I am progressing with the sale of my house in Greenfield and the estate agent has just telephoned to advise that the purchasers are appointing a new conveyancer. The reason given is that the mortgage company will only deal with property lawyers on their conveyancing panel. On what basis would a leading mortgage company only work with certain lawyers rather the firm that they want to select for their conveyancing in Greenfield ?
UK lenders have always had panels of law firms they are willing to work with, but in the last few years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for many years.
Lenders attribute this action to a rise in fraud as the reason for the pruning – criteria have been tightened as a smaller panel is easier to monitor. No lender will say 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 purchasers are unlikely to have any sway in the decision.
We were just about to exchange contracts for a ground floor flat in Greenfield. We have hit a stumbling block. The mortgage offer with Clydesdale runs out on 7/4/2025 but the owners are suggesting a completion date of 9/4/2025. Can one extend the mortgage offer?
The best person to deal with your issue is your lawyer who is in a position to determine if he or she is corresponding with the mortgage broker, seller’s conveyancers, selling agents or possibly all parties based on the circumstances your house move as of today.
In what way does my ID and proof of funds have anything to do with my conveyancing in Greenfield? What am I being asked for?
You are right in these requests have nothing to do with conveyancing in Greenfield. However these days you can not complete any conveyancing deal in the absence providing proof of your identity. This usually takes the form of a either your passport or driving licence and a bank statement. Please note that if you are supplying your driving licence as evidence of identification it must be both the paper element and photo card part, one is not satisfactory in the absence of the other.
Proof of the source of monies is mandated under Money Laundering Regulations. Don’t be offended when when this is requested of you as your conveyancer must retain this information on file. Your Greenfield conveyancing lawyer will require evidence of proof of funds prior to accepting any funds from you into their client account and they should also ask additional queries regarding the origin of monies.
Is there a search tool that I can utilise to find out if the solicitor handling my conveyancing in Greenfield is on the mortgage lender’sapproved panel? I am looking to avoid the situation of having one lawyer for me and one for Barclays thus spending £175.00 in supplemental conveyancing charges.
You should make use of the search tool on this site. Please choose the lender and type ‘Greenfield’ or your preferred area and you will discover a number of lawyer located in Greenfield or by proximity to you.
Do I need to be suspicious by brokers that I am dealing with are recommending a web based conveyancing firm rather than a High Street Greenfield conveyancing company?
As is the case with many service providers, often input from connections can be very helpful. Yet there are numerous people with a vested interest in a conveyancing matter; estate agents, financial adviser and lenders may recommend lawyers to use. On occasion these lawyers might be known to one of the organisations as being good in their field, but sometimes there behind the scenes financial incentive behind the recommendation. You are at liberty to appoint your own lawyer. However, bear in mind that many mortgage providers specify a panel list of conveyancers you must use for the lender related work in your transaction.
I am attracted to a two maisonettes in Greenfield both have approximately 50 years unexpired on the lease term. Will this present a problem?
A lease is a legal document that entitles you to use the property for a prescribed time frame. As the lease shortens the marketability of the lease deteriorates and it becomes more expensive to acquire a lease extension. This is why it is advisable to increase the term of the lease. It is often difficult to sell a property with a short lease because mortgage lenders may be unwilling to lend money on properties of this type. Lease extension can be a difficult process. We advise that you get professional assistance from a solicitor and surveyor with experience in this field.
I inherited a 1st floor flat in Greenfield, conveyancing having been completed half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Equivalent flats in Greenfield with an extended lease are worth £190,000. The average or mid-range amount of ground rent is £65 yearly. The lease terminates on 21st October 2086
With 61 years left to run we estimate the premium for your lease extension to range between £19,000 and £22,000 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed investigations. 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 clearly you want to be as accurate as possible in your negotiations. Please do not move forward based on this information before getting professional advice.