I am in the process of selling my house in Eaglescliffe and the EA has just called to say that the buyers are switching solicitor. The excuse is that the mortgage company will only deal with solicitors on their approved list. On what basis would a major lender only work with specific lawyers rather the firm that they want to choose for their conveyancing in Eaglescliffe ?
Lenders have always had panels of law firms they are willing to work with, but in recent years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 25 years.
Lending institutions point to the increase in fraud by way of justification for the reduction – criteria have been stiffened 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. 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 buyers are not going to have any impact on this.
AssumingI was to acquire a freehold homein Eaglescliffe for cash and dispense with a survey and no conveyancing searches how much should I expect to have to pay for conveyancing in Eaglescliffe?
Any savings you would make will be isolated to the Eaglescliffe conveyancing searches. The solicitor still be obliged to do everything else - money laundering, correspond with the sellers lawyer, SDLT return, register the property etc. You might save a bit for them not needing to register a charge however it won't be meaningful.
The Eaglescliffe conveyancing solicitors that just started acting on my house acquisition in Eaglescliffe have suddenly shut down. I only went with them because I had to have a firm on the UBS conveyancing panel and my preferred Eaglescliffe lawyer was not. I wrote them a cheque for £250 in advance. What do I do now?
If you have an estate agent involved then let them know immediately so that they advise the vendors that there may be a slight delay due to reasons beyond your control. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You will need to appoint new lawyers that are on the UBS conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new lawyers should be in a position to help.
My colleague suggested that if I am purchasing in Eaglescliffe I should ask my conveyancer to carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
A search of this type is sometimes included in the estimate for your Eaglescliffe conveyancing searches. It is a large document of more than thirty pages, listing and detailing important information about Eaglescliffe around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average House Prices, Crime statistics, Eaglescliffe Education with plans and statistics, Local Amenities and other useful information concerning Eaglescliffe.
We're new on the property ladder - had an offer accepted, but the property agent has warned us that the seller will only go ahead if we instruct their chosen solicitors as they need an ‘expedited deal’. My instinct tells me that we should use a local conveyancer who is accustomed to conveyancing in Eaglescliffe
It is improbable the vendors are driving this. Should the seller require ‘a quick sale', alienating a serious buyer is going to damage their objectives. Speak to the owners direct and make sure they understand (a)you are keen to buy (b)you are ready to go, with finances in place © you do not need to sell (d) you intend to proceed fast (e)however you will continue to instruct your preferred Eaglescliffe conveyancing lawyers - as opposed tothe ones that will provide the negotiator at the agency a kickback or meet his conveyancing targets set by corporate headquarters.
Do you have any advice for leasehold conveyancing in Eaglescliffe with the purpose of expediting the sale process?
- Much of the delay in leasehold conveyancing in Eaglescliffe can be avoided if you get in touch lawyers the minute your agents start marketing the property and ask them to collate the leasehold information which will be required by the buyers’ lawyers. If you hold a share in a the Management Company, you should ensure that you are holding the original share certificate. Organising a re-issued share certificate is often a lengthy process and frustrates many a Eaglescliffe home move. Where a duplicate share is necessary, you should approach the company director and secretary or managing agents (where applicable) for this sooner rather than later. The majority of landlords or managing agents in Eaglescliffe levy fees for supplying management packs for a leasehold home. You or your lawyers should find out the fee that they propose to charge. The management information can be applied for as soon as you have a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most frequent reason for frustration in leasehold conveyancing in Eaglescliffe. If there is a history of any disputes with your freeholder or managing agents it is essential that these are settled before the property is marketed. The buyers and their solicitors will be reluctant to purchase a property where there is a current dispute. You may have to bite the bullet and discharge any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the purchasers, but it is clearly preferable to present the dispute as historic rather than unresolved.
I acquired a 2 bed flat in Eaglescliffe, conveyancing was carried out February 2009. Can you give me give me an indication of the likely cost of a lease extension? Comparable flats in Eaglescliffe with over 90 years remaining are worth £201,000. The average or mid-range amount of ground rent is £45 invoiced every year. The lease ceases on 21st October 2086
With just 65 years unexpired we estimate the premium for your lease extension to span between £13,300 and £15,400 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed investigations. You should not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not take any other action based on this information before getting professional advice.