I am six weeks into the sale of my home in Castle Cary and the estate agent has just called to warn that the buyers are switching solicitor. I am told that this is due to the fact that the mortgage company will only work with solicitors on their approved list. On what basis would a leading lender only engage with certain law firms rather the firm that they want to choose to handle their conveyancing in Castle Cary ?
Lenders have always had an approved set of law firms they are content to work with, but in the past few years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for many years.
Lending institutions point to the increase in fraud by way of justification for the reduction – criteria have been tightened 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. 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 purchasers are not going to have any impact on this.
Should commercial conveyancing searches reveal proposed roadworks that could affect a commercial property in Castle Cary?
Its becoming the norm that commercial conveyancing solicitors in Castle Cary will order a SiteSolutions Highways report as it dramatically cuts the time that conveyancers invest in looking into accurate data on highways that impact buildings and development assets in Castle Cary. The report provides definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Castle Cary.
For every commercial conveyancing transaction in Castle Cary it is critical to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been dealt with adequately can cause delays to Castle Cary commercial conveyancing transactions as well as pose a risk to future intentions for the site. These searches are not carried out for residential conveyancing in Castle Cary.
Are there restrictive covenants that are commonly picked up during conveyancing in Castle Cary?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Castle Cary. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
In scouring the internet for the words on line conveyancing in Castle Cary it brings up numerous solicitorslocally. How do I determine which is the suitable conveyancing solicitor for my move?
The preferential way of seeking the right conveyancer is via trusted recommendation, so enquire of colleagues and those you trust who have purchased a property in Castle Cary or the respected estate agent or financial adviser. Fees for conveyancing in Castle Cary differ, so it's a good idea to obtain at least three estimates from different property lawyers. Be sure to obtain confirmation what costs in the quote includes.
I am a negotiator for a busy estate agency in Castle Cary where we see a few flat sales put at risk due to short leases. I have been given contradictory information from local Castle Cary conveyancing solicitors. Could you shed some light as to whether the vendor of a flat can instigate the lease extension formalities for the buyer?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the sale.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I invested in buying a 1st floor flat in Castle Cary, conveyancing having been completed in 2008. How much will my lease extension cost? Equivalent flats in Castle Cary with an extended lease are worth £222,000. The average or mid-range amount of ground rent is £50 per annum. The lease runs out on 21st October 2094
With 70 years unexpired the likely cost is going to range between £9,500 and £11,000 plus legals.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. Do not use this information in tribunal or court proceedings. There may be other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first seeking the advice of a professional.
My husband and I are selling a Castle Cary bungalow left to us six years ago in 2012. I have over a decades worth of conveyancing knowledge and, now retired, see no reason not to do my own conveyancing. The purchaser's lawyer has informed me that their bank will not allow you to do your own conveyancing as they require the funds to be passed via a solicitor's bank account.
Mortgage requirements to solicitors from all mainstream lenders state that If the seller does not have legal representation the buyer’s lawyers should check whether the lender needs to be notified so that a decision can be made if they are prepared to progress.