I am five weeks into the sale of my home in Market Deeping and the EA has just text me to say that the buyers are swapping property lawyer. The reason given is that the bank will only engage with property lawyers on their conveyancing panel. Why would a major mortgage company only deal with specific law firms rather the firm that they want to select for their conveyancing in Market Deeping ?
Mortgage companies have always had an approved set of law firms that can represent them, but in the last few years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Lenders blame a rise in fraud as the reason for the cull – criteria have been tightened as a smaller panel is easier to maintain. No lender will say 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 unlikely to have any sway in the decision.
I purchased a freehold premises in Market Deeping yet invoiced for rent, why is this and what is this?
It is rare for properties in Market Deeping and has limited impact for conveyancing in Market Deeping but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for hundreds of years, but the Rent Charge Act 1977 barred the establishment of new rentcharges post 1977.
Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 will be extinguished.
I have justdiscovered that Action Conveyancing have closed. They conducted my conveyancing in Market Deeping for a purchase of a leasehold flat 18 months ago. How can I check that my home is not still registered in the name of the former proprietor?
The quickest method to see if the premises is in your name, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Market Deeping conveyancing specialists.
As co-executor for the estate of my grandmother I am disposing of a property in Cardiff but I am based in Market Deeping. My lawyer (based 260 kilometers from merequires that I execute a stat dec prior to the transaction finalising. Can you recommend a conveyancing lawyer in Market Deeping who can witness this legal document for me?
Technically speaking you are unlikely to need to have the documents witnessed by a conveyancing solicitor. Normally or notary public or qualified solicitor will do regardless of whether they are Market Deeping based
I am a negotiator for a long established estate agent office in Market Deeping where we see a few flat sales jeopardised due to short leases. I have been given conflicting advice from local Market Deeping conveyancing solicitors. Can you clarify whether the vendor of a flat can commence the lease extension formalities for the buyer?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the sale.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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.
I acquired a basement flat in Market Deeping, conveyancing was carried out 8 years ago. How much will my lease extension cost? Comparable properties in Market Deeping with over 90 years remaining are worth £197,000. The ground rent is £55 invoiced every year. The lease comes to an end on 21st October 2081
With only 55 years unexpired we estimate the premium for your lease extension to range between £31,400 and £36,200 plus 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 a more accurate figure without more detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not take any other action based on this information before seeking the advice of a professional.
How easy is it to change a solicitor as I need to find a Market Deeping based firm who is on the lender conveyancing panel. Is it practical to instruct different lawyers?
In the event that you have not formally appointed a conveyancer to do anything for you and at this stage simply received quotes, you're perfectly free to choose a different solicitor to carry out your work for you. The best way is to get recommendations from friends or family who have actually used the solicitor or conveyancer in Market Deeping that you're considering.