I am progressing with the sale of my apartment in Penrhyn Bay and the EA has just telephoned to warn that the purchasers are switching law firm. I am told that this is due to the fact that the lender will only engage with property lawyers on their approved list. On what basis would a major mortgage company only engage with specific lawyers rather the firm that they want to choose for their conveyancing in Penrhyn Bay ?
UK lenders have always had an approved set of law firms that can act for them, but in recent years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.
Mortgage companies attribute this action to a rise in fraud by way of justification for the cull – criteria have been stiffened as a smaller panel is easier to maintain. Banks tend not to reveal 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. 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 unlikely to have any sway in the decision.
We are buying a flat and need a conveyancing solicitor in Penrhyn Bay who is on the RBS solicitor panel. Could you point me in the right direction as regards a conveyancing firm?
Our service is limited to being a directory service for firms who wish to be listed as being on the approved conveyancing panel for RBS . We don't recommend any particular firms conducting conveyancing in Penrhyn Bay.
Me and my brother own a terraced Georgian house in Penrhyn Bay. Conveyancing lawyer acted for me and Nottingham Building Society. I happened to do a free search for it on the Land Registry database and there are two entries: the first freehold, the second leasehold under the matching address. Is it worth asking Nottingham Building Society to clarify?
You should review the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Penrhyn Bay and other areas of the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with lenders. You can also check the position with your conveyancing practitioner who conducted the work.
How does conveyancing in Penrhyn Bay differ for newly converted properties?
Most buyers of new build or newly converted property in Penrhyn Bay come to us having been asked by the housebuilder to sign contracts and commit to the purchase even before the residence is constructed. This is because house builders in Penrhyn Bay tend to purchase 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 property lawyers 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 Penrhyn Bay or who has acted in the same development.
What tools are available to identify a Penrhyn Bay law firm on the Leeds Building Society conveyancing panel? I drive a motor bike and am happy to travel upto 25miles to meet the lawyer.
Feel free to make use of the facility on this website. Please pick a lender and your location and you will see a number of Penrhyn Bay conveyancing lawyers located nearest you. We have listed some Penrhyn Bay conveyancing firms towards the end of this page and you can contact them to verify whether they are on the Leeds Building Society approved list
I work for a long established estate agent office in Penrhyn Bay where we have experienced a number of leasehold sales jeopardised due to short leases. I have received conflicting advice from local Penrhyn Bay conveyancing solicitors. Could you shed some light as to whether the vendor of a flat can instigate the lease extension process for the buyer?
Provided that 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. This means that the proposed purchaser can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the disposal of the property.
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 am the registered owner of a 1st floor flat in Penrhyn Bay, conveyancing formalities finalised 5 years ago. How much will my lease extension cost? Comparable properties in Penrhyn Bay with over 90 years remaining are worth £186,000. The ground rent is £55 levied per year. The lease ceases on 21st October 2079
With just 53 years remaining on your lease we estimate the price of your lease extension to range between £27,600 and £31,800 plus professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to supply the actual costs without more detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first seeking the advice of a professional.