I am progressing with the sale of my ground floor flat in Rufford and the estate agent has just telephoned to say that the buyers are swapping solicitor. The excuse is that the bank will only work with solicitors on their conveyancing panel. On what basis would a leading lender only deal with specific law firms rather the firm that they want to appoint for their conveyancing in Rufford ?
Lenders have always had an approved set of law firms they are content to work with, but in the past few 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 decades.
Banks point to the increase in fraud by way of justification for the cull – criteria have been tightened 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 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 buyers are unlikely to have any impact on this.
In what way does my ID and proof of funds have anything to do with my conveyancing in Rufford? Why is this being asked of me?
To satisfy the Money Laundering Regulations any Rufford conveyancing firm will require evidence of your identity in all conveyancing matters. This is normally satisfied by provision of a passport and an original bank statement or utility account showing where you live.
In accordance with Money Laundering Regulations, property lawyers are duty bound to investigate not simply the ID of conveyancing clients but also the origin of the money that they receive in respect of any matter. Refusal to disclose this may result in your solicitor terminating their retainer with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your conveyancers will have an obligation to make a disclosure to the appropriate authorities should they consider that any amounts received by them may contravene the Money Laundering Regulations.
Should commercial conveyancing searches reveal proposed roadworks that could impact a commercial property in Rufford?
Its becoming the norm that commercial conveyancing solicitors in Rufford will conduct a SiteSolutions Highways report as it reduces the time that conveyancers invest in investigating accurate data on highways that impact buildings and development assets in Rufford. The report sets out definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Rufford.
For every commercial conveyancing transaction in Rufford it is crucial to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been addressed adequately could result in delays to Rufford commercial conveyancing deals as well as pose a risk to future plans for the site. These searches are not conducted for domestic conveyancing in Rufford.
I am a fortnight into a leasehold purchase having been referred to a firm by the selling agent to do our conveyancing in Rufford. I am not happy. Can you help me find new conveyancers?
They would need to be very poor to suggest diss instructing them. Has the mortgage offer been issued? If so you must inform them of the replacement lawyer and ensure the offer are re-issued. The conveyancer should be on the lenders approved list to avoid added fees and delays. That should be your first question of the new solicitors. Our find a solicitor tool will assist you in finding a lender approved solicitor for your conveyancing in Rufford
If all goes to plan we aim to complete the disposal of our £475,000 maisonette in Rufford on Monday in a week. The freeholder has quoted £420 for Certificate of Compliance, building insurance schedule and 3 years service charge statements. Is the landlord entitled to charge such fees for a flat conveyance in Rufford?
Rufford conveyancing on leasehold apartments usually requires the purchaser’s solicitor submitting enquiries for the landlord to address. Although the landlord is under no legal obligation to answer such questions most will be willing to assist. They are entitled to levy a reasonable administration fee for answering questions or supplying documentation. There is no upper cap for such fees. The average costs for the paperwork that you are referring to is £350, in some transactions it is above £800. The management information fee invoiced by the landlord must be sent together with a synopsis of entitlements and obligations in relation to administration charges, without which the charge is technically not due. Reality however dictates that you have no choice but to pay whatever is requested of you if you want to sell the property.
I bought a 2 bed flat in Rufford, conveyancing formalities finalised in 1999. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent flats in Rufford with over 90 years remaining are worth £255,000. The average or mid-range amount of ground rent is £45 invoiced annually. The lease ends on 21st October 2094
With just 73 years unexpired we estimate the premium for your lease extension to be between £8,600 and £9,800 plus legals.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not move forward based on this information before getting professional advice.
My partner and I expecting to complete on the purchase a house in Rufford but as a result of damage from the recent storms I have negotiated compensation from the vendor of £3k in the form of a deduction in the price. This was going to be dealt with as part of the conveyancing process however the bank will not agree to this. Should they have been notified?
Your solicitor that is on the lender approved list is required to disclose to the mortgage company of any amendments to the purchase figure. If you did not allow your lawyer to report the reduction to your mortgage company then they would need to refrain from representing you and the bank.