I am one month into the sale of my maisonette in Higher Kinnerton and the estate agent has just called to warn that the buyers are swapping law firm. The excuse is that the mortgage company will only deal with solicitors on their conveyancing panel. On what basis would a leading mortgage company only work with specific solicitors rather the firm that they want to appoint to handle their conveyancing in Higher Kinnerton ?
Mortgage companies have always had panels of law firms that can represent them, but in the past few years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Mortgage companies point to the increase in fraud by way of justification for the cull – criteria have been narrowed 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. The purchasers are unlikely to have any sway in the decision.
I am soon to exchange buying a property in Higher Kinnerton but as a consequence of wreckage from a small fire at the property I have was able negotiate recompense from the current proprietors in the sum of six thousand pounds by way of a reduction in the price. This was going to be addressed as part of amending the contract however Bank of Ireland will not permit this. Should they have been informed?
Any lawyer being on a Bank of Ireland conveyancing panel is required to disclose to Bank of Ireland of any amendments to the purchase price. If you were to refuse your property lawyer to notify the price change to Bank of Ireland then they would have to discontinue acting for you. In addition, Bank of Ireland and you would have to appoint a new lawyer for your conveyancing in Higher Kinnerton.
Me and my partner are buying a flat in Higher Kinnerton. It might be a silly question but how we can trust a lawyer? On completion day we will need to put money into their account. What is the protection we have from them run away with our deposit?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
I have decided to exercise my right to buy my property in Higher Kinnerton off the council. I have a mortgage offer with UBS. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with UBS, you will need to appoint a solicitor on the UBS conveyancing panel.
I've digested plenty of house buying guides, I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my local Higher Kinnerton solicitor - who is on the Santander conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
Santander will need an independent valuation of the property. Your lawyer will not arrange this. Usually Santander will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Higher Kinnerton surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
My partner and I are close to exchanging contracts on the sale of our property in Higher Kinnerton and the buyers lawyers are claiming that there is a risk of it being constructed land that was not decontaminated. Any local lawyer would know this is not the case. For the life of me I don't know why the purchasers used a factory type conveyancing practice rather than a conveyancing solicitor in Higher Kinnerton. We have lived in Higher Kinnerton for many years we know of no issue. Do we contact our local Authority to get clarification that there is no issue.
It would appear that you have a conveyancing firm already. What do they say? You should check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same illness)
How does conveyancing in Higher Kinnerton differ for newly converted properties?
Most buyers of new build residence in Higher Kinnerton come to us having been asked by the builder to exchange contracts and commit to the purchase even before the house is completed. This is because house builders in Higher Kinnerton usually purchase the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Higher Kinnerton or who has acted in the same development.
Having had my offer accepted I require leasehold conveyancing in Higher Kinnerton. Before I get started I require certainty as to the number of years remaining on the lease.
Assuming the lease is registered - and most are in Higher Kinnerton - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I invested in buying a 1 bedroom flat in Higher Kinnerton, conveyancing having been completed 9 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? Comparable properties in Higher Kinnerton with over 90 years remaining are worth £190,000. The ground rent is £65 charged once a year. The lease expires on 21st October 2085
With 61 years unexpired we estimate the premium for your lease extension to be between £19,000 and £22,000 plus legals.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed due diligence. Do 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. You should not take any other action based on this information before seeking the advice of a professional.