I am progressing with the sale of my flat in Newbridge and the estate agent has just called to warn that the purchasers are appointing a new law firm. I am told that this is due to the fact that the bank will only engage with property lawyers on their conveyancing panel. Why would a big named mortgage company only engage with certain solicitors rather the firm that they want to select for their conveyancing in Newbridge ?
Banks have always had an approved set of law firms they are willing to work with, but in recent 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 many years.
Lenders point to the increase in fraud by way of justification for the pruning – criteria have been narrowed as a smaller panel is easier to oversee. 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 buyers are unlikely to have any sway in the decision.
My home in Newbridge is up for sale and I have accepted an offer. Does the lawyer have to be required to be on the RBS conveyancing panel in order to deal with repayment of my mortgage?
Ordinarily, even if your lawyer is not on the RBS conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their specifications fairly frequently currently.
I am purchasing a house and the conveyancer has identified Chancel Repair for which the property could be liable because it falls into the area of such a church. She has suggested insurance. Is this strictly appropriate for conveyancing in Newbridge
Unless a prior acquisition of the premises completed post 12 October 2013 you could assume that solicitors delivering conveyancing in Newbridge to continue to recommend a chancel search and or chancel repair liability insurance.
About to purchase a new build flat in Newbridge. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Here is a sample of a selection of leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Newbridge
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Forfeiture - bankruptcy or liquidation must not apply under this provision. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company?
I've recently bought a leasehold flat in Newbridge. Am I liable to pay service charges relating to a period prior to my ownership?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I acquired a ground floor flat in Newbridge, conveyancing formalities finalised in 1999. 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? Corresponding flats in Newbridge with over 90 years remaining are worth £222,000. The ground rent is £50 charged once a year. The lease expires on 21st October 2095
You have 70 years left to run we estimate the price of your lease extension to be between £9,500 and £11,000 plus professional fees.
The figure above a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure in the absence of comprehensive investigations. You should not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not take any other action based on this information before getting professional advice.
Builders have put forward a conveyancing practitioner and I've obtained a quote from them. They are almost £300 cheaper than my own Newbridge conveyancing practitioner. What's the catch?
Developers frequently have lists of conveyancers who expedite matters and who know the builder's documentation and solicitor. As many developers offer an incentive to choose their approved lawyer for this reason, any increased fees can be avoided and a developer will not suggest a conveyancing warehouse and run the risk of having the conveyancing delayed when they require an exchange in 28 days. A counter-argument for not agreeing to use the suggested property lawyer is that they may prove hesitant to fight for your interests at the risk of alienating the housebuilder. Where you have concerns that this may be the situation you should keep with your high street Newbridge conveyancing practitioner.