I am in the process of selling my maisonette in Edenbridge and the EA has just telephoned to say that the purchasers are switching law firm. I am told that this is due to the fact that the mortgage company will only work with property lawyers on their conveyancing panel. On what basis would a leading mortgage company only engage with specific solicitors rather the firm that they want to choose for their conveyancing in Edenbridge ?
Mortgage companies have always had panels of law firms they are willing to work with, but in the last few years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Lending institutions blame a rise in fraud as the reason for the cull – criteria have been tightened as a smaller panel is easier to keep an eye on. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels. Plenty of firms 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 not going to have any impact on this.
My wife and I are acquiring a newly constructed duplex in Edenbridge and my lawyer is advising me that she has to the mortgage company to reveal incentives from the seller. The Estate Agents are hassling me to sign contracts and my preference is not to prolong the conveyancing. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your solicitor. A precondition to being on a bank panel is to comply with the UK Finance Lenders’ Handbook conditions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
It is a dozen years since I bought my home in Edenbridge. Conveyancing lawyers have just been retained on the sale but I am unable to find my title deeds. Will this jeopardise the sale?
Don’t worry too much. Firstly there is a chance that the deeds will be kept by your mortgage company or they could be in the possession of the conveyancers who handled the purchase. Secondly the likelihood is that the title will be registered at the land registry and you will be able to establish that you are the registered owner by your conveyancing lawyers acquiring current official copies of the land registers. The vast majority of conveyancing in Edenbridge relates to registered property but in the rare situation where your home is unregistered it is more problematic but is not insurmountable.
Have purchased a a semi-detached house in Edenbridge , how long should it take for the Land Registry to deal with the formalities evidencing my ownership? My Edenbridge conveyancing solicitor works at snail pace, so I want to be sure that my purchase is recorded.
As far as conveyancing in Edenbridge is concerned, registration is no quicker or slower than anywhere else in England and Wales. As opposed to being determined by geographic area, timeframes can vary depending on the party submitting the application, whether it is in order and whether the Land registry must send notices to any 3rd persons or bodies. At present in the region of 80% of submission are fully dealt with within 12 days but some can be subject to extensive hold-ups. Historically registration is effected after the purchaser is living at the property so post completion formalities is not typically primary concern yet where it is urgent that the the registration takes place urgently then you or your solicitor can communicate with the Registry to express the reasoning for an expedited registration.
My husband and I are FTB’s - had an offer accepted, but the property agent has warned us that the owners will only move forward if we instruct their preferred lawyers as they need an ‘expedited deal’. My instinct tells me that we should use a local solicitor who is accustomed to conveyancing in Edenbridge
It is improbable the sellers are behind this. Should the vendor desire ‘a quick sale', turning down a motivated buyer is likely to cause more damage than good. Speak to the owners direct and make sure they comprehend that (a)you are keen to buy (b)you are excited to move forward, with finances arranged © you are chain free (d) you wish to move quickly (e)however you will continue to instruct your preferred Edenbridge conveyancing firm - rather thanthe ones that will provide their estate agent a introducer fee or meet his conveyancing targets demanded by corporate headquarters.
My fiance and I may need to let out our Edenbridge ground floor flat temporarily due to a new job. We used a Edenbridge conveyancing firm in 2004 but they have closed and we did not think at the time get any guidance as to whether the lease prohibits the subletting of the flat. How do we find out?
The lease dictates the relationship between the landlord and you the flat owner; specifically, it will say if subletting is prohibited, or permitted but only subject to certain caveats. The accepted inference is that if the lease contains no expres ban or restriction, subletting is allowed. The majority of leases in Edenbridge do not contain strict prohibition on subletting – such a provision would adversely affect the market value the property. Instead, there is usually a basic requirement that the owner notifies the freeholder, possibly supplying a copy of the sublease.
I inherited a 1st floor flat in Edenbridge, conveyancing having been completed September 2005. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding properties in Edenbridge with a long lease are worth £260,000. The ground rent is £45 per annum. The lease runs out on 21st October 2099
With 75 years left to run we estimate the price of your lease extension to be between £8,600 and £9,800 plus costs.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before seeking the advice of a professional.