I am nearing exchange of contracts for my house in Rowley Regis and the EA has just telephoned to warn that the buyers are appointing a new property lawyer. The reason given is that the mortgage company will only engage with solicitors on their conveyancing panel. Why would a leading lender only deal with specific lawyers rather the firm that they want to select for their conveyancing in Rowley Regis ?
Mortgage companies have always had an approved set of law firms that can represent them, but in the last few years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for decades.
Lenders attribute this action to a rise in fraud as the reason for the reduction – criteria have been stiffened as a smaller panel is easier to monitor. 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 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.
We're in Rowley Regis, First time buyers purchasing with a mortgage (lender is Lloyds , and our lawyer is on the Lloyds conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Lloyds conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
My colleague recommended that where I am buying in Rowley Regis I should ask my conveyancer to perform a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is usually included in the estimate for your Rowley Regis conveyancing searches. It is a large document of about 40 pages, listing and detailing important information about Rowley Regis around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average House Prices, Crime statistics, Local Education with maps and statistics, Local Amenities and other useful information about Rowley Regis.
five months have elapsed since my purchase conveyancing in Rowley Regis completed. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Just had an offer accepted on a new build flat in Rowley Regis. Conveyancing is a frightening process 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.
Here are examples of a selection of leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Rowley Regis
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There must be mutual enforceability of lessee’s covenants. Forfeiture - bankruptcy or liquidation must not apply under this provision. 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. Please confirm the Lease plans are architect prepared. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme.
Can you offer any advice when it comes to finding a Rowley Regis conveyancing practice to carry out our lease extension conveyancing?
If you are instructing a conveyancer for lease extension works (regardless if they are a Rowley Regis conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you speak with two or three firms including non Rowley Regis conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. The following questions might be useful:
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Can they put you in touch with clients in Rowley Regis who can give a testimonial?
I inherited a 1 bedroom flat in Rowley Regis, conveyancing having been completed December 2011. How much will my lease extension cost? Corresponding flats in Rowley Regis with over 90 years remaining are worth £206,000. The ground rent is £45 levied per year. The lease expires on 21st October 2092
You have 67 years remaining on your lease we estimate the price of your lease extension to be between £10,500 and £12,000 as well as professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed due diligence. Do 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 clearly you should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first getting professional advice.