I am in the process of selling my ground floor flat in New Milton and the estate agent has just text me to warn that the buyers are swapping solicitor. The reason given is that the mortgage company will only work with property lawyers on their approved list. On what basis would a leading lender only engage with specific lawyers rather the firm that they want to appoint for their conveyancing in New Milton ?
Banks have always had an approved set of law firms they are willing to work with, but in the past few years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Banks point to the increase in fraud by way of justification for the reduction – criteria have been narrowed as a smaller panel is easier to keep an eye on. No lender will say 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. 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. The buyers are not going to have any impact on this.
I am nearing an exchange on a flat in New Milton and my parents have transferred the ten percent deposit to my solicitor. I am now told that as the deposit has not arrived from me my conveyancer needs to disclose this to my bank. Apparently, in also acting for the bank he must inform them that the balance of the purchase price is coming from anyone other than me. I advised the lender about my parents' contribution when I applied for the mortgage, so is it really necessary for him to raise this?
Your conveyancer is duty bound to check with the bank to make sure that they are aware that the balance of the purchase price is not from your own resources. Your solicitor can only report this to your bank if you agree, failing which, your lawyer must cease to continue acting.
We are selling our home in New Milton and the buyers lawyers are claiming that there is a risk of it being built on contaminated land. A local lawyer would know this is not the case. It does beg the question why the buyers are using an internet conveyancing outfit rather than a conveyancing solicitor in New Milton. We have lived in New Milton for many years we know that this is a non issue. Should we get in touch with our local Authority to obtain confirmation that the buyers are looking for.
It sounds as though you may have a conveyancing lawyer currently acting for you. 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)
I am looking for a ground for flat up to £245,000 and found one close by in New Milton I like with amenity areas and station nearby, however it only has 49 remaining years left on the lease. There is not much else in New Milton for this price, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you require a home loan that many years will be problematic. Reduce the offer by the anticipated lease extension will cost if not already taken into account. If the current owner has owned the premises for a minimum of 2 years you can ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease with a zero ground rent applied. You should consult your conveyancing solicitor regarding this.
I am using a search engine for the phrase on line conveyancing in New Milton it reveals many property lawyersin the vicinity. How do I determine which is the right property lawyer for me?
The ideal method of finding the right conveyancer is through a trusted referral, so seek the opinion of friends and family who have purchased a property in New Milton or the respected estate agent or financial adviser. Fees for conveyancing in New Milton vary, so it's sensible to request a minimum of four quotes from varying types of conveyancers. Be sure to secure confirmation that the charges are assured not to rise.
If all goes to plan we aim to complete the disposal of our £450,000 apartment in New Milton next Friday. The management company has quoted £420 for Certificate of Compliance, building insurance schedule and 3 years service charge statements. Is the landlord entitled to charge an administration fee for a flat conveyance in New Milton?
New Milton conveyancing on leasehold flats often necessitates the buyer’s lawyer sending enquiries for the landlord to answer. Although the landlord is not legally bound to address these enquiries the majority will be content to do so. They may invoice a reasonable charge for responding to questions or supplying documentation. There is no upper cap for such fees. The average fee for the information that you are referring to is £350, in some transactions it exceeds £800. The administration charge required by the landlord must be accompanied by a summary of entitlements and obligations in respect of administration charges, otherwise the charge is not strictly payable. Reality however dictates that you have little choice but to pay whatever is demanded if you want to complete the sale of your home.
I purchased a garden flat in New Milton, conveyancing was carried out in 1995. Can you let me have an estimated range of the fair premium for a lease extension? Similar flats in New Milton with a long lease are worth £195,000. The average or mid-range amount of ground rent is £45 invoiced every year. The lease finishes on 21st October 2084
With just 63 years left to run the likely cost is going to span between £16,200 and £18,600 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 renewing a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not move forward based on this information before seeking the advice of a professional.