I am in the process of selling my house in Narborough and the estate agent has just e-mailed to say that the buyers are changing their property lawyer. The excuse is that the lender will only work with solicitors on their conveyancing panel. On what basis would a leading mortgage company only engage with certain law firms rather the firm that they want to appoint to handle their conveyancing in Narborough ?
UK lenders have always had an approved set of law firms they are content to work with, but in recent years big names such as Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Lenders blame a rise in fraud by way of justification for the reduction – criteria have been tightened as a smaller panel is easier to monitor. Banks tend not to reveal 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 are unaware that 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 not going to have any sway in the decision.
My property lawyer in Narborough is not on the Yorkshire Building Society Conveyancing Panel. Can I still retain my family solicitor even though they are not on the Yorkshire Building Society panel of approved conveyancing solicitors?
Your options are as follows:
- Carry on with your existing Narborough solicitors but Yorkshire Building Society will need to instruct a conveyancer on their panel. This will result in additional overall legal charges and result in frustration.
- Choose a new solicitor to to deal with the purchase, obviously checking they are Convince your lawyer to do everything within their powers to join the Yorkshire Building Society conveyancing panel
How does conveyancing in Narborough differ for new build properties?
Most buyers of new build property in Narborough come to us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the property is built. This is because builders in Narborough tend to buy the real estate, 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 conveyancing solicitors 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 used to new build conveyancing in Narborough or who has acted in the same development.
I am looking for a flat up to £245,000 and found one near me in Narborough I like with a park and station in the vicinity, however it's only got 52 remaining years left on the lease. I can't really find anything else in Narborough suitable, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you need a home loan that many years may be a potential deal breaker. Discount the offer by the amount the lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for at least twenty four months you could ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should speak to your conveyancing lawyer concerning this matter.
Back In 2004, I bought a leasehold flat in Narborough. Conveyancing and HSBC Bank mortgage are in place. A letter has just been received from someone saying they have taken over the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1993. The conveyancing practitioner in Narborough who previously acted has now retired. Any advice?
First make enquiries of HMLR to make sure that this person is indeed the new freeholder. You do not need to instruct a Narborough conveyancing firm to do this as it can be done on-line for less than a fiver. Rest assured that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I bought a studio flat in Narborough, conveyancing formalities finalised 3 years ago. How much will my lease extension cost? Comparable flats in Narborough with over 90 years remaining are worth £202,000. The ground rent is £60 invoiced annually. The lease finishes on 21st October 2081
You have 56 years left to run the likely cost is going to range between £29,500 and £34,000 plus legals.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. Do not use this information in tribunal or court proceedings. 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 placing reliance on this information without first getting professional advice.
Finally, a loan agreement from a lender for the refinancing of my 3 bedroom apartment is to be issued any day now. Are you able to suggest an efficient remortgage conveyancing lawyer in Narborough ?
This site is not designed to help in pursuit of the lowest fares for conveyancing in Narborough. Our goal is to offer excellent value conveyancing but our intention is not to advertise as being the cheapest. Avoid the trap of appointing companies offering £99 conveyancing in Narborough.In your best case scenario, in going for cheap conveyancing, you will end up with what you pay for and at worst you will end up paying a lot in extras and still not get the service you were hoping for.