I am selling my home in Sawbridgeworth and the EA has just e-mailed to say that the buyers are changing their property lawyer. The reason given is that the bank will only engage with property lawyers on their approved list. Why would a big named mortgage company only engage with specific solicitors rather the firm that they want to appoint for their conveyancing in Sawbridgeworth ?
Lenders have always had an approved set of law firms that can represent them, but in the past few years big names such as Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 25 years.
Banks attribute this action to a rise in fraud as the reason for the cull – criteria have been stiffened as a smaller panel is easier to monitor. No lender will say 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 purchasers are unlikely to have any sway in the decision.
Are the BSA intent on creating a searchable register to to identify practices on the Norwich and Peterborough Building Society conveyancing panel for example in Sawbridgeworth?
We have not been informed any plans on the part of the BSA to develop such a search facility.
I am buying a new build flat in Sawbridgeworth. 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 conveyancing.
Set out below is a sample of a selection of leasehold new build questions that you may expect your new-build leasehold conveyancing in Sawbridgeworth
Please supply a car parking plan. 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 supply evidence that the form of Lease proposed has been approved by the Land Registry. 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.
I have been on the look out for a ground for flat up to £235,500 and identified one close by in Sawbridgeworth I like with amenity areas and station nearby, however it only has 52 years on the lease. There is not much else in Sawbridgeworth for this price, so just wondered if I would be making a grave error purchasing a lease with such few years left?
If you require a mortgage the shortness of the lease will likely be a potential deal breaker. Reduce the price by the anticipated lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for at least twenty four months you could ask them to start the process of the extension and then assign it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should consult your conveyancing lawyer regarding this.
I'm converting the mortgage on my current house to a buy to let loan with Nottingham Building Society and I will use the ballance of the raised equity as a down payment on a second property. The area we are looking at is Sawbridgeworth. Will your lawyers be able to act for the two banks and tie in the transactions?
Make use of our comparison tool on this page to ensure that the conveyancers are on the relevant lender panels. Assuming that they are your conveyancer will be able to connect the two deals but you should have a chat with you solicitor and specify your expectations and requirements.
I need to assess costs for conveyancing in Sawbridgeworth from numerous conveyancing practitioner and choose one. Am I right to ask them to hold tight until I I have my bid accepted on a apartment.
We suggest that you only ask your solicitor to start work and apply for searches once the sales confirmation has been issued by the estate agent particularly as Sawbridgeworth conveyancing searches are costly.