I am in the process of selling my flat in Countesthorpe and the estate agent has just called to say that the purchasers are changing their conveyancer. The excuse is that the lender will only engage with property lawyers on their conveyancing panel. Why would a big named lender only deal with specific law firms rather the firm that they want to choose for their conveyancing in Countesthorpe ?
Lenders have always had panels of law firms that can represent them, but in the past few years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.
Lending institutions point to the increase in fraud as the reason for the reduction – criteria have been narrowed as a smaller panel is easier to keep an eye on. 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 buyers are not going to have any impact on this.
Why do I have to pay up front when it comes to conveyancing in Countesthorpe?
If you are buying a property in Countesthorpe your solicitor will request that you to provide them with funds to cover the search fees. This will be the total of the cost of the conveyancing searches. When the down payment is as part of the total price then this will be needed shortly ahead of contracts are exchanged. The closing balance that is needed will be payable a couple of days ahead of the completion date.
How does conveyancing in Countesthorpe differ for new build properties?
Most buyers of new build residence in Countesthorpe approach us having been asked by the builder to sign contracts and commit to the purchase even before the premises is completed. This is because builders in Countesthorpe typically acquire the real estate, 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 conveyancers 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 Countesthorpe or who has acted in the same development.
Due to the guidance of my in-laws I had a survey completed on a property in Countesthorpe ahead of retaining solicitors. I have been told that there is a flying freehold element to the property. My surveyor has said that some lenders tend not give a mortgage on such a home.
It varies from the lender to lender. Santander has different instructions for example to Halifax. Should you wish to telephone us we can look into this further with the relevant bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Countesthorpe. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Countesthorpe to see if the conveyancing costs will increase in light of this.
I have just appointed agents to market my ground floor flat in Countesthorpe. Conveyancing is yet to be initiated, however I have recently had a half-yearly maintenance charge invoice – Do I pay up?
Your conveyancing lawyer is likely to suggest that you should pay the maintenance contribution as you normally would because all rents and service charges should be apportioned on completion, so you should recover the relevant percentage by the buyer for the period running from after the completion date to the subsequent invoice date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
I invested in buying a split level flat in Countesthorpe, conveyancing having been completed in 2010. Can you give me give me an indication of the likely cost of a lease extension? Equivalent properties in Countesthorpe with a long lease are worth £197,000. The ground rent is £55 invoiced annually. The lease ceases on 21st October 2075
With only 54 years left to run we estimate the price of your lease extension to span between £32,300 and £37,400 plus professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to provide the actual costs without more detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. 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 before seeking the advice of a professional.
My husband and I are purchasing a three bedroom bungalowin Countesthorpe with a home loan from a mortgage company. We like our conveyancer in Countesthorpe however our mortgage company advise she’s not approved on their "panel". We have to appoint from the our lender panel solicitors or keep our Countesthorpe solicitor and incur the extra fees for one of their panel ones to represent our lender. We feel as though this is unjust; Can we not simply insist that our lender use our Countesthorpe lawyer?
No, not really. The mortgage company home loan offered to you is subject to conditions, one of which will be that lawyers will on the mortgage company's conveyancing panel. in the past, most mortgage companies had large numbers of law firms on their panels, including almost all conveyancing solicitors in Countesthorpe : a mortgagee could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your lawyer to apply to be on the conveyancing panel for your lender.