I am nearing exchange of contracts for my maisonette in Fenny Stratford and the EA has just e-mailed to say that the purchasers are appointing a new solicitor. The excuse is that the lender will only deal with solicitors on their approved list. On what basis would a leading lender only work with certain law firms rather the firm that they want to select for their conveyancing in Fenny Stratford ?
UK lenders have always had an approved set of law firms they are content to work with, but in the past few 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 over 25 years.
Banks blame a rise in fraud by way of justification for the cull – criteria have been stiffened as a smaller panel is easier to oversee. Banks tend not to reveal 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 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. The purchasers are not going to have any sway in the decision.
I am need of leasehold conveyancing for a flat in a relatively new development (6 years old) in Fenny Stratford. Almost all the flats are already disposed of. Is it really necessary to order neighbourhood searches as part of conveyancing in Fenny Stratford?
If you are acquiring a property with the assistance of a mortgage, your mortgage company will insist on some (many) of the searches so you'll have no choice. If not, then Fenny Stratford conveyancing searches are optional. Your solicitor, will 'advise', perhaps strongly, that you should have the searches done, but he or she is duty bound in this regard. One thing to bear in mind; if you are likely to sell the house one day, it may be of interest to your future buyer what the searches contain. Sometimes houses with no practical issues can still throw up adverse search results. But if you choose to instruct your lawyer to proceed without searches then your lawyer will have to follow your instructions or you may need to find a new lawyer for your conveyancing in Fenny Stratford.
In what way does my ID and proof of funds have anything to do with my conveyancing in Fenny Stratford? What am I being asked for?
To satisfy the Money Laundering Regulations any Fenny Stratford conveyancing firm will require evidence of your identity in all conveyancing matters. This is normally dealt with by provision of a passport and an original bank statement or utility bill showing where you live.
In accordance with Money Laundering Regulations, conveyancing solicitors are duty bound to investigate not just the ID of conveyancing clients but also the source of fund that they receive in respect of any matter. Refusal to disclose this will result in your lawyer terminating their relationship with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your conveyancers will have an obligation to notify the appropriate authorities should they believe that any monies received by them may contravene the Anti-terror and anti-money-laundering rules.
My bank has recommended a law firm on their panel based in Fenny Stratford but I would rather choose a conveyancing lawyer in Fenny Stratford or nearer to where I live. Can you help?
Not all Fenny Stratford conveyancing firms are listed all lender’s conveyancing panel. Use our find an approved solicitor tool to locate a Fenny Stratford conveyancing firm on the on the bank panel.
I am employed by a reputable estate agent office in Fenny Stratford where we see a few flat sales jeopardised as a result of short leases. I have received conflicting advice from local Fenny Stratford conveyancing firms. Please can you clarify whether the vendor of a flat can initiate the lease extension formalities for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the disposal of the property.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
Fenny Stratford Conveyancing for Leasehold Flats - Sample of Queries before buying
-
How much is the maintenance charge and ground rent on the flat? Plenty Fenny Stratford leasehold apartments will be liable to pay a service charge for the upkeep of the building invoiced by the landlord. Where you buy the apartment you will have to pay this liability, usually periodically accross the year. This may differ from two or three hundred pounds to thousands of pounds for large purpose-built buildings. In all probability there will be a ground rent to be met annual, this is usually not a large sum, say about £50-£100 but you should to check it because occasionally it could be many hundreds of pounds. Who takes charge for maintaining and repairing the block?
Me and my wife have just had an offer agreed on a house and had an appointment on Tuesday with Nationwide for the mortgage. They advised us that when it comes to appointing a conveyancing practitioner that unless they are on their approved list of solicitors then we will have to pay out a further fee of about two hundred pounds. This is because they will then have to instruct a solicitor to act on their behalf in addition to the one we select on our behalf and we will be on the hook for their fees. I have requested Nationwide to furnish me with a list so I can seek quotes only from their approved solicitors but was told that I need to check with each individual conveyancer to see if they are on the panel. Is there a simple way of finding out who is on a lender panel?
Ask Nationwide what their panel criteria is for a solicitor.Thereafter ask the solicitor of your choice whether they meet the criteria and have they acted on mortgages for Nationwide historically. If the answer to those is yes, then just double check with Nationwide. Alternatively please use our search facility and we should be able to find you a property lawyer in Fenny Stratford on the panel for Nationwide.