I am in the process of selling my maisonette in Carnforth and the estate agent has just called to warn that the buyers are switching conveyancer. I am told that this is due to the fact that the mortgage company will only engage with solicitors on their approved list. On what basis would a major lender only engage with certain solicitors rather the firm that they want to select for their conveyancing in Carnforth ?
UK lenders have always had an approved set of law firms they are content to work with, but in the last few years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 25 years.
Lending institutions point to the increase in fraud by way of justification for the pruning – criteria have been narrowed as a smaller panel is easier to keep an eye on. Banks tend not to reveal 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. The purchasers are unlikely to have any sway in the decision.
It is is a decade since I acquired my house in Carnforth. Conveyancing solicitors have now been instructed on the sale but I can't locate my title documents. Will this cause complications?
You need not be too concerned. First the deeds may be with the lender or they may be in the possession of the conveyancers who acted in your purchase. Secondly the chances are that the title will be recorded 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 Carnforth involves registered property but in the rare situation where your property is not registered it adds to the complexity but is resolvable.
I used Action Conveyancing several years past for my conveyancing in Carnforth. I now require my papers however the law firm is no longer operating. What do I do?
You should contact 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 Carnforth of the conveyancing firm of solicitors you previously retained, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
I'm buying a new build house in Carnforth benefiting from help to buy. The developers refused to move on the amount so I negotiated five thousand pounds worth of additionals instead. The estate agent told me not inform my solicitor about this extras as it could impact my mortgage with the bank. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
My partner has recommend that I instruct his lawyers for conveyancing in Carnforth. Should I use them?
Much as we are happy to recommend a Carnforth conveyancing lawyer it’s preferable to choose a conveyancing solicitor is to have referrals from friends or relatives who have used the firm you're are thinking of instructing.
I am looking at a couple of flats in Carnforth which have about 50 years unexpired on the leases. Will this present a problem?
A lease is a legal document that entitles you to use the property for a period of time. As the lease shortens the marketability of the lease deteriorates and it becomes more costly to extend the lease. This is why it is often a good idea to extend the lease term. Sometimes it is difficult to sell a property with a short lease because mortgage lenders may be reluctant to lend money on such properties. Lease enfranchisement can be a protracted process. We advise that you seek professional assistance from a solicitor and surveyor with experience in this area.
I invested in buying a ground floor flat in Carnforth, conveyancing formalities finalised half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Equivalent flats in Carnforth with an extended lease are worth £191,000. The average or mid-range amount of ground rent is £55 yearly. The lease runs out on 21st October 2075
You have 53 years remaining on your lease we estimate the price of your lease extension to be between £27,600 and £31,800 as well as legals.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to supply a more accurate figure without more comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not take any other action based on this information without first getting professional advice.