I am nearing exchange of contracts for my house in Eastney and Southsea and the EA has just telephoned to warn that the purchasers are changing their law firm. The reason given is that the bank will only deal with solicitors on their conveyancing panel. On what basis would a major mortgage company only work with specific law firms rather the firm that they want to choose to handle their conveyancing in Eastney and Southsea ?
Banks have always had an approved set of law firms they are content to work with, but in the last few years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for over 25 years.
Lenders blame a rise in fraud by way of justification for the pruning – criteria have been stiffened as a smaller panel is easier to oversee. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that 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 unlikely to have any sway in the decision.
I am buying a property mortgage free in Eastney and Southsea. I have lived for the previous twelve years in Eastney and Southsea. Conveyancing searches are expensive. As I know the road and vicinity intimately must I have all the conveyancing searches?
If you not getting a home loan, then almost all of the Eastney and Southsea conveyancing searches are at your discretion. Your solicitor will ’encourage you, perhaps strongly, that you should have searches carried out, but he has a professional duty to do this. Do consider; if you are intend to dispose of the house one day, it could be of relevance to your future purchaser what the searches disclose. Sometimes houses with day to day issues can still show up unfavourable search results. A good conveyancing solicitor in Eastney and Southsea should be able to give you some practical advice in this regard.
I am in the process of refinancing my apartment in Eastney and Southsea, does my lawyer have to be on the Nationwide Conveyancing panel?
In theory, you could use a solicitor that is not on the Nationwide conveyancing panel, but Nationwide would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same transaction.
Should our solicitor be asking questions concerning flooding during the conveyancing in Eastney and Southsea.
The risk of flooding is if increasing concern for solicitors carrying out conveyancing in Eastney and Southsea. There are those who acquire a house in Eastney and Southsea, completely aware that at some time, it may be flooded. However, leaving to one side the physical damage, where a property is at risk of flooding, it may be difficult to obtain a mortgage, adequate insurance cover, or sell the property. There are steps that can be taken during the course of a house purchase to forewarn the buyer.
Solicitors are not qualified to impart advice on flood risk, however there are a numerous checks that can be undertaken by the buyer or on a buyer’s behalf which should figure out the risks in Eastney and Southsea. The conventional set of completed inquiry forms given to a purchaser’s conveyancer (where the Conveyancing Protocol is adopted) contains a usual question of the seller to determine whether the property has suffered from flooding. If the premises has been flooded in past and is not revealed by the owner, then a buyer could issue a legal claim for losses stemming from an inaccurate answer. The purchaser’s solicitors may also carry out an environmental search. This should indicate if there is a recorded flood risk. If so, additional investigations will need to be carried out.
My husband and I are novice buyers - agreed a price, but the estate agent has warned us that the seller will only go ahead if we appoint the agent's chosen solicitors as they want an ‘expedited deal’. We would rather use a family conveyancer with experience of conveyancing in Eastney and Southsea
It is improbable the owners are driving this. If they desire ‘a quick sale', alienating a motivated buyer is counter productive. Contact the sellers directly and make sure they comprehend that (a)you are keen to buy (b)you are ready to go, with finances in place © you have nothing to sell (d) you wish to move quickly (e)but you are going to appoint your own,trusted Eastney and Southsea conveyancing firm - not the ones that will give their negotiator at the agency a commission or meet his conveyancing thresholds demanded by senior management.
What are your top tips when it comes to finding a Eastney and Southsea conveyancing firm to carry out our lease extension conveyancing?
When appointing a solicitor for lease extension works (regardless if they are a Eastney and Southsea conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We suggest that you talk with two or three firms including non Eastney and Southsea conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. The following questions could be of use:
-
What are the charges for lease extension work?
I inherited a studio flat in Eastney and Southsea, conveyancing formalities finalised in 1996. Can you let me have an estimated range of the fair premium for a lease extension? Comparable properties in Eastney and Southsea with over 90 years remaining are worth £265,000. The ground rent is £50 invoiced every year. The lease terminates on 21st October 2101
With just 76 years left to run we estimate the price of your lease extension to span between £8,600 and £9,800 as well as legals.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to provide the actual costs without more comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action based on this information before getting professional advice.