I am nearing exchange of contracts for my house in Shaftesbury and the estate agent has just e-mailed to warn that the purchasers are switching law firm. I am told that this is due to the fact that the lender will only work with solicitors on their conveyancing panel. On what basis would a leading lender only work with specific lawyers rather the firm that they want to appoint to handle their conveyancing in Shaftesbury ?
Banks have always had an approved set of law firms they are content to work with, but in recent years big names such as Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Banks blame a rise in fraud by way of justification for the cull – criteria have been narrowed as a smaller panel is easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that 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. The purchasers are not going to have any sway in the decision.
Is there a reason why leasehold purchase conveyancing in Shaftesbury costs more?
Shaftesbury leasehold properties involve far more paperwork than a freehold purchase, and therefore takes more time to examine and advise upon.Conveyancing will involve the lease having to be checked which is usually a lengthy document, queries raised to ensure that the covenants and conditions have been observed. If it is a flat there will be a management company in existence and the accounts of this will need to be checked and enquiries raised to ensure it is operating efficiently and that all monies due have been paid by the Seller to the company and if not ensuring that money is paid up to date or the appropriate undertakings obtained.
Should my lawyer be raising enquiries concerning flooding during the conveyancing in Shaftesbury.
The risk of flooding is if increasing concern for lawyers conducting conveyancing in Shaftesbury. Plenty of people will purchase a property in Shaftesbury, fully expectant that at some time, it may suffer from flooding. However, aside from the physical destruction, where a property is at risk of flooding, it may be difficult to obtain a mortgage, adequate insurance cover, or dispose of the premises. There are steps that can be taken during the course of a house purchase to forewarn the purchaser.
Conveyancers are not qualified to give advice on flood risk, however there are a numerous searches that can be carried out by the purchaser or by their conveyancers which can figure out the risks in Shaftesbury. The conventional set of property information forms given to a buyer’s conveyancer (where the Conveyancing Protocol is adopted) includes a standard question of the owner to determine if the property has ever been flooded. If the residence has been flooded in past which is not revealed by the seller, then a purchaser could commence a legal claim for losses as a result of such an inaccurate reply. The buyer’s lawyers should also commission an environmental search. This should indicate if there is any known flood risk. If so, additional investigations will need to be initiated.
How difficult is it to change solicitor as I need to find a firm on the Aldermore conveyancing list. I instructed a family conveyancing solicitor in Shaftesbury five minutes from me but the firm is not approved by Aldermore
It would be our pleasure to assist you find a conveyancing solicitor in Shaftesbury on the Aldermore panel. Please note that the conveyancers that we work with do not pay us fee if you instruct them and are fully regulated by the SRA who oversee all conveyancing solicitors in Shaftesbury. Using the find a conveyancing solicitor tool on this page, you can compare and instruct different solicitors and conveyancers both nationally and in Shaftesbury.
I need to retain a conveyancing solicitor for residential conveyancing in Shaftesbury. I happened to chance upon a site which seems to have the ideal answer If it is possible to get all this stuff completed via phone that would be ideal. Do I need to be concerned? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
I am a negotiator for a long established estate agent office in Shaftesbury where we see a number of leasehold sales derailed as a result of leases having less than 80 years remaining. I have been given conflicting advice from local Shaftesbury conveyancing solicitors. Could you clarify whether the vendor of a flat can start the lease extension formalities for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the sale.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
Shaftesbury Conveyancing for Leasehold Flats - Examples of Questions you should consider Prior to Purchasing
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In the main the cost for major works are not incorporated into the maintenance charges, albeit that some managing agents in Shaftesbury ask leaseholders to pay into a sinking fund created for the specific intention of building a fund for larger repairs or maintenance. How long is the Lease? How many of the leaseholders are in arrears for their maintenance charge payments?