I am selling my home in Eastwood and the estate agent has just called to advise that the purchasers are switching property lawyer. I am told that this is due to the fact that the mortgage company will only work with property lawyers on their approved list. Why would a big named mortgage company only deal with specific law firms rather the firm that they want to appoint for their conveyancing in Eastwood ?
Mortgage companies have always had an approved set of law firms that can represent them, but in recent years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Banks blame a rise in fraud as the reason for the pruning – criteria have been stiffened as a smaller panel is easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is being contacted daily by practices that have been removed from panels. Some do not even realise 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.
How up to date is your database of Eastwood solicitors on the Skipton conveyancing panel? Do Skipton send you an updated list?
Eastwood conveyancing firms themselves provide us confirmation that they are on the Skipton conveyancing panel as opposed to being supplied with a list from Skipton directly.
What is the best way to discover of the solicitor carrying out my conveyancing in Eastwood is on the lender’sapproved panel? I am looking to avoid the situation of having one lawyer for me and one for Skipton Building Society thus paying £192.00 in another set of legal charges.
You should take advantage of the find a conveyancing panel solicitor tool on this web page. Please choose the lender and type ‘Eastwood’ or your preferred area and you will be presented with numerous solicitors based in Eastwood or nearest you.
I know that there are debates on Chancel Insurance on online forums. Am I compelled to take this when buying a house in Eastwood? or Apparently there is a law dating back centuries that means some homeowners living in a parish church boundary may be liable to pay for maintenance to the chancel within the church. Is this applicable for conveyancing in Eastwood?
Unless a prior acquisition of the property completed after 12 October 2013 you may assume that lawyers delivering conveyancing in Eastwood to remain recommending a chancel search and or chancel repair liability policy.
I am buying a new build house in Eastwood with a mortgage from The Royal Bank of Scotland. The sellers refused to budge the amount so I negotiated £7000 of fixtures and fittings instead. The sale representative suggested that I not reveal to my conveyancer about the deal as it would impact my loan with the bank. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
What are the frequently found defects that you witness in leases for Eastwood properties?
There is nothing unique about leasehold conveyancing in Eastwood. Most leases are unique and drafting errors can result in certain clauses are not included. For example, if your lease is missing any of the following, it could be defective:
-
Service charge per centages that don't add up correctly leaving a shortfall A duty to insure the building
You could encounter difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Halifax, Skipton Building Society, and Barclays Direct all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, forcing the buyer to withdraw.
I am the registered owner of a garden flat in Eastwood, conveyancing formalities finalised half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Corresponding properties in Eastwood with a long lease are worth £176,000. The ground rent is £50 charged once a year. The lease comes to an end on 21st October 2104
With 79 years remaining on your lease we estimate the price of your lease extension to range between £8,600 and £9,800 plus legals.
The suggested premium range 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 detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first seeking the advice of a professional.