I am in the process of selling my maisonette in Fleetwood and the estate agent has just telephoned to advise that the purchasers are swapping solicitor. I am told that this is due to the fact that the bank will only engage with solicitors on their conveyancing panel. On what basis would a big named lender only engage with specific law firms rather the firm that they want to choose for their conveyancing in Fleetwood ?
Lenders have always had an approved set of law firms that can act for them, but in recent years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 25 years.
Banks point to the increase in fraud as the reason for the pruning – criteria have been stiffened as a smaller panel is easier to monitor. Banks tend not to disclose 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. 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. The purchasers are not going to have any sway in the decision.
We are buying a new build flat in Fleetwood and my lawyer is informing me that she is duty bound to the bank to disclose incentives from the builder. I am under pressure to exchange contracts and I don't want to prolong matters. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your lawyer. A precondition to being on a bank panel is to comply with the UK Finance Lenders’ Handbook specifications. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
What is the optimum way to discover of the solicitor handling my conveyancing in Fleetwood is on the bank’sconveyancing panel? I am looking to avoid the situation of having one lawyer for me and one for Barnsley Building Society thus spending £175.00 in further legal invoice.
Feel free to make use of the find a lender approved solicitor tool on this web page. Please choose the mortgage company and type ‘Fleetwood’ or your preferred area and you will see a number of lawyer located in Fleetwood or by proximity to you.
I am purchasing my first flat in Fleetwood with a loan from Clydesdale. The builders would not budge the price so I negotiated 6k of fixtures and fittings instead. The estate agent advised me not reveal to my lawyer about the side-deal as it could put at risk my mortgage with the bank. Should I keep quiet?.
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.
Hoping to buy a property located in Fleetwood and I am already nervous. I couldn't find anything specific about Fleetwood. Conveyancing will be needed in due course but do you know about the Fleetwood area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Fleetwood. In the meantime here are some basic statistics that we found
There are only 72 years remaining on my lease in Fleetwood. I now want to get lease extension but my freeholder is missing. What options are available to me?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be granted an extra 90 years by the magistrate. However, you will be required to demonstrate that you have made all reasonable attempts to find the landlord. For most situations an enquiry agent would be useful to try and locate and to produce an expert document which can be accepted by the court as proof that the freeholder can not be located. It is wise to seek advice from a solicitor in relation to proving the landlord’s absence and the vesting order request to the County Court covering Fleetwood.
I invested in buying a split level flat in Fleetwood, conveyancing formalities finalised in 1997. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar flats in Fleetwood with an extended lease are worth £206,000. The average or mid-range amount of ground rent is £45 invoiced annually. The lease comes to an end on 21st October 2091
You have 65 years remaining on your lease the likely cost is going to range between £13,300 and £15,400 plus legals.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first getting professional advice.