I am nearing exchange of contracts for my house in Radstock and the EA has just text me to advise that the purchasers are switching solicitor. The excuse is that the bank will only deal with solicitors on their approved list. On what basis would a big named lender only engage with specific law firms rather the firm that they want to select to handle their conveyancing in Radstock ?
Lenders have always had an approved set of law firms they are content to work with, but in recent years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for decades.
Lending institutions point to the increase in fraud by way of justification for the cull – criteria have been tightened as a smaller panel is easier to oversee. Banks tend not to disclose 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 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 purchasers are not going to have any impact on this.
In what way does my ID and proof of funds have anything to do with my conveyancing in Radstock? What am I being asked for?
To satisfy the Money Laundering Regulations any Radstock conveyancing firm will require proof of identity in all conveyancing matters. This is usually dealt with by provision of a passport and an original bank statement or utility bill showing where you live.
Under Money Laundering Regulations, conveyancers are obliged by law to investigate not only the identity of conveyancing clients but also the source of the money that they receive in respect of any matter. An unwillingness to disclose this will result in your lawyer ending their retainer with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your property lawyers are duty bound to notify the appropriate authorities should they believe that any amounts received by them may contravene the Money Laundering Regulations.
Last month we had a mortgage agreed in principle with UBS. Radstock conveyancing solicitors have been selected. How long does it take for UBS to issue the offer to the property lawyer?
There is no definitive answer here. Have UBS conducted the survey? Have you informed UBS as to your lawyers' details and checked that your lawyers are on the UBS conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
I have decided to exercise my right to buy my property in Radstock off the council. I have a mortgage agreed with Santander. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Santander, you will need to appoint a solicitor on the Santander conveyancing panel.
Completion of my remortgage has taken place for my property in Radstock. Conveyancing was of an acceptable standard but I feel I should register my dissatisfaction about the lender. Who do I contact should I wish to lodge a complaint?
Most banks and building societies have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Services Department at head office. In most cases complaints to a lender are sorted out effectively and efficiently. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service with full details of your complaint.
Just bought a semi-detached house in Radstock , What is the estimated time for the Land Registry to record my title? My Radstock conveyancing solicitor has been very slow, so I want to be certain that my ownership is recorded.
As far as conveyancing in Radstock is concerned, registration is no quicker or slower than anywhere else in the country. Rather than based on location, timeframes can differ according to who lodges the application, whether it is in order and if the Land registry communicate with any 3rd persons or bodies. As of today approximately three quarters of such applications are fully addressed within 12 days but some can be subject to protracted delays. Registration occurs once the buyer is living at the property therefore 'speed' is not usually top priority but where it is urgent that the the registration takes place urgently then you or your conveyancer can contact the land registry and explain the circumstances.
I have recently realised that I have Fifty years left on my flat in Radstock. I am keen to get lease extension but my freeholder is missing. What are my options?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be extended by the Court. You will be obliged to demonstrate that you have made all reasonable attempts to track down the lessor. In some cases an enquiry agent should be helpful to try and locate and to produce a report which can be accepted by the court as proof that the freeholder is indeed missing. It is wise to seek advice from a property lawyer in relation to devolving into the landlord’s absence and the application to the County Court covering Radstock.
I own a garden flat in Radstock, conveyancing formalities finalised May 2002. Can you give me give me an indication of the likely cost of a lease extension? Corresponding flats in Radstock with a long lease are worth £216,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease expires on 21st October 2095
With only 70 years remaining on your lease we estimate the premium for your lease extension to be between £9,500 and £11,000 plus legals.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure in the absence of comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action based on this information before seeking the advice of a professional.
As a leasehold owner I am on the hook for a service charge for my flat in Radstock. As a result of personal circumstances I slipped behind with payments. I negotiated a settlement plan but there remains two remaining in arrears.
I now wish to dispose of the property and I am concerned this may jeopardize the sale if I have to settle the arrears in advance. Do I have to settle before - is this achievable?
Do check with the property lawyer undertaking your Radstock conveyancing but it might be possible to agree for the debt to be attributed to the purchasers. The sale price due would be reduced to reflect the amount of debt they take on. They could then deal with the outstanding monies once they are the owners.