I am one month into the sale of my flat in Drybrook and the estate agent has just text me to say that the buyers are appointing a new law firm. The reason given is that the bank will only engage with solicitors on their approved list. On what basis would a major lender only deal with specific lawyers rather the firm that they want to appoint for their conveyancing in Drybrook ?
Lenders have always had panels of law firms that can act for them, but in recent years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for decades.
Banks attribute this action to a rise in fraud as the reason for the pruning – criteria have been narrowed as a smaller panel is easier to monitor. Banks tend not to reveal 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. The buyers are not going to have any impact on this.
We're in Drybrook, FTBs purchasing with a mortgage (lender is Principality , and our lawyer is on the Principality conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Principality conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
I have todaydiscovered that Wolstenholmes have closed. They conducted my conveyancing in Drybrook for a purchase of a leasehold apartment 10 months ago. How can I establish that my home is in my name in the name of the former proprietor?
The quickest way to see if the premises is in your name, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Drybrook conveyancing specialists.
I have been on the look out for a flat up to £305k and found one close by in Drybrook I like with open areas and station nearby, however it's only got 51 years on the lease. There is not much else in Drybrook in this price bracket, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you need a mortgage the remaining unexpired lease term will likely be an issue. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the existing proprietor has owned the property for at least 2 years you could ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should consult your conveyancing solicitor about this matter.
I need to instruct a conveyancing solicitor for remortgage conveyancing in Drybrook. I have land on a site which appears to be the perfect offering If there is a chance to get all formalities completed via email that would be preferable. Do I need to be concerned? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
Partway through the sale of a leasehold flat in Drybrook. Conveyancing is fine but we are being charged a fortune from the landlord. To date we have paid £250 for a leasehold management information and then a further £118 for answers to questions supplied by the purchaser's lawyer.
Your solicitor will not have any impact over the level of the charges for this information but the typical costs for the information for Drybrook leasehold premises is £355. When it comes to Drybrook conveyancing transactions it is usual for the seller to cover the costs. The freeholder or their agents are under no legal obligation to address these questions although many will agree to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no legislation that requires fixed charges for administrative tasks. Nor is there any set time limit by which they are obliged to provide answers.