I am progressing with the sale of my ground floor flat in Godshill and the EA has just telephoned to advise that the buyers are switching conveyancer. I am told that this is due to the fact that the lender will only deal with property lawyers on their conveyancing panel. Why would a major mortgage company only deal with specific lawyers rather the firm that they want to choose to handle their conveyancing in Godshill ?
Lenders have always had an approved set of law firms that can represent them, but in recent years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.
Banks blame a rise in fraud as the reason for the reduction – criteria have been tightened as a smaller panel is easier to keep an eye on. 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. 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 impact on this.
Do the Building Society Association intend to launch a search tool with a view to list solicitors on the Norwich and Peterborough Building Society conveyancing panel for instance in Godshill?
Lexsure has not been advised of any intention on the part of the BSA to promote such a search facility.
I note that there are debates on Chancel Insurance on online forums. Do I require this when acquiring a residence in Godshill? or I am told that there is historic law that could mean that owners of property residing in a parish church boundary may be liable to contribute towards repairs to the chancel in proximity to the church. Is this a legitimate concern for conveyancing in Godshill?
Unless a previous acquisition of the premises completed post 12 October 2013 you could take it that solicitors carrying out conveyancing in Godshill to remain recommending a chancel search and or insurance against a claim.
Given that I will soon part with £400,000 on 3 bedroom house in Godshill I wish to have a conversation with the conveyancer regarding thetransaction in advance of instructing the firm. Can this be arranged?
We could not agree more - it is our preference to talk to you we do not take any clients on without you liaising with the solicitor due to be doing your property ownership legalities in Godshill.There is no ‘factory style conveyancing’ - every client is an important individual, not a file reference. The solicitors that we put you in touch with believe that the fees you are calculated and presented to you for your conveyancing in Godshill should be the amount on the final invoice that you end up paying.
I am using a search engine for the words cheap conveyancing in Godshill it shows results of numerous solicitorslocally. How do I determine which is the suitable property lawyer for my move?
The ideal way of finding the right conveyancer is via trusted recommendation, so ask colleagues and relatives who have purchased a property in Godshill or a local estate agent or financial adviser. Fees for conveyancing in Godshill vary, so it's a good idea to obtain at least four quotes from varying types of solicitors. Be sure to obtain confirmation that the costs are assured not to increase.
What are your top tips when it comes to appointing a Godshill conveyancing practice to carry out our lease extension conveyancing?
When appointing a solicitor for lease extension works (regardless if they are a Godshill conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you speak with two or three firms including non Godshill conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. The following questions could be of use:
How experienced is the firm with lease extension legislation? If they are not ALEP accredited then what is the reason?
I invested in buying a leasehold flat in Godshill, conveyancing was carried out in 2000. Can you please calculate a probable premium for a statutory lease extension? Comparable properties in Godshill with over 90 years remaining are worth £201,000. The average or mid-range amount of ground rent is £45 per annum. The lease expires on 21st October 2088
With just 65 years unexpired we estimate the premium for your lease extension to be between £13,300 and £15,400 plus costs.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not take any other action based on this information without first getting professional advice.