I am selling my maisonette in Sea Mills and the EA has just called to advise that the buyers are swapping property lawyer. The excuse is that the bank will only work with solicitors on their approved list. Why would a major mortgage company only work with certain law firms rather the firm that they want to appoint to handle their conveyancing in Sea Mills ?
Mortgage companies have always had panels of law firms they are willing to work with, but in the last few years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Mortgage companies point to the increase in fraud as the reason for the cull – criteria have been narrowed as a smaller panel is easier to monitor. 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 are unaware that 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 impact on this.
Our lawyer has identified a a problem with the lease for the property we are buying in Sea Mills. The other side have offered title insurance as a workaround. We are happy with insurance and will cover the costs. Our conveyancing practitioner says that he must ensure that the lender is willing to move forward with this solution. Who is the client here, us or the bank?
Notwithstanding that you have a mortgage offer from the mortgage company does not mean to say that the property will meet their specifications for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook requirements. You and the lender are the client. These conveyancing instructions have to be complied with.
Are there restrictive covenants that are commonly identified during conveyancing in Sea Mills?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Sea Mills. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I opted to have a survey carried out on a house in Sea Mills before retaining lawyers. I have been told that there is a flying freehold aspect to the property. The surveyor advised that some banks may not issue a loan on this type of house.
It varies from the lender to lender. HSBC has different instructions for example to Halifax. If you call us we can look into this further via the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Sea Mills. Conveyancing will be smoother if you use a solicitor in Sea Mills especially if they regularly deal with such properties in Sea Mills.
As co-executor for the will of my grandfather I am selling a property in Monmouth but I am based in Sea Mills. My solicitor (approximately 200 kilometers awayhas requested that I execute a stat dec before the transaction finalising. Can you recommend a conveyancing lawyer in Sea Mills who can witness this legal document for me?
strictly speaking you are not likely to be required to have the documents attested by a conveyancing solicitor. Normally any notary public or qualified solicitor will do regardless of whether they are based in Sea Mills
I am on look out for some leasehold conveyancing in Sea Mills. Before I set the wheels in motion I require certainty as to the number of years remaining on the lease.
Assuming the lease is registered - and most are in Sea Mills - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I own a 2 bed flat in Sea Mills, conveyancing was carried out 5 years ago. Can you please calculate a probable premium for a statutory lease extension? Corresponding properties in Sea Mills with over 90 years remaining are worth £191,000. The average or mid-range amount of ground rent is £55 levied per year. The lease runs out on 21st October 2075
With only 53 years left to run we estimate the price of your lease extension to span between £27,600 and £31,800 plus costs.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. You should not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you move forward based on this information before seeking the advice of a professional.