I am progressing with the sale of my home in Chathill and the EA has just called to advise that the purchasers are appointing a new property lawyer. The reason given is that the bank will only engage with property lawyers on their conveyancing panel. Why would a leading lender only work with specific solicitors rather the firm that they want to appoint for their conveyancing in Chathill ?
UK lenders have always had panels of law firms they are willing to work with, but in the past few years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.
Mortgage companies blame a rise in fraud by way of justification for the reduction – criteria have been stiffened as a smaller panel is easier to monitor. No lender will say 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. 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. Your purchasers are not going to have any impact on this.
I am looking to buy a flat and require a conveyancing solicitor in Chathill who is on the Halifax 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 Halifax in certain locations such as Chathill. We dont recommend any particular firm.
I have been told that property searches are the main reason for obstruction in Chathill house deals. Is that correct?
The Council of Property Search Organisations (CoPSO) published findings of a review by MoveWithUs that conveyancing searches do not feature within the most frequent causes of delays during the legal transfer of property. Searches are unlikely to be the root cause of holding up conveyancing in Chathill.
My wife and I purchased a terraced Victorian house in Chathill. Conveyancing solicitor represented me and The Royal Bank of Scotland. I happened to do a free search for it on the Land Registry database and there are two entries: one for freehold, another for leasehold with the exact same address. If a house is not a freehold shouldn't I have been informed?
You should read the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Chathill and other locations in the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also check the position with your conveyancing practitioner who carried out the work.
How does conveyancing in Chathill differ for new build properties?
Most buyers of new build residence in Chathill come to us having been asked by the housebuilder to sign contracts and commit to the purchase even before the house is completed. This is because developers in Chathill tend to 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 Chathill or who has acted in the same development.
Can you offer any advice when it comes to appointing a Chathill conveyancing firm to carry out our lease extension conveyancing?
When appointing a property lawyer for lease extension works (regardless if they are a Chathill conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you speak with several firms including non Chathill conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. The following questions could be of use:
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What are the costs for lease extension conveyancing? How many lease extensions have they conducted in Chathill in the last 12 months?
I am the registered owner of a basement flat in Chathill, conveyancing was carried out in 2005. How much will my lease extension cost? Equivalent flats in Chathill with a long lease are worth £165,000. The ground rent is £50 yearly. The lease expires on 21st October 2102
With just 77 years left to run we estimate the premium for your lease extension to be between £7,600 and £8,800 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range 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 investigations. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before getting professional advice.