgage companies have always had panels of law firms that can represent them, but in the past 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 more than 15 years.
Lenders point to the increase in fraud as the reason 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 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 not going to have any impact on this.
I am hoping to complete my purchase in Burntwood next Tuesday. I have now been asked to send a copy of my building insurance schedule by my solicitor as he says that he has to check this in his capacity as lawyer for the lender. What does the insurance need to cover?
Any lawyer on acting for mortgage companies would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s Part 2 instructions. These requirements are not unique to conveyancing in Burntwood.
It is a dozen years since I purchased my home in Burntwood. Conveyancing solicitors have recently been instructed on the sale but I am unable to find my title documents. Will this cause complications?
Don’t worry too much. First there is a chance that the deeds will be retained by the mortgage company or they may be in the possession of the conveyancers who acted in your purchase. Secondly the likelihood is that the property will be registered at the land registry and you will be able to establish that you own the property by your conveyancing lawyers acquiring current official copies of the land registers. Almost all conveyancing in Burntwood involves registered property but in the unlikely event that your home is unregistered it is more problematic but is resolvable.
Should my lawyer be raising enquiries concerning flooding as part of the conveyancing in Burntwood.
Flooding is a growing risk for lawyers carrying out conveyancing in Burntwood. Plenty of people will acquire a house in Burntwood, completely expectant that at some time, it may be flooded. However, leaving to one side the physical destruction, if a house is at risk of flooding, it may be difficult to obtain a mortgage, suitable building insurance, or sell the property. Steps can be carried out during the course of a house purchase to forewarn the purchaser.
Conveyancers are not qualified to give advice on flood risk, however there are a number of searches that may be carried out by the buyer or by their conveyancers which should give them a better appreciation of the risks in Burntwood. The standard completed inquiry forms given to a purchaser’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a standard question of the owner to determine whether the property has ever been flooded. In the event that the property has been flooded in past and is not revealed by the owner, then a buyer could bring a compensation claim as a result of such an inaccurate reply. A buyer’s solicitors should also carry out an environmental report. This will indicate if there is any known flood risk. If so, additional inquiries will need to be carried out.
Do you have any top tips for leasehold conveyancing in Burntwood with the intention of saving time on the sale process?
- Much of the delay in leasehold conveyancing in Burntwood can be bypassed if you appoint lawyers the minute your agents start advertising the property and request that they start to collate the leasehold information which will be required by the buyers’ solicitors. A minority of Burntwood leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. The bank reference will need to confirm that the buyers are able to meet the annual 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 actual amount of the service charge so that they can pass this information on to the buyers or their lawyers. If you have had any disputes with your freeholder or managing agents it is essential that these are resolved before the property is put on the market. The buyers and their solicitors will be reluctant to purchase a property where there is a current dispute. You may have to bite the bullet and pay any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the buyers, but it is better to reveal the dispute as over rather than unresolved. If you have carried out any alterations to the property would they have required Landlord’s approval? Have you, for example laid down wooden flooring? Most leases in Burntwood state that internal structural alterations or addition of wooden flooring calls for a licence issued by the Landlord approving such alterations. If you fail to have the approvals in place you should not contact the landlord without checking with your lawyer first.
I own a 1 bedroom flat in Burntwood, conveyancing was carried out in 1997. Can you give me give me an indication of the likely cost of a lease extension? Corresponding flats in Burntwood with over 90 years remaining are worth £260,000. The ground rent is £45 charged once a year. The lease runs out on 21st October 2098
You have 74 years unexpired we estimate the premium for your lease extension to span between £8,600 and £9,800 plus legals.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure 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 other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not move forward based on this information before seeking the advice of a professional.
I require the services of a lender panel solicitor in Burntwood. Could you help me?
Unfortunately it’s not apparent why you need a Burntwood panel solicitor but in any event, if you can not find one on our search tool you will need to speak directly to the bank to find out which solicitors in Burntwood are on their panel . If you do find such a firm in Burntwood not listed please direct them to our site to list. After all the cost is only one £1 a month