I am selling my house in Ouston and the estate agent has just called to advise that the purchasers are appointing a new property lawyer. The reason given is that the bank will only deal with solicitors on their conveyancing panel. Why would a major lender only deal with specific law firms rather the firm that they want to select for their conveyancing in Ouston ?
Lenders have always had panels of law firms they are willing to work with, 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 acted for them for decades.
Banks blame a rise in fraud as the reason for the cull – 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 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. Your purchasers are unlikely to have any impact on this.
Can the conveyancing lawyers that you recommend conduct right to buy conveyancing in Ouston?
We work with a variety of conveyancing experts carrying out right to buy conveyancing You should e-mail us to secure a costs calculation.
We see that you have a search directory identifying law firms on the Bank of Ireland conveyancing panel. Do firms pay you a referral fee if I appoint them for our conveyancing in Ouston?
We are a listing service only for law firms wishing to communicate if they are on the Bank of Ireland conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Ouston.
About to purchase a new build apartment in Ouston. 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 questions that you may expect your new-build leasehold conveyancing in Ouston
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If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Forfeiture - bankruptcy or liquidation must not apply under this provision. Please supply evidence that the form of Lease proposed has been approved by the Land Registry. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified.
I have been recommended by numerous selling agents in Ouston to find a solicitor using your seach tool. What’s the financial incentive for Estate Agents to market your site ahead of another?
We refuse to give any financial incentive for pointing buyers and sellers our way. We found it would be just too difficult to pay a commission because a client could think, ‘Why is the agent getting a kickback? Why am I not getting any benefit too?’ We would prefer to grow our business on genuine recommendations.
I am employed by a long established estate agency in Ouston where we have witnessed a number of flat sales derailed due to short leases. I have received conflicting advice from local Ouston conveyancing solicitors. Could you shed some light as to whether the owner of a flat can start the lease extension process for the purchaser on completion of the sale?
As long as the seller has owned the lease 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 buyer can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the disposal of the property.
An alternative approach is 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 invested in buying a basement flat in Ouston, conveyancing having been completed in 2002. Can you please calculate a probable premium for a statutory lease extension? Equivalent flats in Ouston with over 90 years remaining are worth £176,000. The ground rent is £50 invoiced annually. The lease ends on 21st October 2106
With just 80 years left to run we estimate the premium for your lease extension to be between £8,600 and £9,800 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to provide the actual costs without more detailed investigations. You should not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before seeking the advice of a professional.