I am nearing exchange of contracts for my apartment in Roade and the EA has just e-mailed to advise that the buyers are swapping law firm. I am told that this is due to the fact that the bank will only engage with property lawyers on their approved list. On what basis would a leading mortgage company only work with specific law firms rather the firm that they want to choose to handle their conveyancing in Roade ?
Mortgage companies have always had panels of law firms they are willing to work with, but in recent years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for over 25 years.
Mortgage companies point to the increase in fraud by way of justification for the pruning – criteria have been tightened as a smaller panel is easier to keep an eye on. 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. 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 buyers are unlikely to have any impact on this.
we are a couple who intend to purchase a 3 bedroom apartment in Roade with a residential mortgage from National Westminster Bank.We would like to retain our Roade conveyancing lawyer but National Westminster Bank says her practice is not listed on their approved list of member firms. we are left little option but to use a National Westminster Bank panel firm or keep our preferred solicitor and pay for one of their panel ones to represent them. We feel as though this is unjust; is there anything we can do?
Unfortunately,no. The loan issued to you contains terms and conditions, one of which will be that lawyers needs to be on the National Westminster Bank approved list. in the past, most lenders had large numbers of law firms on their panels: a borrower could find one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your solicitors to apply to be on the conveyancing panel for National Westminster Bank
I just acquired a flat at auction in Roade. Conveyancing is necessary. What happens now?
Now that you are exchanged you now have to appoint a conveyancing lawyer as a matter of priority as you are facing a pending deadline in which to complete the transaction. Every auction property will ordinarily have a corresponding legal pack. This will likely include most,if not all of the paperwork that your conveyancer requires. If you have purchased leasehold premises the conveyancing pack should include a copy of the lease, management information and a sellers leasehold information form and associated conveyancing documentation specific to leasehold premises. You need to hand this to your appointed conveyancing solicitor at the earliest opportunity. You also need to ensure that that you have the requisite funding organised to complete the transaction on the set completion date.
is it true that all Roade solicitor practices on the Yorkshire BS conveyancing panel are overseen by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the Yorkshire BS approved list of solicitors they would need to be governed by the Solicitors Regulatory Authority. Some lenders do list licenced conveyancers on their panel in which case such firms would be overseen by the CLC.
We had appointed solicitors based in Roade on the Co-operative solicitor panel. They have just billed me a supplemental charge for dealing with the Co-operative mortgage. Is this a supplemental conveyancing fee set by Co-operative?
Unfortunately, as long as it is in their Terms of Engagement or Quote then yes your lawyer is entitled to levy a fee for this. This charge is not set by Co-operative but by your Roade conveyancer. Some firms on the Co-operative panel will charge an ‘acting for lender’ fee but many practices include it on their overall fee.
My wife and I are planning on selling our property in Roade and the buyers lawyers are claiming that there is a risk of it being constructed on contaminated land. Any local conveyancer would know this is not the case. It does beg the question why the purchasers used a web based conveyancing practice rather than a conveyancing solicitor in Roade. We have lived in Roade for six years we know of no issue. Is it a good idea to contact our local Authority to seek confirmation that there is no issue.
It sounds as though you may have a conveyancing solicitor already. What do they say? You must 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 health insurance to cover that same illness)
About to purchase a new build flat in Roade. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Set out below are examples of a selection of leasehold new build questions that you should expect your new-build leasehold conveyancing in Roade
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Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Please confirm the Lease plans are surveyor prepared. There must be mutual enforceability of lessee’s covenants. Forfeiture - bankruptcy or liquidation must not apply under this provision. The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore.
We expect to complete our sale of a £225,000 apartment in Roade in six days. The managing agents has quoted £372 for Certificate of Compliance, insurance certificate and previous years statements of service charge. Is it legal for a freeholder to charge exorbitant fees for a leasehold conveyance in Roade?
Roade conveyancing on leasehold apartments often involves the buyer’s conveyancer sending questions for the landlord to answer. Although the landlord is not legally bound to answer these enquiries most will be content to assist. They may invoice a reasonable administration fee for responding to enquiries or supplying documentation. There is no set fee. The average costs for the information that you are referring to is over three hundred pounds, in some transactions it is above £800. The management information fee levied by the landlord must be accompanied by a summary of rights and obligations in relation to administration fees, otherwise the charge is technically not due. In reality you have little option but to pay whatever is demanded if you want to exchange contracts with the buyer.
I am the registered owner of a 1 bedroom flat in Roade, conveyancing formalities finalised 5 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable properties in Roade with a long lease are worth £211,000. The ground rent is £50 yearly. The lease ends on 21st October 2094
With just 68 years remaining on your lease the likely cost is going to be between £9,500 and £11,000 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first seeking the advice of a professional.